Bad Credit
Bad credit is something that
affects almost one third of the population and in some cases it isn’t
until a credit card application has been submitted and
subsequently refused that they are unaware there was something which is
“flagging” up with lenders.
What is a credit rating?
Very simply, it is a personal
profile that shows a potential lender everything about one’s credit history
from paying everyday household bills on time to clearing any existing credit
/ store cards and any other finance on your account.
The slightest blemish which could
show up when submitting a credit card application could result in you being
turned down. This is unlikely with one or two missed payments but frequent
missed payments etc will count as bad credit and will therefore need to
consider the possibility of obtaining a card elsewhere.
If my partner has bad credit,
will I be affected?
In most cases, the answer to this
will be no unless you have joint applications involving financing which
could affect the outcome of a credit card application.
Should you not have any involvement
with your partner’s finances then you will not be affected in any way at all
and this will result in your application being approved as a credit rating
is linked to every person living in the country.
I am unsure if I do have bad
credit, what can I do?
Whether you are not 100% certain if
poor credit is listed on your file or perhaps you want to know whether or
not you will be accepted should you submit a credit card application then
for just £16.95, you can view your FULL credit file which is supplied by
Equifax.
This will give you the full extent
of your current and past credit history and will help you understand if you
are likely to be accepted or turned down when you complete a credit card
application.
If you do not have access to the
internet then a copy of your credit history can be obtained by writing to
the following address:
Credit File Advice Centre
PO Box 1140
Bradford
BD1 5US
It is not essential that you
require a copy of this report because when any lender submits your
application for subsequent credit scoring and a final decision, they
will commonly use Equifax to establish suitability to become one of
their customers.
If you choose to purchase a copy
of the report and there is anything you need to query which perhaps
shouldn’t be there, then you can write to the above address to express
any concerns and try to alleviate them.
There can be some instances where
a blemish on your record shouldn’t be there at all and when it usually
takes around 12 months for a credit rating to rebuild itself, why must
you risk having credit card applications amongst over things turned
down?
If there is anything you are
unsure about then query it as soon as possible before more permanent
damage is done.
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