Looking to rent, now worried about my credit score.

laurabizzle

Thanks so much for all the advice adg1. Do you work as a letting agent then?

adg1

I do indeed.

I have had SO many applicants in your position who have gone through to moving in. It even happened to me in the past. I passed a credit check with an EA after being at Uni and missing a few payments for bills etc. During the same period, I also I cancelled my contract with a mobile phone company and they continued to try to take money for almost a year - I shut down the standing order at my end when I sent the cancellation letter so they couldn't get any dosh at all. This was quite a drastic situation and I still passed a check, though I never actually saw a copy of it.

laurabizzle

I'm in a similar situation with my missed phone bill payments, the old phone broke and orange refused to replace it, so I took out another contract with O2. Probably not the wisest of moves but I needed a phone for work etc. So now I'm paying two contracts until end June.... grrr.

It's so reassuring to hear other people are in similar situations and that all hope is not lost!! I suppose all I can do now is sit and wait. The bank holiday couldn't have come at a worse time as it's just going to lengthen the process!

laurabizzle

I applied this morning, and let sure (the referencing company the estate agents use) have already been in contact with my boyfriends employer. EEK. Fingers crossed.

subjecttocontract

Guarantors HAVE to be home owners. Its pointless having a guarantor sign to say they will pay any shortfall if loosing their job or spending their nestegg on something more important means they can't afford to pay the ladlord what is owed.

With a home owning guarantor, if they don't pay what is owed, then the landlord can place a restriction on the sale of their property with the land registry so that they will definitely get paid when the property is sold.

Being a guarantor is a serious undertaking and not something to enter into lightly.

The only way any applicant for my property who failed a credit check would be considered is if they produced a home owning guarantor.

Good luck.

adg1

True, it is definitely a best case scenario being a homeowner, but ultimately its down to the checking done - they should always be referenced fully and credit checked in much the same way a tenant is.

A credit check should all be done very quickly too. When I have had to carry them out I have an answer returned within a couple of minutes. I suppose that may depend on the credit checker company though.

laurabizzle

Hopefully it won't get that far We have both been given excellent references from work which they have faxed over today. It seem's that our combined wages would leave us with over £30k a year left after we'd paid the rent. We hadden taken bonuses and overtime in to consideration previously. Surely that counts for something!!!!

Caseyface

Thanks for asking this Laura, i too am in a similar position and thanks to everyone for your responses

laurabizzle

Just found out we both passed the credit check, just waiting for them to receive the work reference and we're good to go! They've already got it showing on the website as let agreed!!

Good luck to those of u in a similar position!!

clairet707

laurabizzle wrote: »

Just found out we both passed the credit check, just waiting for them to receive the work reference and we're good to go! They've already got it showing on the website as let agreed!!

Good luck to those of u in a similar position!!

Great news Laura, when do you move in??