What is Credit Status ?
When applying for a secured loan or other finance your credit rating and credit history will be checked.
With a good credit history you should have no issues obtaining finance. But if you've had any credit problems (recently or in the past), you may find it harder to get a loan.
If you have a clean repayment record with no defaults or previous credit problems, a credit check classes you as Status.
However if there is some reason why you may score badly on the credit check (CCJs, defaults, arrears, bankruptcy, self employed with no accounts, unemployed or work just a few hours a week) you are classed as Non Status.
- When will I be credit checked ? Usually you must agree to a credit check when you apply. Before any lender will consider lending you money they will check your status. A credit check determines your credit history - whether you have any CCJ's, defaults or outstanding credit card bills. This information is held centrally, by law, at credit agencies (e.g. Experian or Equifax). Unfortunately most high street lenders will reject applications from persons with a poor credit history.
- How is my credit score determined ?
This process is used by most lenders to determine what level of credit risk you are. They use a scoring system based on credit history; good or bad, length at current address, security, employment, income and answering these questions gives them a score or Credit Rating. Mainstream lenders only want high scores. However there are lenders who will find credit to suit your score even if it is a poor credit rating. The majority of your credit history and suitability will be on a national credit database but it is up to individual lenders whether the risk is acceptable.
With Secured Loan UK .com, no matter whether you're Status or Non Status, being a Homeowner means we can get you a competitive rate that matches your credit history.
All you have to do is complete our Secured Loan Application Form and let us give you a FREE and NO obligation quote.
