People attempting to get unsecured bad credit loans need to know what lenders are looking at when they access them. They begin with your credit report. This contains financial details about your level of borrowing and accesses you based on certain criteria. The frequency of times payments are made on time and the amount of times payments are late are part of this report. This is the first indication that a lender will get as to your credit worthiness.
Lenders then look at your legal status to check if you've ever been made bankrupt or had any court judgments. They will also review the value of your existing debts and factor this against your income to see how much of your income is already committed to paying off debts.
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Another thing that lenders check is the amount of available borrowing at your fingertips. If you have access to credit that you don't want to use, for example a card kept for emergencies, you should close it. If not lenders will make the assumption that you will use all available credit so will add this amount to your existing borrowing and then access whether you could make the repayments.
If you close your account with a credit card company, make sure that it's closed on their records before you attempt to borrow more. This can take a few weeks. The card company will be able to advise how long it will take to appear on your report.
The other things that lenders check is your length of employment and the amount of times you have moved in recent years. They will also look at our occupation and your monthly income. If the income includes bonuses, they may wish to see your last 6 payslips, so they can access your true income.
The amount of times that your report is reviewed by lenders also affects your rating. Each time an inquiry is made it is logged. Lenders will look at this and make certain assumptions. Too many inquires in a short period of time suggests that you were looking to borrow money because of financial problems.
If you find that you have a bad rating then you will only be offered a high interest loan. Because the lender is taking more risk they have to charge more interest to cover themselves if the loan is defaulted. Taking one of these loans and paying it off is a great way of improving your rating.
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