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When you apply for a loan, it is not a simple case of the loan company saying ‘yes’ or ‘no’ randomly - it is all about your credit scoring.
Your credit rating is a financial picture of the credit risk you present - i.e. whether a loan company should give you a loan or should not, completely decided by whether you are evaluated as a reasonable or unreasonable risk. Your credit record - which is on file with all the principal credit reference agencies, such as Experian and Equifax - presents the credit you have had before (as far back as 6 years), plus existing responsibilities.
When you fill out an application for any sort of credit, the loan provider will do a credit search - and will allocate you a credit score determined from the information found in your record. In the event you have a lot of debts - and particularly if you have ignored payments or have been overdue with them - you will get an adverse credit score.
The lesser your credit score, the less chance you have of getting credit since a smaller credit score means that there is a greater likelihood of you not paying your debt back on time.
It also verifies whether you are on the electoral roll plus any financial associations. If you are not on the electoral roll, it might affect your prospects of qualifying for credit, because your address is not 'proven'. A financial association is anybody with whom you have been financially linked, at the present time or at some time in the past. This might be a previous partner, either of your parents, or possibly someone who lived at your place of residence previously and who is still not removed from your file.
If the person or people mentioned as a financial association are not associated to you - i.e. there are no current joint financial responsibilities and they are no longer living with you - then you should ask that the credit recording agency remove the details.
Continuing to have them on your credit file - especially if they have experienced financial difficulty in the past - can have an adverse impact on you obtaining any credit.
When deciding on whether to approve a loan, loan providers will also consider what sum of money you are paying on additional debts - if you have too many, they might well decline you for a loan, even if your credit rating is sufficient. This is as they could deem you to be overstretched with a further debt to cover.
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