Decision Consolidation Loan Debt Consolidation Loans With Bad Credit
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When you make an application for any form of credit, it is not simply a matter of the lender saying 'yes' or 'no' by chance - it is all about your credit rating.
Your credit rating is a financial indicator of your credit risk - that is, whether a lender should give you credit or not, solely determined by whether you are evaluated as an acceptable or unacceptable credit risk. Your credit record - which is held by all the leading credit reference agencies, for example, Equifax and Experian - outlines whatever credit you have had in your history (going back as far as 6 years), plus current responsibilities.
When you fill out an application for any sort of credit, the loan company will do a credit search - and will allocate you a credit score determined from the information within your credit file. In the event you have lots of debts - and particularly if you have missed repayments or have been late with them - you will get a poor credit score.
The lesser your credit score, the less likelihood you have of obtaining credit as a small score is interpreted as a greater chance of you not covering your debt when it is due.
It also shows if you are on the electoral roll and any financial associations. If you are absent from the electoral roll, it can alter the likelihood of you getting credit, as your place of residence is not 'proven'. A financial association is someone with whom you have been financially connected, presently or in the past. It might be a previous partner, either of your parents, or maybe even anyone who lived at your place of residence prior to you and who is still not erased from your record.
In the event the individual or people mentioned as a financial association are not presently associated with you - i.e. you don't have any joint financial commitments and they are not living in the same place as you - then you can request that the credit record agency remove the details.
Continuing to have them on your credit file - especially if they have gone through financial problems previously - can have an adverse affect on you accessing any credit.
When considering approving credit, loan providers will also want to know what sum of money you are paying on other debts - if you have a lot, they may decline you for credit, even if your credit score is sufficient. This is since they could consider you to be exceeding your financial ability with another debt to service.
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