Looking Credible for Credit
Your credit rating - or more accurately called credit score is based on
information compiled together about you from records of your financial
history(history being up anywhere from 10 years to 1 month ago) and
other 'footprints' of information you may have left behind - or at
least what a commercial entity such as a past creditor has portrayed of
you.Electoral roll registers,county court judgements (CCJs) and late
direct debit payments are just 3 things alone out of many that can
affect your credit rating adversely.To make things worse, one adverse
'stain' in your credit history can lead to a refusal for credit by a
potential lender.Every time you are refused credit is noted.This leaves
yet another 'stain' - portraying a negative image to the next potential
creditor who will sadly in turn - turn you down - and the 'staining'
cycle and lowering of your credit score worsens.
However it is not impossible to raise finance with a poor or adverse
credit rating - as long as you are willing to pay inflated interest
premiums to the lender to offset some of there perceived risk for
lending to you then a deal could be obtained.An example of this is the
much often talked about sub-prime market - which has fast shrunk in
size with finance being scarce after
the much publicised credit bubble in 2008.
