Bad Credit Non Homewoners Loans
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When you make an application for any form of credit, it's not just a case of the loan company accepting or rejecting your request arbitrarily - it is all about your credit rating.
Your score is a financial footprint of the risk you pose - specifically, whether a lender should give you credit or not, completely determined by whether you are deemed as a high or low credit risk. Your credit record - which is on file with all the major credit record agencies, for instance, Equifax and Experian - discloses any type of credit you have had before now (going back as far as 6 years), in addition to ongoing responsibilities.
When you make a request for a personal loan or credit of any kind, the lender will perform a credit search - and will assign you a credit rating based on the details recorded in your credit record. Should you have a large number of debts - and particularly if you have failed to make repayments or made them late - you will end up with a poor credit rating.
The smaller your credit score, the fewer the possibilities for being granted credit due to the fact that a low score suggests there is a greater likelihood of you failing to pay off your debt on time.
It also shows if you are on the electoral roll plus any financial associations. If you do not appear on the electoral roll, it can be detrimental for your potential for qualifying for credit, since your place of residence is not 'proven'. A financial association is anyone with whom you have been financially linked, at the present time or at some other time. It could be an ex-partner, your parents, or possibly a person who lived at your place of residence prior to you being there and whose information is not yet deleted from your record.
If the people mentioned as a financial association are not in any way associated with you - i.e. you have no common financial responsibilities and they are sharing a home with you - then you can request that the credit record agency remove the details.
Not removing them from your credit record - particularly if they have a record of financial difficulty at some time - can have a damaging influence on you being granted credit.
When looking at approving a personal loan, lenders will also examine what else you are spending on other existing debts - if you have lots, they might reject your request for credit, even if your credit rating is not so bad. This is as they could feel that you would be financially overstretched with a further debt to cover.
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