First time renting (advice!)

Gun_Runner

Hi,

Myself and my partner are looking to rent our first place (exciting!). We're both students and both work part time however the reason we're able to move out and afford a place is because our parents are helping us out by paying the majority of the rent.

We've seen a place we like and been accepted, however we haven't told the estate agent that we're students - will this become an issue if we simply keep quiet?

Also, we've been asked to provide references but I'm afraid that my credit score might get in the way. Basically about 5 years ago I had a dispute with Three mobile and I didn't pay for 4 months - meaning it defaulted etc (I didn't get coverage in my area and I was informed by their customer services I wouldn't need to pay the contract and it'd be cancelled...it wasn't!) I've disputed this with them but had no luck. I also have 4 credit cards in my name which rack up to about £7k. I only use about £1,500 of that and the rest I took out to help my brother out as he was ripped off financially and needed help. He pays them every month and has never missed a payment.

My main question is will the amount of credit card debt stop me from being able to rent? The estate agent has asked us to provide a credit report (I found this strange as I thought they'd simply do a credit check??) and I know my credit rating is classed as poor. We can afford the place though, as I said our parents will be paying the rent.

Any help guys?

sniggings

have they requested which credit report they want to see?

there are 3, Experian, Call credit and Equafax, each one can hold slightly different info,as creditors can choose who they supply info to, so one might look better than the other, Experian is said to be the main one, so they might ask to see that one, if not, take a look at all 3 and pick the best...you can always get your parents to be guarantors.

Have you checked that a default is actually showing on any report?

As for telling them you are students, only if they ask, they won't get upset not knowing something they haven't requested to know, so just don't lie, but no need to volunteer info.

G_M

Your post seems to contradict itself. Can you clarify...

Gun_Runner wrote: »

Hi,

...

We've seen a place we like and been accepted, however we haven't told the estate agent that we're students - will this become an issue if we simply keep quiet?
If you've been accepted, then what is the problem?

Also, we've been asked to provide references
Ah! So perhaps you have not yet 'been acepted'........????

but I'm afraid that my credit score might get in the way. Basically about 5 years ago I had a dispute with Three mobile and I didn't pay for 4 months - meaning it defaulted etc ..... I also have 4 credit cards in my name which rack up to about £7k. I only use about £1,500 of that and the rest I took out to help my brother out as he was ripped off financially and needed help. He pays them every month and has never missed a payment.
Have you looked at your credit records?
* does the dispute with 3Mobile show up? This could affect your score.
* credit cards are likely to improve your score providing you have never missed a payment

My main question is will the amount of credit card debt stop me from being able to rent?
* If they see the debt, and add it to the rent, and compare against your salaries, it could be a problem
* if they did their own check, they'd just get a score which might not be adversely affected since the payment history is good
* if they take acount of parental help, that will help - some landlords/agents are more understanding than others

Will your parents act as 'guarantors'? This means that if you default on rent (or damage you cause) the landlord can legally claim the money off your parents instead.

If your parents agree (they might not - it's a big ask), then offer that to the agent if you hit a problem.

Gun_Runner

Our parents are happy to act as guarantors if they have to, it's not an issue for them as they know we won't wreck the place etc.

My issue with Three does show on my report but I'm going to dispute that again so hopefully it'll eventually sort itself out.

It's strange on my report with Experian I am only 10 points away from having a 'fair' credit rating yet with Equifax it's listed as very poor.

I also (stupidly) took some loans out with Wonga a couple of years ago when I was unemployed - I always paid them on time though - but they still show on my account, is there a way to have them removed? I thought Wonga was automatically going to remove details from credit reports after everything that came out in the news about them?

somethingemma

As long as you have a guarantor you should be ok (assuming that their credit score is ok too) - lots of people use guarantors.

About being students, well I don't see how it's relevant if you can prove you have enough to pay. I rented privately when I was a student and I did check it was ok, but I was paying it all myself.

Lauraj1391

Gun_Runner wrote: »

Our parents are happy to act as guarantors if they have to, it's not an issue for them as they know we won't wreck the place etc.

My issue with Three does show on my report but I'm going to dispute that again so hopefully it'll eventually sort itself out.

It's strange on my report with Experian I am only 10 points away from having a 'fair' credit rating yet with Equifax it's listed as very poor.

I also (stupidly) took some loans out with Wonga a couple of years ago when I was unemployed - I always paid them on time though - but they still show on my account, is there a way to have them removed? I thought Wonga was automatically going to remove details from credit reports after everything that came out in the news about them?

I too didn't have the best credit score but when my partner and I rented he just put himself on the tenancy as he has a good credit score then he just advised them I would be living there but as he could cover the rent there was no need for me to be credit checked. This could help if your partner has a better credit score than you?


I think it depends on whether your dealing with an EA or with the Landlord directly? Estate agents have their own checklist and we had to prove we were earning a lot more than needed to cover the rent but we did have my partners dad as guarantor which helped but he also had to show proof of earning's. If your dealing with LL directly you have a better chance of explaining your situation.


Renting is so hard these days no one wants to help! Good luck

Gun_Runner

Just thought I'd leave an update to say that we got the flat and moved in a few weeks ago.

Thanks for the advice guys, really helped.