Advise for renting with low credit rating

aaronmehar

Hello MSEs

I currently live with my wife and children in In-laws house, we have spent the last year two years paying back debts we amassed and are now debt free (yay!) and in a good position to rent.

The only concern is my credit rating has obviously taken a hit and is very low, which may make renting a house a difficult task. My question is what else can I provide to Estate Agents/Landlords to show that although my score is bad, the rent is affordable.

Perhaps something like a statement from an Accountant who has reviewed in incomings/outgoings etc and statement from my Manager/Colleague etc?

Thanks in advance..

fishpond

Pay upfront.

Pixie5740

Firstly, there's no such thing as a universal credit score.

When a LL or LA credit score you the will look at your public credit file, so if you have any CCJs or are bankrupt they will see that but they won't see anything else. The rest of the score is made up of things like references, the ratio of rent to income and that sort of thing.

If based on the information above a LL or LA decides you don't pass their credit scoring you could possibly offer to provide a guarantor if you can find someone daft enough to do it, or you could offer 6 months rent in advance.

aaronmehar

Thanks for the replies;

fishpond wrote:

Pay upfront.

Do you mean something aside from Deposit and 1 month?

Pixie5740 wrote:

When a LL or LA credit score you the will look at your public credit file, so if you have any CCJs or are bankrupt they will see that but they won't see anything else. The rest of the score is made up of things like references, the ratio of rent to income and that sort of thing.

I dont have any CCJs nor have I been or ever been declared bankrupt so that should be OK. I have provided Character references as well, one from a Police Officer and one from an 'IT Professional' so hope that helps as well and the rent is 42% of my net salary.

Pixie5740 wrote:

or you could offer 6 months rent in advance.

Hmm. This could be a good idea but maybe too much? Does 3 months sound acceptable?

Pixie5740

aaronmehar wrote: »

I dont have any CCJs nor have I been or ever been declared bankrupt so that should be OK. I have provided Character references as well, one from a Police Officer and one from an 'IT Professional' so hope that helps as well and the rent is 42% of my net salary.

It's more references from previous landlords that are required. References that confirm you paid the rent on time and didn't trash the place. Although it can't hurt to have character references as well.

aaronmehar wrote: »

Hmm. This could be a good idea but maybe too much? Does 3 months sound acceptable?

I don't know, it's not up to me. It will depend on who you rent from, they might not even ask for a guarantor or more than 1 months rent paid in advance.

fishpond

aaronmehar wrote: »

Thanks for the replies;


Do you mean something aside from Deposit and 1 month?



I dont have any CCJs nor have I been or ever been declared bankrupt so that should be OK. I have provided Character references as well, one from a Police Officer and one from an 'IT Professional' so hope that helps as well and the rent is 42% of my net salary.


Hmm. This could be a good idea but maybe too much? Does 3 months sound acceptable?

Seriously, its not us you should be directing this question too, but a prospective LL/letting agency.

aaronmehar

This is going to sound like a Movie but...

I went from my mothers to a flat to my in-laws. Discovered a few months back the flat I lived was raided as a Marijuana factory and the LL has done a runner.. Such a nice town I live in.

fishpond wrote:

Seriously, its not us you should be directing this question too, but a prospective LL/letting agency.

Good point... Also a badly phrased reply from me as well.