Refused A Loan Can Anyone Help
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Whenever you apply for any kind of credit or personal loan, it's not just a case of the loan company saying 'yes' or 'no' by chance - it is all down to your credit rating.
Your credit score is a financial measurement of the credit risk you present - that is, whether a loan provider should offer you a personal loan or shouldn't, completely based on whether you are considered a favourable or unfavourable risk. Your credit report - which is kept by all the leading credit reference agencies, like Experian and Equifax - shows any type of credit you have had in your history (extending back six years), as well as ongoing debts.
When you make a request for any sort of credit, the lender will execute a credit search - and will give you a credit rating derived from the information shown in your file. Should you have numerous debts - and in particular if you have not made repayments or have paid them late - you will be assigned a poor credit rating.
The lower your credit rating, the fewer the possibilities for being accepted for credit since a small credit rating means that there is a greater chance of you failing to pay off your debt on time.
It also verifies whether you are on the electoral roll as well as any financial associations. If you are absent from the electoral roll, it might affect your prospects of being given credit, as your address is not 'proved'. A financial association is anyone with whom you have been financially linked, currently or at some time in the past. It could be a previous partner, your parents, or maybe even anyone who lived at your home address prior to you and whose name is not yet deleted from your file.
If the person or people included as a financial association are not presently associated with you - i.e. there are no current mutual financial obligations and they are sharing a home with you - then you should request that the credit record agency correct the wrong information.
Not removing them from your credit file - in particular if they have a record of financial difficulty in their history - can have a damaging impact on you accessing any credit.
When looking at approving a personal loan, loan companies will also consider how much you are paying out on additional debts - if you have a large number, they may say \'no\' to credit, even when your credit score is good. This is as they might consider you to be overstretched with another debt to service.
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