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Whenever you apply for any kind of credit or personal loan, it's not simply a question of the lender saying 'yes' or 'no' arbitrarily - it all focuses on your credit rating.
Your score is a financial reflection of the credit risk you pose - specifically, whether a loan provider should give you credit or whether they shouldn't, entirely based on whether you are deemed as a reasonable or unreasonable credit risk. Your credit record - which is kept by all the principal credit reference agencies, like Equifax and Experian - discloses any credit you have had before (extending back for the last six years), in addition to present obligations.
When you fill out an application for a personal loan, the loan company will do a credit search - and will appoint you a credit rating established from the data found in your record. If you have a large number of debts - and especially if you have lapsed on repayments or have been late with them - you will get an unfavourable credit rating.
The lower your credit rating, the fewer the possibilities for obtaining credit since a small rating means that there is a greater chance of you not settling your debt on time.
It also shows if you are on the electoral roll as well as any financial associations. If you are absent from the electoral roll, it can alter your prospects of obtaining credit, as your place of residence is not 'verified'. A financial association is a person with whom you have been financially linked, now or at some other time. It could possibly be a previous partner, your mother or father, or possibly a person who lived at your place of residence before you and whose name is not yet erased from your credit record.
If the people included as a financial association are not in any way associated with you - i.e. you don't have any mutual financial commitments and the person is not living with you - then you can request that the credit recording agency have the details removed.
Leaving them on your credit file - particularly if they have experienced financial trouble in their history - can have a harmful impact on you receiving any credit.
When deciding on whether to approve credit, lenders will also determine what else you are spending on any other debts you have - if you have lots, they might well say \'no\' to credit, even when your rating is good. This is since they might deem you to be overstretched with yet another debt to cover.
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