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Many things combine together to make your credit score. Your repayment history, length of credit history, amount owed, and types of credit used - all have an effect on your credit score.
Your credit history is a documentation of your past financial commitments. There are many credit reference agencies like Experian and Equifax that assess your credit worthiness and accordingly assign you a credit score. Lenders consider your credit score while determining whether you should be allowed bad credit personal loans or not.
Bad credit arises due to many shortcomings. If any County Court has rendered a judgement against you, your credit score takes a setback. Similarly, other factors that adversely affect your credit score include default in repayments, bankruptcy, arrears, and missed payments. In such circumstances, you can get finance in the form of bad credit personal loans.
Bad credit personal loans can be used in many ways. You can purchase a car, repay your pending debts, etc. Besides, timely repayment of the loan amount will help you in improving your bad credit record. If you have been making repayments in time for at least the last 12 months, the negative remarks on your credit file may begin to erode.
Bad credit personal loans can be secured as well as unsecured. The later ones are very difficult to get unless you have a moderate bad credit score.
Your credit history usually counts for 35% of your credit score. The County Court Judgements (CCJs) and defaults have a negative impact on your credit score. Missed and late payments also dent your score. However, the negative entries stay on your credit file for 6 years but the impact of missed and late payments reduces after some time. If you have been making payments on time for at least the last 12 months those negative entries will begin to influence your score less.
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