| One of the main things that all lenders will check prior | | | | how long you have been at your current address or |
| to approving any form of finance is your credit score. | | | | working for your current employer. Any hire purchase, |
| What defines a good or bad credit score? And can | | | | rental or leasing agreements will also have an affect. |
| you get an unsecured personal loan if you have poor | | | | If you have been working in your current job for over |
| credit? | | | | 2 years or living at your current address for the same |
| Firstly let's look at the scoring system. You are able to | | | | amount of time, this provides some form of stability. |
| obtain a free copy of your credit report once every 12 | | | | Always make sure that your report is fully updated |
| months. You can simply request this from one of the 3 | | | | with any changes that you have made. |
| credit bureaus, Experian, Equifax or TransUnion. All | | | | Your debt to income ratio is also a very important |
| your different forms of credit will be listed on your | | | | factor towards your creditworthiness. If you have |
| report and you will be given an overall score. | | | | recently received a pay rise, once again make sure |
| A score of between 350 - 619 will put you in the poor | | | | that the relevant authorities are aware. |
| credit category. A score between 620 and 659, you | | | | Finally are there any facts and figures on your report |
| will be considered adequate. Once you get to the 660 | | | | that you don't understand or you were not aware of? |
| - 749 range, your score is considered good. Anything | | | | Take this opportunity to contact the lender in question |
| above 750 will mean that you have a fantastic | | | | and find out some specific details. There are many |
| financial history and will pretty much be approved for | | | | people who have been labelled as someone with poor |
| any form of credit. | | | | credit, when in actual fact there is a simple mistake on |
| For those of you looking to get an unsecured personal | | | | their credit report. |
| loan with poor credit, you may wish to look at the | | | | There are a number of specialized lenders who will |
| "non-financial" aspects of your credit rating. Your score | | | | give you an unsecured personal loan with poor credit. |
| is not merely calculated on your credit, loans and | | | | However, my initial advice to you would be to always |
| mortgages, but on many other things. These will include | | | | try and improve your credit score first. |