Guaranteed Secured Loans
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When you fill out an application for any kind of credit or personal loan, it's not simply a question of the creditor giving a 'thumbs up' or 'thumbs down' by chance - it is all a matter of your credit scoring.
Your credit rating is a financial indicator of the credit risk you present - that is to say, whether a creditor should lend to you or should not, solely determined by whether you are seen as a high or low risk. Your credit record - which is kept by all the principal credit record agencies, like Experian and Equifax - discloses whatever credit you have had before (going back as far as six years), as well as current obligations.
When you make an application for a personal loan or credit of any kind, the loan company will execute a credit search - and will assign you a credit rating derived from the information from your file. Should you have lots of debts - and especially if you have lapsed on payments or have been late with them - you will be assigned a poor credit score.
The lower your credit rating, the more difficulty you will have being accepted for credit since a low rating suggests there is a high risk of you not settling your debt on time.
It also indicates whether you are on the electoral roll as well as any financial associations. If your information is not included on the electoral roll, it can affect the likelihood of you getting credit, as your address is not 'verified'. A financial association is anybody with whom you have been financially associated, presently or at some other time. This could be a past partner, your mother or father, or even a person who lived at your address before you and whose information is not yet erased from your credit record.
When the individual or people listed as a financial association are no longer associated to you - i.e. you no longer have common financial commitments and the person is no longer living with you - then you may request that the credit record agency correct the information.
Leaving them on your credit record - in particular when they have had financial problems in the past - can have a negative affect on you receiving any credit.
When making a decision to approve credit, loan providers will also examine what amount of money you are paying on additional debts - if you have a lot, they might reject your request for credit, even if your credit score is not so low. This is since they might feel that you would be financially overburdened with yet more debt to cover.
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