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When you are applying for any kind of credit or personal loan, it is not simply a matter of the creditor accepting or rejecting you on a whim - it is all a matter of your credit rating.
Your credit score is a financial measurement of the credit risk you pose - i.e. whether a creditor should give you a personal loan or shouldn't, all determined by whether you are regarded as a reasonable or unreasonable credit risk. Your credit record - which is held by all the main credit referencing agencies, such as Experian and Equifax - outlines what credit you have had in the past (going back as far as 6 years), including any existing obligations.
When you fill out an application for a personal loan or credit of any kind, the loan provider will execute a credit search - and will assign you a credit rating drawn from the data in your file. If you have many debts - and especially if you have neglected repayments or made them late - you will end up with a low credit rating.
The lower your credit score, the fewer the possibilities for being accepted for credit since a low credit score means that there is a higher risk of you not covering your debt when it is due.
It also verifies if you are on the electoral roll and any financial associations. If you are not showing on the electoral roll, it can have an impact on your potential for being accepted for credit, as your address is not 'substantiated'. A financial association is a person with whom you have been financially linked, presently or at some other time. It might be an ex-partner, your mum or dad, or possibly a person who lived at your address prior to you being there and whose name is not yet eliminated from your file.
If the people who are considered a financial association are not associated to you - i.e. you have no connected financial commitments and they are not living in the same place as you - then you may ask that the credit recording agency have the details removed.
Keeping them on your credit file - particularly if they have gone through financial difficulty before - can have a negative affect on you obtaining any credit.
When considering approving credit, lenders will also determine what else you are paying on other existing debts - if you have a lot, they may reject your request for a personal loan, even when your credit score is not so bad. This is because they could think that you will be financially overextended with another debt to deal with.
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