23 July 2007
A poor credit score in the past has been described as being more influential than present circumstances, by a spokesman for a leading bank.
The comments, which indicate the power of a credit rating, suggest customers should be as careful as they can possibly be to ensure a clean bill of health, as far as credit scores are concerned.
Discussing career development loans - loans available for people taking a course and repayable at a fixed rate of interest - Co-operative Bank Spokesman Andy Hammerton said: "If they had a very, very poor credit history then we wouldn't accept them just because it's a career development loan, they still have to be credit scored."
Customers hoping to take out a career development loan could typically show they have good future prospects through the fact that they are enrolled in a college or university, although the power of a credit history seems to override this fact.
"A credit score in the past is usually a good indication of what's going to happen in the future, so if somebody's been a poor credit risk previously, just because they're taking a course doesn't necessarily mean they're going to be a sound credit risk in the future," Mr Hammerton continued.
The comments have come after months of reports featuring the 'debt crisis' facing Britain.At present, British consumers owe around one trillion pounds, although many reports have indicated that despite the large amount of debt, it is nevertheless being managed sensibly .
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