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Your credit rating is very important when it comes to your financial future, and if your credit rating is damaged then you will find it increasingly difficult to get finance in the future, with many lenders refusing to offer it to you and those that are able to offer charging a fortune in interest. This is why it is important to keep your credit rating in check, or if it has already been damaged to ensure that you take the necessary steps to start improving it.

Sadly, it is far easier to damage your credit rating than it is to repair it, but there are certain products and services available to help you to improve it, including loans that cater specifically for those with poor credit. If you have good credit and are a homeowner you will find that you are eligible for both secured and unsecured loans providing you meet the eligibility requirements in terms of income, etc. Providing you keep up with repayments on your loan, as well as keeping up with other financial commitment, you can maintain a good rating. However, if you have damaged credit you may find that you can only get secured credit, and in order to improve it - and to ensure that you do not risk losing your home - you will need to ensure that you make your repayments on time.

Another thing to remember about loans in connection with your credit rating is that each time you apply for a loan it is logged on your report, and every rejection that you get will knock your credit down further. Those with bad credit already have an increased chance of being turned down for loans, and each time you are turned down the chances of being turned down again rise. This is why it is important to resist the temptation to make one application after another for loans. If you are turned down for a loan you should check it and try and determine where the problem lies. You should also wait a reasonable amount of time - at least three months - before reapplying for any finance.

If you are turned down for a loan and do not know of any problems that you may have with your credit you should order a copy of your report and check over it. Mistakes do occur, and a simple human or computer error could be adversely affecting it and making it impossible for you to get a loan. By identifying any inaccuracies you can quickly get them rectified to restore your good credit and reduce the risk of further loan rejections in the future.