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When you make an application for credit, it's not simply a question of the loan company saying ‘yes’ or ‘no’ on the spur of the moment - it all focuses on your credit rating.
Your score is a financial picture of the credit risk you pose - specifically, whether a loan provider should offer you a loan or not, entirely based on whether you are deemed as a favourable or unfavourable credit risk. Your credit record - which is kept by all the principal credit referencing agencies, such as Equifax and Experian - indicates what credit you have had in the past (going back as far as six years), in addition to existing commitments.
When you apply for a loan or credit of any kind, the lender will initiate a credit search - and will give you a credit rating calculated from the information within your credit file. In the event you have lots of debts - and in particular if you have lapsed on repayments or have been overdue with them - you will receive a low credit rating.
The lesser your credit rating, the more difficulty you will have getting credit due to the fact that a low score equals there being a high risk of you failing to pay off your debt on time.
It also verifies whether you are on the electoral roll and any financial associations. If you are not showing on the electoral roll, it can be detrimental for your potential for getting credit, because your home address is not 'confirmed'. A financial association is a person with whom you have been financially associated, at present or at some other time. It might be an ex-partner, either of your parents, or perhaps someone who lived at your place of residence prior to you being there and whose information is not yet removed from your record.
If the people mentioned as a financial association are not associated to you - i.e. you no longer have common financial responsibilities and they are not living with you - then you should ask that the credit reference agency correct the information.
Not removing them from your record - especially if they have gone through financial trouble in their history - can have a detrimental affect on you obtaining any credit.
When looking at approving credit, loan companies will also determine what sum of money you are paying on additional debts - if you have too many, they might reject your request for a loan, even when your credit rating is good. This is because they could feel that you would be exceeding your financial limits with a further debt to deal with.
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