If you have a bad credit rating, it can be extremely difficult to get any type of credit, either in the shape of a credit card, a loan or a mortgage. With bad credit history, lenders are understandably nervous about lending you money because the possibility of you failing to make repayments is seen as a higher risk. Of course, previous credit history is not always an accurate indication of current circumstances and there are a good number of lenders who understand this and specialize in quick bad credit loans for such people.
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Every body needs to borrow money from time to time during their lives. The reasons for needing to borrow money will vary from person to person and the lender is able to provide you with fast cash easier if they can understand exactly why you need to borrow the money. The reasons need to make sense too, at the end of the day if you are asking for $2000 for a quick loan to pay bills until your next payday, yet you are only going to receive $1800 in you wage packet after tax, then you are very unlikely to be accepted for that loan.
Bad credit history comes in different forms, and in fact having no credit history (if you have literally never borrowed money before) can be just as bad. To better understand why you are being refused credit or only being offered small amounts with high interest rates you need to know how your credit rating is calculated. When you apply for credit of any kind the lender will take you personal details i.e. your name, date of birth and address and send these to a credit referencing agency. Firstly if the information you provide does not match your records, for example you name has changed by marriage or you have recently moved, then you may simply be denied on a technicality, so it may be best to apply over the phone rather than online so you can explain your situation better.
If all your details match then the credit reference agency will give you a score based on your previous borrowing history. Everything is recorded so even a late payment on a credit card 5 years ago will affect your overall score. Late payments are not very serious and you will be able to get credit fairly easily, however CCJ's and defaults where you have failed to pay back and/or had to be taken to court will lower your rating a lot more and may make you too high a risk. If you are having trouble getting loans then the first step should be to check your credit rating through the agency your self and make sure there are no mistakes, for example other people at your address affecting your rating by mistake. If you have had previous financial problems but are now in better financial shape, you may only be able to borrow small amounts and the only way around this would be to get a secured loan against any asset you may have, normally a property.
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