Loan Low Credit

Having a low credit rating does not have the same stigma attached to it as it once did. So what has changed over the years? The simple answer is the fact that so many of us today have experienced not only having some form of bad credit but also of the resulting implications when applying for finance and credit.

Having a low credit rating can also be down to other factors - For example, did you know that a prospective lender is likely to blacklist you if you do not have a landline telephone? This is due to a perceived level of risk in the event of a borrower defaulting on a loan, they might be harder to get hold off with just a mobile telephone.

Financial difficulties are often the unfortunate result of factors that many will regard as being out of one's control - such as a relationship breakdown, divorce, accident, sickness and unemployment. In some cases, the danger of missing mortgage and loan repayments, and other debts and bills can be reduced by arranging a suitable insurance policy to cover the outgoings however this will not always happen for whatever reason.

An individual who has a low credit rating will not necessarily have experienced credit difficulties in the past. In fact, on many occasions, individuals will fail a credit score due to having no credit recorded on file - a catch 22 situation perhaps?

In the majority of cases however, having a low credit rating comes in many different forms – missed or late mortgage payments, mortgage arrears, missed loan payments, defaults, County Court Judgements (CCJs), Individual Voluntary Arrangements (IVAs) and previous bankruptcies.

Most lenders will work a credit scoring system for those borrowers applying for credit in order to assess how ‘creditworthy’ the individual is. Every system will differ although the basis of their methods will resemble one another. In order to make a decision, the lender may first access your personal credit information which is made available from the credit reference agencies, for example Equifax & Experian. - They may also look at whether you pay your car tax on time!

Having a low credit score does certainly NOT cut you out of the loop when applying for credit. Provided that you are a UK homeowner with sufficient equity in your property, then there is a very strong chance that you will be accepted – subject to affordability.

Resolving debt issues by way of consolidating them into one single monthly repayment can offer a huge relief to many borrowers. Achieving a lower rate of interest on your borrowings can only be regarded as a positive thing.

If you are looking to borrow between £5,000 and £100,000 over a term of between 5 and 30 years then contact us today. We will do the shopping around so you don’t have to!

Banks - Making sure customers are treated fairly
The OFT has submitted a range of recommendations to raise standards of fairness in the way British banks treat their personal and business customers.
Publ.Date : 19 Feb 2007

Halifax in with card offer
Halifax Credit Cards has announced that its online exclusive One Card, featuring 0% for 12 months on both balance transfers and purchases, will be available until the end of February.
Publ.Date : 13 Feb 2007

Down and Out in the 'Burbs
Turns out it's tough to make local work on the Web
Publ.Date : Fri, 16 Mar 2007 07:46:00 EDT

Google to Strengthen Privacy Protections
Google plans to step up privacy protections for its users by making search records anonymous after no longer than two years.
Publ.Date : Wed, 14 Mar 2007 23:24:00 EDT

Halifax ends its £100 give-away current account switching deal
If you havent already applied for Halifax's £100 current account switching offer, you've missed the boat! According to the bank, the "huge success" of offer means that it will end early - midnight on Friday 16 March.
Publ.Date : 16 Mar 2007

How the banks take revenge
Banks are increasingly kicking out customers who demand refunds of illegal and unfair penalty charges>> How to reclaim your bank charges

More and more people struggle with money
More than a million of us missed paying a bill in January following December's extravagancies. More than 330,000 of us missed a credit card repayment and almost 150,000 were unable to pay the council tax bill.
Publ.Date : 08 Feb 2007

Top ten property reports: February
Homeowners won a major victory over exit fees in February and rushed to claim their cash back. Find out what the other top Mortgages & Homes stories were last month

Buy-to-let to surge as Brits crave flexible living
Positive attitudes towards renting and a desire to be footloose and fancy free have sparked a surge in the buy-to-let market, which is predicted to grow by 41% by 2016, according to a new report by Alliance & Leicester Mortgages.
Publ.Date : 07 Mar 2007

The cost of ID fraud
When modern languages teacher, Sandie Rowlands, and her family moved from Stoke-on-Trent to Chester in 2003, they thought they had done everything to ensure a painless transition from one home to the other.
Publ.Date : 27 Feb 2007