Sending bank statement for credit/ reference check

AceCobra1

Just wondering if I sent my bank statement and it shows - £1550 OD, will it count as a negative? Because I just recently graduated and i think i'll attach a letter confirming that I am employed (by the NHS). The letter itself doesn't actually say how much we get paid but if they phoned the right people, they can find out that I make £32k a year. Anyway, my question is, if I sent the bank statement of my graduate account which shows me being OD, it shouldn't be a blackmark right? Since they are just using that to do credit checks? I am just making sure as we have reserved the flat already and paid £100 (non refundable) each to have credit checks done and I just don't want to waste that money in the unlikely event that they will reject us. I know my credit score is prob. half decent anyway as I have just been approved a £5k limit on a Virgin card i applied to do balance transfers on... My flatmate is making the £32k (he graduated a year earlier) and his income for next year should be about £50k. We both lived together as undergraduates so I can't see us staying together will have bad credit scores right? Surely it is very unlikely that we will get declined right - not from that bank statement alone anyway?

surrey_jim

i have an o/draft of £1500 with a barclays student account i held. I pay off about £50/month but have opened a lloyds accout as the main day to day account i use. I have since graduating moved between 5/6 properties each time a credit check was done and all ok. My income is also less (nearer the 18k mark) but i dont think they really take that into consideration as my employers have never been asked to provide a refrecnce/proof of employment or sallary

AceCobra1

Thanks for the reply Jim, but my question is, when they ask you to send a recent bank statement, did you send one which clearly showed u were OD £1.5k ? Coz thats what i'm gonna do if that shouldn't count against me

AceCobra1

anyone else got any inputs?

veyrongirl

We were not asked to supply bank statements, but I was asked for proof of income as my employer does not provide this in their reference. In the event my salary was not considered enough to pay my half of the rent:eek: , so our tenancy is in my husband's name only. His salary is less than your btw.

HTH
Lynn

tbs624

AceCobra1 wrote: »

,...... if I sent the bank statement of my graduate account which shows me being OD, it shouldn't be a blackmark right? Since they are just using that to do credit checks? I am just making sure as we have reserved the flat already and paid £100 (non refundable) each to have credit checks done and I just don't want to waste that money in the unlikely event that they will reject us. ..

Maybe would have been good to check these things out before parting with your100 quid non-ret fee....

Am assuming that you are using a letting agent rather than dealing direct with a LL?

Have you checked out all their other "admin fees" too, or seen a copy of the tenancy agreement?

On your specific question, I personally would never supply my bank statements to a letting agency. They generally do not need these to be able to run a "credit" check on you - have a look at these for an idea of how the system works: http://www.tenantverify.co.uk/ or http://www.rentchecks.com/

In addition a LL/LA would personally contact previous LLs for references, employers for verification etc having got your written permission to do so under data protection rules.

You are entitled to copies of the credit checks by the way - and as you pay for it, ask for one.

Some LLs/LAs may have stricter rules because of the rent guarantee insurance policies that they use - other LLs don't use such insurance (and remember all these costs get factored into rents at some stage)


Most recent graduates will have an account showing them to be at the limit of their agreed overdraft. If you are concerned you may like to check your own credit status out anyway - couple of quid each of the three agencies - Equifax, Experian & CallCredit. Search the main site for MSE Martin's info on this. As you say, if there were problems you probably would have been turned down for a credit card.

Can you not get the salaries dept to give you written confirmation of your salary?

Remember that LAs/LLs want nice full properties, just as much as you want a tenancy - most things are negotiable. You don't have to say initially why you are not sending a bank statement - just send alternative verifiable financial info and see what they say.

In future you may find it less hassle to rent from a self-managing LL - check out the local LL association via the yellow pages or the chamber of commerce.

surrey_jim

AceCobra1 wrote: »

Thanks for the reply Jim, but my question is, when they ask you to send a recent bank statement, did you send one which clearly showed u were OD £1.5k ? Coz thats what i'm gonna do if that shouldn't count against me

sorry should have made it clearer. I sent in details of the lloyds account which shows day to day expenditure / wages in etc. have never mentioned the o/d account and am just paying it down.