card guide
What Is Your Credit Rating?

When you are looking to arrange either an unsecured personal loan or a secured personal loan one of the major issues you will need to be thinking about is what your credit rating is. 

In short, your credit rating will (a) effect whether or not the loan will be approved; and

(b) will influence the interest rate you pay on the loan.

Unlike previously, when an interview with your bank manager was your credit rating test, these days it is likely that any loan application you make will be credit scored against a computer.  It’s impersonal, and it knows almost everything!  That’s why it is so important that you get this right if you are serious about needing the loan.

If you are not entirely sure what a credit rating is, then this is the score given to judge your credit worthiness.  Essentially what happens is that any potential lender will ask a credit rating agency to run a check on your previous credit history to see if you are a reliable creditor. 

To ensure that the information given is correct, and to try and know in advance if your personal loan is going to be approved, you should ask a credit rating agency to provide you with a credit report before you apply for the personal loan.  If you think any of the information contained in the credit report is wrong, you need to ensure that you fix this problem before you apply for the personal loan, otherwise it is likely that the loan may not be approved. 

Posted on: [ January 05, 2018 ]       Add to   Digg it   Add to Blinklist   Add to FUrl   StumbleUpon