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When you are applying for any kind of credit or personal loan, it's not simply a question of the creditor saying 'yes' or 'no' on the spur of the moment - it is all a question of your credit scoring.
Your credit score is a financial picture of the credit risk you pose - that is, whether a creditor should give you credit or whether they shouldn't, all determined by whether you are regarded as an acceptable or unacceptable risk. Your credit record - which is on file with all the main credit referencing agencies, such as Equifax and Experian - indicates the credit you have had in the past (going back 6 years), in addition to current obligations.
When you make an application for any sort of credit, the lender will execute a credit search - and will allocate you a credit score determined from the information within your credit record. If you have a lot of debts - and notably if you have ignored payments or have been late with them - you will receive an unfavourable credit score.
The smaller your credit score, the less chance you have of being accepted for credit as a smaller credit score suggests there is a greater chance of you not covering your debt when it is due.
It also confirms whether you are on the electoral roll plus any financial associations. If your information is not included on the electoral roll, it can be detrimental for your chances of qualifying for credit, as your place of residence is not 'confirmed'. A financial association is a person with whom you have been financially linked, at the present time or in the past. It might be an ex-partner, your father or mother, or even a person who lived at your home address prior to you and who is still not eliminated from your credit record.
If the people who are considered a financial association are not in any way associated with you - i.e. you no longer have common financial commitments and they are no longer living with you - then you should request that the credit reference agency correct the wrong information.
Keeping them on your credit file - in particular if they have gone through financial trouble previously - can have an adverse impact on you obtaining any credit.
When making a decision to approve credit, lenders will also determine what amount you are spending on other debts - if you have too many, they might well reject your request for credit, even when your score is not so low. This is since they could feel that you would be financially overstretched with another debt to meet.
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