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 Wysłany: Wto 8:14, 24 Maj 2011 Temat postu: Ed Hardy Shoes1Understanding Your Credit Rating |
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r credit rating is momentous. It may determine if you can obtain a car loan or a mortgage. But do you understand the factors that resolve whether your credit apply is accepted or denied? Here's what you need to know about your credit rating.
What Is A Credit Rating?
When people apply for loans, credit cards, cache cards or mortgages) they are scored according to factors in their application and their credit history. This effectively makes up their credit rating and determines whether lenders consider they are a good risk. The credit history looks at districts such as:
- Whether folk have recently applied for credit
- How long they have had credit
- What type of credit they have had (such as alter types of loans, credit cards or a mortgage)
- How much money they owe in total
- What their payment history is.
Lenders are especially concerned with whether people have paid the specified repayments in due time. Although 1 or 2 late payments may no unduly affect a person's credit rating, regular late payments will raise answer marks for lenders.
Looking Into Your Financial History
Lenders are too concerned approximately other aspects of people's fiscal history. For sample [link widoczny dla zalogowanych], lenders will absence apt know:
whether people have had any County Court Judgements (CCJs) opposition them
- Whether they have ever been made bankrupt
- Whether they have ever defaulted on a lend or honor card
- Whether they are in arrears on existing loans or credit
- Whether credit applications they have made recently
whether they have been turned down for credit in the past
Much of this information namely held in reports compiled by credit reference agencies. Equifax and Experian are the largest and best known credit reference agencies in the UK. People tin detect out what information is held about them by disbursing a small fee and requesting a copy of their credit report.
Other criteria that affect approval for credit are on lenders' individual application forms. These might include whether people own or lease their families and whether people are hired (full-time or part-time), self-employed or unemployed. Lenders also look into existing salary and emphatic credit.
How To Get Credit With A Poor Rating
Although having a poor credit rating can make it tough to get credit, this does not average it is impossible. Options for getting credit include:
- Loans which are secured aboard the value of the attribute owned along the applicant
- A higher interest credit card, with one interest rate that reduces once the holder shows a good payment history
- A prepaid credit card [link widoczny dla zalogowanych], which works favor a mobile call altitude up card
Some people have a penniless credit rating even when they have no CCJs or arrears on their credit report. This might apply to self-employed people (such as cab drivers [link widoczny dla zalogowanych], market traders, hairdressers and other small commerce people). These people have alike options for getting credit. And they don't have to live on the streets, either. There are self-certification mortgages to qualify self-employed people to purchase houses.
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