Renting post BR and need to move house

consideringbankruptcy

Hi everyone


We went BR in 2009 and are now a year away from (hopefully) having cleaner credit reports. We have been renting ever since, we lost our home in our BR, and now need to move to a larger house as we have a lovely young family.

I checked two of my credit files (Experian and Equifax) and the first is in excellent condition, the second in poor condition (according to their credit scores). My wife has checked her credit files and both are poor, so we only have one excellent one which is my Experian. I am concerned that we will still fail a credit check with the estate agent. We have an excellent track record having never missed a rent payment in our current property, where we have lived since just before we went BR (5 years).

What is the best way to de-risk this? We are hoping to move in May but we are now worried what will happen if we don't pass a credit check. Does anyone have any experience of this or any hints or tips of how to get around it?


Thanks for reading

gettingthere123_2

Hiya. We have been br for four years and been privately renting for the last year. I just contacted a load of letting agents and told them our situation right from the start. They mostly didn't care as long as we had a guarantor, which we did.

consideringbankruptcy

Ah thanks, what level of guarantor, how does that work? Some people have suggested we offer a lump sum as an upfront deposit but we want to avoid that if at all possible, mainly because right now we don't have it...

gettingthere123_2

Basically my partners dad had to sign contract to say if we got into rent arrests, he would be responsible for us. He had to be credit checked etc also

gettingthere123_2

Arrears! Not arrests

PippaGirl_2

consideringbankruptcy wrote: »

I checked two of my credit files (Experian and Equifax) and the first is in excellent condition, the second in poor condition (according to their credit scores). My wife has checked her credit files and both are poor, so we only have one excellent one which is my Experian. I am concerned that we will still fail a credit check with the estate agent. We have an excellent track record having never missed a rent payment in our current property, where we have lived since just before we went BR (5 years).

What is the best way to de-risk this? We are hoping to move in May but we are now worried what will happen if we don't pass a credit check. Does anyone have any experience of this or any hints or tips of how to get around it?

You need to clean up your credit files first. How to is explained in this thread which is a sticky at the top of the forum. HTH.

consideringbankruptcy

Hi PippaGirl, thanks for the reply - I am already in the process of clearing up my credit files. I am just worried that the defaults are still going to show, and although my Experian credit file shows as excellent, my Equifax credit file does not. As we are not yet 6 years since we were declared BR, these entries will still show (as I understand it).


Is this correct?


Also is it possible to ask an estate agent which credit reference agency they use?

WLITC

consideringbankruptcy wrote: »

Hi PippaGirl, thanks for the reply - I am already in the process of clearing up my credit files. I am just worried that the defaults are still going to show, and although my Experian credit file shows as excellent, my Equifax credit file does not. As we are not yet 6 years since we were declared BR, these entries will still show (as I understand it).


Is this correct?


Also is it possible to ask an estate agent which credit reference agency they use?

Yes, its six years from the default and the default dates should be no later than the day you went BR and if your credit files shows dates after this you need to 'clean up' your credit file to ensure the dates are changed. I worried about renting too. If you think it might be a big issue and your likely to fail the credit check, could you hold off moving until next year when your credit file will be clean?

consideringbankruptcy

Hi WLITC


Thanks - I am going to get my credit file cleaned up. We have already waited and have virtually outgrown our current house with 2 kids, we need an extra bedroom. Affordability for that won't be an issue, but the credit check might be.

We have an option on asking a family relative to be a guarantor, but would rather not unless we have to. I guess I could ask the estate agent if they use Experian and then have the check run against me?