Fixed Income Poor Credit Car Loan
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When you apply for any kind of credit, whether it's a store card or credit card, a mortgage or a loan, for instance, you will have to go through a credit check by the lender that you are approaching for credit.
A credit check is a means for a financial organisation to evaluate your previous and present financial history, which includes whether you take care of your debts on time, are late in making payments, or have neglected payments. A credit check also reveals other unresolved debts and also any County Court Judgements (CCJ's) and additional defaults.
This therefore gives the company a picture of how much risk you present should they decide to lend to you - and what chances they have of getting their money back! In the end, no lender wants to offer a loan to someone who doesn't make payments on time or defaults on it entirely! This checking system is known as credit scoring.
There are several bodies who compile this data concerning you - the best known are Experian and Equifax.
If you are considering applying for credit, get hold of a copy of your credit file first. This means that you can check that all the information showing on it is correct and question anything that looks wrong. For example, just a little bit of distorted information - maybe your file shows an unsettled debt that has been dealt with - could be the difference between being granted credit - or not.
To get hold of your credit record you will need to approach one of the credit record agencies. It will cost you a small amount (approximately £2) and a copy will be sent to you for you to look at.
Verify that your record has you on the electoral roll - if this is not so, this will have a negative impact on your score. Also, financial 'associations' - where possibly someone who lives with you or previously lived at your address has an inadequate credit score - will influence the probability of getting credit.
If you notice information that is incorrect on your credit record, make contact, in writing, with the organisation who has given wrong data about you, and deliver a copy to the credit record agency as well.
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