Bankruptcy History Car Loans Immediate Decision
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Whenever you apply for any form of credit, it's not just a case of the creditor giving a 'thumbs up' or 'thumbs down' randomly - it is all a question of your credit rating.
Your credit score is a financial measurement of your credit risk - i.e. whether a loan company should give you credit or shouldn't, all decided by whether you are evaluated as a reasonable or unreasonable credit risk. Your credit record - which is held by all the main credit reference agencies, for instance, Experian and Equifax - shows any type of credit you have had before now (going back as far as six years), in addition to current responsibilities.
When you make an application for a personal loan or credit of any kind, the loan provider will initiate a credit search - and will allocate you a credit score based on the details found in your record. If you have a large number of debts - and particularly if you have neglected repayments or made them late - you will get a poor credit score.
The smaller your credit rating, the less chance you have of being given credit as a low credit score is seen as a greater chance of you not settling your debt on time.
It also indicates whether you are on the electoral roll plus any financial associations. If you are absent from the electoral roll, it can alter your potential for being given credit, since your place of residence is not 'proven'. A financial association is someone with whom you have been financially linked, at present or at some time in the past. This might be a past partner, your mum or dad, or possibly someone who lived at your place of residence prior to you and has not been removed from your record.
If the person or people listed as a financial association are in no way associated with you - i.e. you don't have any connected financial commitments and the person is not presently living where you do - then you may request that the credit reference agency correct the wrong information.
Continuing to have them on your record - particularly if they have experienced financial trouble before - can have a detrimental affect on you getting any credit.
When considering approving a personal loan, lenders will also look to see what sum of money you are paying out on additional debts - if you have lots, they may turn you down for a personal loan, even when your credit rating is okay. This is since they might consider you to be financially overstretched with yet another debt to deal with.
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