Self-employed and renting off parents

pottedplant

Hi people,

I'm trying to check my credit rating and to apply for credit cards without it affecting my rating. Couple of questions...

Firstly, I rent a flat in London from my parents (who live in France) own - I'm wondering if this makes my residential status a private tenant or technically living with parents as the rent agreement is informal and contractless? I think the former but thought I'd check with people in the know.

Secondly, I'm self-employed but have been getting regular work (nearly every month) from the same educational organisation for the last 7 years or so. Some years I get lucky and get cast in an advert or two so my income takes a big leap. Does anyone have any idea how this varied income will be affecting my credit rating and if the fact I've been getting repeat regular work from the same company is taken into account?

Thanks very much!

19lottie82

pottedplant wrote: »

the rent agreement is informal and contractless?

Not true. You are a tenant and your parents are the LL's. There is a contract in place, just by you living there any paying rent, even if there is nothing on paper.

I don't think a couple of bursts of one off income will have any effect on your CR. If your steady income increased (annual salary), it may improve it slightly, as it would reduce any credit you had at the moment in terms of it being a percentage of your income BUT CR relies more on your previous behaviour, like do you have any late payments / defaults, or have you paid previous credit back without any issues?