Credit check with Estate Agent

TWS89

Hi,

I am looking to rent a property within the next 6 months but only have a credit score of 563. How much of a credit check do they do? Will I be refused?

I tried to open a bank account (A second one for my bills) but was only offered a cash+ card. Does this mean I won't be able to rent if I can't even get a second bank account?

Thanks in advance

Voyager2002

Credit scores are totally meaningless, so don't waste money paying for them.

If you know of anything bad on your credit record (such as CCJs or default notices) then probably it would be wise to tell the EA about this before they do the credit check: some would see this as a problem, some would not be worried.

Tixy

A credit check by a lettings agent will only see publicly available information. That is they will see whether you have CCJs or have been through insolvency such as bankrupcty, a DRO or IVA.

It won't show missed payments or defaults on your credit agreements.

TWS89

Tixy wrote: »

A credit check by a lettings agent will only see publicly available information. That is they will see whether you have CCJs or have been through insolvency such as bankrupcty, a DRO or IVA.

It won't show missed payments or defaults on your credit agreements.

So they don't actually see my credit score? I do have 2 defaults, but you are saying they won't go against me as they can't see that much?

Fruit_and_Nut_Case

TWS89 wrote: »

So they don't actually see my credit score?

Nobody does, apart from you and the rating agency. Oh, and us now

happy_bunny_2

TWS89 wrote: »

So they don't actually see my credit score? I do have 2 defaults, but you are saying they won't go against me as they can't see that much?

They will only know about the defaults if you tell them.

TWS89

happy_bunny wrote: »

They will only know about the defaults if you tell them.

What is their criteria based on then? Sorry, this is the first time I will have rented and am really not sure on the process!

modder25

If you are open and honest about the negative things on your credit report and you still fail the credit check then the EA cannot keep your holding deposit.

Even if you do fail it is still down the the Landlords discretion as to whether they want to accept you or not.

Sometimes meeting a landlord once the application is in and the figures are agreed helps too.

Another way round this is to offer a higher deposit, maybe 2 months instead of 1 month.

I know this as I have been in the industry.

Good luck.

modder25

TWS89 wrote: »

What is their criteria based on then? Sorry, this is the first time I will have rented and am really not sure on the process!

If you can provide a guarantor then this will go in your favour too.

Tixy

TWS89 wrote: »

What is their criteria based on then? Sorry, this is the first time I will have rented and am really not sure on the process!

Whether they will decide to rent to you will depend on many factors, these are likely to include
-your income
-your job and how stable they think your income is likely to be
-your age
-your household dynamic (renting alone/with friends/a partner/ partner & kids etc)
-the public available information from your credit file
-the demand for the property your are interested in
-whether you can offer a guarantor

TWS89

Thank you all for your comments! I hope within 6 months, when I am ready to move out, my score may be slightly better and I won't have a problem! I can dream hey

But thanks for your information!