Fixed Rate Secure Loans
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When you are applying for a personal loan, it is not simply a matter of the creditor giving a 'thumbs up' or 'thumbs down' randomly - it all comes down to your credit rating.
Your score is a financial footprint of the risk you pose - i.e. whether a loan provider should offer you a personal loan or not, entirely decided by whether you are seen as a favourable or unfavourable credit risk. Your credit record - which is kept by all the principal credit referencing agencies, such as Equifax and Experian - shows the credit you have had in the past (extending back six years), as well as present obligations.
When you fill out an application for credit, the loan company will execute a credit search - and will give you a credit score calculated from the information within your credit file. Should you have a lot of debts - and notably if you have neglected repayments or made them late - you will be assigned an adverse credit rating.
The smaller your credit rating, the less chance you have of being given credit since a smaller credit score indicates there is a higher risk of you not covering your debt when it is due.
It also shows whether you are on the electoral roll as well as any financial associations. If you are not showing on the electoral roll, it can affect your potential for obtaining credit, because your place of residence is not 'proved'. A financial association is anyone with whom you have been financially connected, currently or at some other time. It might be a previous partner, your mother or father, or maybe even a person who lived at your address before you and who has not been deleted from your file.
If the people mentioned as a financial association are not presently associated with you - i.e. you have no mutual financial responsibilities and the person is not presently living where you do - then you may ask that the credit recording agency correct the information.
Leaving them on your credit file - especially if they have gone through financial difficulty at some time - can have a harmful affect on you getting any credit.
When looking at approving credit, loan providers will also consider what sum of money you are paying on any other debts you have - if you have too many, they might well turn you down for credit, even when your credit score is sufficient. This is as they could think that you will be overstretched with yet more debt to cover.
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