letting agency - credit checks affected by low credit score???

Wiggynut

Hi
I wanted to go for this room that is £480 per month inclusive and I just rang to ask what I need to do to get this room and they said I would have to pay £200 holding fee while they do the credit checks/refs.
but I've checked my credit score and it's low! (got one star and a score of 543 - a fight with a credit card some time back) I also can't give a reference for where I'm living now as my 'friend' didn't put me on the tenancy agreement and is now being abusive as she wants a grand for nothing (my rent is up to date and I keep giving her extra money but then denies I've given her anything!!!) so I need to move quick.

I've got a work reference (worked there for two years) and I'm a full time student - so can give those

but I'm mostly worried that after paying the holding fee of £200 and agency fee of £100 and ref/credit check fee of £45 and my low credit score fails me then I will lose £345! which I'd rather not lose as it's a lot of money!!

anyone know how their credit checks work... they are saying it's not really about credit scores mostly just checking your wages cover the rent... they do!
I'm also registered as self employed as the company I work for wanted to save money etc, so will that effect it?

thanks for your help - can't believe I'm in such a pickle when I'm someone who likes things straight forward!!!

Fire_Fox

If you are self-employed you can be 'laid off' at very short notice, you don't have the same rights as an employee. Your wages might appear superficially to cover the rent, but if you had massive debts you might prioritise these outgoings over your rent. Hence the credit check.

It doesn't really sound like you should be looking at agency lets, better to look for private lodgings. Have you tried Gumtree and some of the lodger websites?

BASFORDLAD

I certainly wouldnt pay a £200 holding fee. Legally they mean nothing...!. Also why bother with all these other fees as firefox has suggested go through some where like spare room and cut out the agent.

Wiggynut

Fire_Fox wrote: »

If you are self-employed you can be 'laid off' at very short notice, you don't have the same rights as an employee. Your wages might appear superficially to cover the rent, but if you had massive debts you might prioritise these outgoings over your rent. Hence the credit check.

It doesn't really sound like you should be looking at agency lets, better to look for private lodgings. Have you tried Gumtree and some of the lodger websites?

Hi
well, my boss at work said she will confirm that I'm working for the company long term (freelance option means I can get other work as well as this one which means I pay less tax too.)
I also have confirmation of £8000 student loans/grants etc and £1000 bursary award for each year.

I have no debts.. (well, £50 on a catalogue )
I've been with private landlords now for several years and whilst some are good there has been a few that were not.. ie: came in my room at 2pm and well, frankly was rather rude! :rolleyes: he also kicked people out and was racist but kept there deposits and rent.

I've had another who kept wanting extra money for invented bills... ie: 300 for a gas bill despite the flat not having gas... got rather violent too!
also, tenancy agreements never get redone with private landlords... the landlord before my current place never gave me his contact details so I can't use him as a reference either!! there's a few other stories too.

the good ones unfortunately didn't last long as they sell the property etc so I had to move out... shame!! I would have lived there years )

I think I'd rather be somewhere that has some protection and legal!

I've taken the plunge and will crossing toes and fingers... paid £245 - the £200 is the holding fee so they don't advertise it etc... plus they have put it in writing that they subtract that from the deposit if I get accepted.

I might just be paranoid... I've not had bad credit before so I don't know how it effects things like letting agents.
I'm hoping they take in account that it's not an expensive flat.. obviously that would be different than renting a small place that I know I can afford easily.

I'm looking on gumtree too (seen a few scams but I know what to look out for on those!! thanks to this site )

thanks for your response :cool:

Wiggynut

BASFORDLAD wrote: »

I certainly wouldnt pay a £200 holding fee. Legally they mean nothing...!. Also why bother with all these other fees as firefox has suggested go through some where like spare room and cut out the agent.

well, they said they need that so they don't advertise it or give it to someone else!!
it is taken off the deposit if I get accepted... obviously if I don't then I lose it... *sigh* I've decided to take the risk.
I've been looking at private landlord places and frankly the ones in the areas I'm looking at cost more and yet smaller - and in very scary areas.
if I had longer to look then maybe I would have waited.

they did say I could get a guarantor but the only person I would ask (personally I don't want to as I've always looked after myself and frankly too old for something like a guarantor!!!?) my brother but he lives abroad and I don't think they accept that.. they have to be in the UK.

hopefully it will be fine and I'm just being daft and worrying for no reason and if it doesn't then I will know for the future!!! an expensive lesson but only me to blame on this really.