Who’re bad credit loans for? YouвЂ™ll probably have a credit that is low or damaged credit report in the event that youвЂ™ve:
- Previously missed loan repayments
- Formerly missed household bill re re re payments or cellular phone or broadband contracts bills
- Defaulted on a merchant account
- Been bankrupt in days gone by
Loan providers will run credit checks you before issuing you loan offers or approving the application. You may want to see what your credit score is yourself, to get an idea of the type of loan product youвЂ™ll be eligible for before you apply for loans.
What exactly is a credit score that is good? You wonвЂ™t qualify for a bad credit loan if:
There is certainlynвЂ™t one credit that is universal into the UK, but rather three credit reporting agencies which problem independent scores, on various scales. These ratings will undoubtedly be according to your previous borrowing, repayment history, your available credit, and other information that is personal.
- Experian : issues fico scores between 0 and 999, and such a thing below 560 is recognized as bad.
- Equifax : dilemmas credit ratings of between 0 and 700. The united kingdom average is 389 and any rating below 279 is recognized as inadequate. (more…)