Loans and Renting advice

eltz21

Hi MSEs

I have never rented before and thinking of renting soon. I am also thinking of taking out a £5000 loan for a car. I have budgeted and can afford all the outgoings. I have also recently checked my credit rating which is fine and recently paid off my Graduate Loan.

Would the £5000 loan affect my credit rating when checked by the landlord / Estate Agent?

Also does the ladlord / Estate Agent charge an admin fee for credit checks etc? If so what is the going rate??

Thanks for any help:money:

The_Matelot

Yes i know there is a fee. My mum was charged about 60 pound. With regards to the credit scoring, as long as your report is correct, electoral role, all greens etc i couldnt imagine it being a problem. Good luck!

paddyrg

Should be fine - you're not applying for credit.

eltz21

So what do landlords check your credit rating for then??

paddyrg

They want to make sure you check out, are who you say you are, and don't look like trouble - but you are not signing a credit agreement with them, but a tenancy. If you have a string of CCJ's going back years it says a lot about your likely performance as a tenant compared with someone with a pretty clean record. Tenancy laws give plenty of scope to have you booted out without the landlord losing too much if you don't pay, you are not taking out a years worth of lease on credit with the landlord, which you have to pay back monthly.

And the agents also feel like they have to be seen to be doing something for their money too.