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When anyone applies for a personal loan, it is not a simple case of the loan company giving a 'thumbs up' or 'thumbs down' by chance - it all comes down to your credit scoring.
Your credit rating is a financial reflection of the risk you pose - i.e. whether a loan provider should lend you money or shouldn't, entirely determined by whether you are regarded as an acceptable or unacceptable credit risk. Your credit report - which is held by all the main credit referencing agencies, for instance, Experian and Equifax - shows what credit you have had in your history (extending back six years), in addition to present credit.
When you apply for a personal loan or credit of any kind, the lender will carry out a credit search - and will allocate you a credit rating established from the facts found in your credit file. Should you have numerous debts - and in particular if you have failed to make payments or have paid them late - you will get an unfavourable credit score.
The lesser your credit score, the less chance you have of getting credit since a smaller rating equals there being a higher risk of you not settling your debt on time.
It also verifies whether you are on the electoral roll and any financial associations. If you are not on the electoral roll, it can affect your prospects of getting credit, because your place of residence is not 'proved'. A financial association is anybody with whom you have been financially associated, at present or at some time in the past. This could be a previous partner, either of your parents, or even someone who lived at your place of residence previously and whose name is not yet removed from your credit record.
In the event the people listed as a financial association are not in any way associated with you - i.e. there are no current joint financial commitments and the person is not living in the same place as you - then you can ask that the credit referencing agency have the details removed.
Not removing them from your file - especially when they have had financial struggles in their history - can have a damaging impact on you accessing any credit.
When deciding on whether to approve credit, lenders will also examine what sum of money you are paying on additional debts - if you have too many, they may turn you down for credit, even when your score is adequate. This is as they might think that you will be financially overextended with yet more debt to meet.
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