Who will be bad credit loans for? YouвЂ™ll probably have a credit that is low or damaged credit report in the event that youвЂ™ve:
- Formerly missed loan repayments
- Formerly missed household bill re payments or cellular phone or broadband contracts bills
- Defaulted on a free account
- Been bankrupt in the last
Loan providers will run credit checks you loan offers or approving your application on you before issuing. 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 good credit history? You wonвЂ™t qualify for a credit that is bad if:
There clearly wasnвЂ™t one universal credit history when you look at the UK, but rather three credit reporting agencies which problem independent scores, on various scales. These ratings is likely to be according to your previous borrowing, payment history, your available credit, as well as other information that is personal.
- Experian : issues fico scores between 0 and 999, and anything below 560 is recognized as bad.
- Equifax : dilemmas fico scores of between 0 and 700. Keep reading