Dating someone with bad credit
If you have been refused loans by high street banks and other lenders you may believe that your financial situation is impossible. Lenders will record your borrowing behaviour with one or more of the UK's three main reference agencies (Experian, Equifax and Callcredit). Over time you accumulate a borrowing/repayment history in your file. In this case a credit card company might offer you a card but with a low limit to begin with. Having no credit history can itself be a problem as lenders can't judge how reliable a borrower you will be, but while this is a problem it is not a majoe problem.Your borrowing history and your file is an aggregation of all your interactions with finance companies and other businesses who let you borrow (e.g. If you have experienced money problems and this has led to you missing loan repayments or being late paying some bills then your file will be tarnished for a while.If you were to need to borrow more in this situation then it may be more difficult to.Guarantor loans require you to provide someone to back you in your application and to stand behind your debt and repayments should you fail to do so.
If your score is not high enough they will refuse your application.Be aware, as well, that the act of applying for credit will be recorded in your file (unless the lender does a "soft search").If you make applications too frequently this fact will have a further adverse impact on your rating.The files will show whether you pay on time, whether you get into arrears or miss payments, and whether you default on debts completely.