Credit Reports: Find out why you have been refused CreditWritten by G Marwick
You may already have 2 or more credit cards in your purse or wallet and you have just applied for a third and been declined. This can be very frustrating considering you pay off your other credit cards regularly and you are continually having your credit limit raised.This is a common problem and only way to find out more is by getting a copy of your Credit Report. Equifax and Experian are two main credit reference companies in UK and hold credit details of over 40 million people. Your file includes information about all your credit cards, loans, mortgages, bank account details, as well as any adverse bill payments or County Court Judgements against you. When a Credit Provider asses your credit risk they will look at your Credit Report and make a decision based on your scoring. Your score is based on several factors. You may get more points for living in your address for more than 3 years or for having a home telephone, be married or for having children. Your age and profession can also help your score. The more points you have on your file more chance you have of being approved for credit. The credit provider will use all this information coupled with your credit history to come to a decision. A Credit Providers scoring system is sensitive information so it’s not easy to understand why you were refused credit.
| | How easy is it to get a Commercial Mortgage in the UK?Written by Darren Yates
As is case when applying for any mortgage, be it a residential or a commercial mortgage, better your credit and better collateral, easier process becomes. But that doesn't mean that if your credit is less than perfect, or you want to purchase commercial property in a less then desirable part of city, that you are automatically locked out of getting money you need. It just means that you need a "friend" in business.When you are applying for a commercial mortgage your potential lender will consider your credit rating, your business' balance sheet, purpose of loan, and type and location of proposed property as well as that property's appraised value. If every one of these items do not fall within lender's acceptable guidelines then you may get a "no thank you" instead of a pile of money. Considering amount of paperwork that you may have to complete in order to get a decision, be it a positive or negative one, you want to make sure that you have best chances of securing that loan before you even start. And that is where having a "friend" in commercial mortgage business comes into play. If you were going duck hunting, and only had one shell with you, then you'd better be a pretty good shot. On top of that, you'd better not be planning to serve roast duck to a crowd because you're only coming home with one duck if any. Oddly enough, same holds true when you are applying for a commercial mortgage. Different lenders have different requirements for granting an approval. Since your goal is to make getting a commercial mortgage loan approval as easy as possible then you need to carry more than one shell with you. The best way to do that is to use services of a commercial mortgage broker. A broker represents you and submits your commercial mortgage loan application to many lenders. Your "one shell" turns into a whole case of ammo as your application makes it across desk of potentially hundreds of lenders. The odds are greatly in your favor that you are going to get an approval from at least one lender and, truth is, many borrowers end up with several interested lenders and can actually negotiate terms and conditions which suit them exactly.
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