Myths About Credit Rejection

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Myths About Credit Rejection

Have you ever been rejected for a loan or a financing agreement? If you are like the average person, then you probably have. Being rejected for a loan is something that many of us dread. It is much like having to take a test and waiting on pins and needles to find out if we passed or not. The big difference is that sometimes, we do not know the exact criteria for being approved or rejected for a loan. This is unlike tests wherein somehow, we know how we did right after we take them. If you do not understand the whole thing about credit rejection, then you might want to check out these myths – you never know, you might have been holding them to be true!
People who used to have your address can affect your credit rating.
A big NO for this one! Unless the people who used to live in your address had financial dealings or connections you with, there is no chance that they can affect your credit record. The previous occupant of your address could be Bill Gates or the poorest person on earth – lending institutions would not care.
If you have other people living in your house, your chances of being approved for a loan may be affected.
Again, another NO. Just because you are putting up people at home does not really mean anything when it comes to your credit. Well, unless one or more of them have some sort of financial connections with you. This could be a joint account or something similar. If this is the case, then lending institutions would probably run a check on them as well, to determine whether or not you are worth giving a loan to.
Credit reference agencies make the decision as to whether or not approve your loan application.
The operative word here is reference. These agencies merely collect the data and provide them to other institutions. They do not do any analysis or decision making. In fact, the data they hold come from banks and other financial institutions. Again, they are merely repositories for information and they provide restricted access to this information.
There is a credit blacklist.
At least the credit blacklist that excludes people based on race, religion, home address, and such. I don’t know if you’ve heard about rumors like this one but it seems that some people think that creditors have this blacklist based on superficial matters that don’t really have any bearing on the financial status of an individual. Forget your fears – no such blacklist exists.
Once you have a bad credit rating you’re marred for life.
Nope. Your credit rating changes over time – you have the power to make it better. You can do so in many ways – paying off your debts, being more consistent in your payments, etc. More so, lenders may do their computations differently, giving you varying credit ratings for different products. So don’t lose hope, one bad credit rating does not have to be for life. It is up to you to change it.

Published at : http://www.ukmoneyblog.co.uk/

Article Source: http://articlenexus.com

Nancy, the author of many articles regarding money and personal financeand is providing his useful advice through his articles on finance for the residents of the UK loans. Read more about payday loans .

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