A bad credit rating can put a stop to your loan application, influence decisions regarding your utilities and accomodation and can even stop you from renting a DVD.
And while we everyone has a credit rating to look after, very few people know how.
A huge part of maintinag a healthy credit rating is keeping up to date with your bills, debts and loan repayments.
But there are other things which have an impact on your credit rating.
For example, every enquiry to a loan is marked on your credit rating and if you are shopping around for the best loan and have applied through several different banks, each of those enquiries will appear.
Several enquiries within a certain period of time can have a negative influence when banks are deciding your approval.
How to avoid exessive credit enquiries on your credit rating
To avoid unwittingly clocking up the credit enquiries on your credit rating, be sure to do your research first.If you want to compare lenders, go online and visit each of their websites. You can also use a comparison site to see the different products on offer and what interest rate each has.
If you get your options down to a shortlist, you can then write a number of questions down to ask a consultant over the phone.
At this stage you shouldn't need to give out too many persoanl details, apart from your name, and if the consultant asks if you would like them to check for eligibility, politely decline, at least for now.
Once you have called your shortlist and decied whaich bank you want to go through, begin the application process with one bank. It is now when you share your personal details and allow them to run a credit check for eligibility.
If you are declined for your loan through your first option, it is best to wait a few months before trying again.
How to remove exessive credit enquiries from your credit rating
If you already have exessive redit enquiries, the only thing you can do to remove them is wait.Anything put on your credit file will be removed after 3-5 years, depending on what it is.
In the meantime, be sure to keep up with your repayments and avoid making any more enquiries.
To view your credit rating you can appraoch a company such as Veda.
Loans for Bad Credit
If you have a bad credit rating, you can still apply for a loan.There are several lenders outside of the traditional sphere who specialise in lending to people with a bad credit rating, those who are finished their debt agreements and discharged bankrupts.
Positive Solutions Finance calls on a number of affiliated lenders to help you find the best possible loan available.
It also works with you to improve your financial situation so borrowing becomes easier in the future.
Loans for Bad Credit | Get Out Of Debt | Help Paying Bills | Need Credit Help
