Renting

kerry1986

Hi all

I am hoping someone can advise me. I am looking to rent a property with my partner by the end of the year. Currently, my credit utilisation is high so my credit rating isn't great. But I am paying down my balances each month.

By the time we move in I will have paid at least 50% off as I have a fairly good income. But I know that it takes some time for this to show on my credit report.

I am planning on using all my extra income to pay off as much as I can then for 3 months before we plan to move just plan to pay the minimums and all my bills so any bank statement checks show I have disposable income. I have £800 left after paying all my bills at the moment but this would increase once I pay down my debt.

Does anyone know what information a credit check will show to a landlord/letting agency? I haven't got any rental history as I am living at home and but my other half has, he has rented several properties over the years and has a far better credit rating than me.

I am wondering if the credit check fails I could ask my dad to be guarantor. One property I looked at it asked for us to be earning 2.5 times the annual rental income between us, I easily cover this with just my salary not taking into account my other half's income.

Any info would be helpful thank you!!:j

Pixie5740

kerry1986 wrote: »

Hi all

I am hoping someone can advise me. I am looking to rent a property with my partner by the end of the year. Currently, my credit utilisation is high so my credit rating isn't great. But I am paying down my balances each month.

By the time we move in I will have paid at least 50% off as I have a fairly good income. But I know that it takes some time for this to show on my credit report.

I am planning on using all my extra income to pay off as much as I can then for 3 months before we plan to move just plan to pay the minimums and all my bills so any bank statement checks show I have disposable income. I have £800 left after paying all my bills at the moment but this would increase once I pay down my debt.

Does anyone know what information a credit check will show to a landlord/letting agency? I haven't got any rental history as I am living at home and but my other half has, he has rented several properties over the years and has a far better credit rating than me.

I am wondering if the credit check fails I could ask my dad to be guarantor. One property I looked at it asked for us to be earning 2.5 times the annual rental income between us, I easily cover this with just my salary not taking into account my other half's income.

Any info would be helpful thank you!!:j

All a letting agency or landlord can view are your public credit files. Your public credit files only show insolvency and CCJ. That is it.

The credit check is only one part of referencing for a rental property. If for whatever reason you don't pass the referencing there is no harm in asking if your dad can act as guarantor. However, be prepared to pay another set of referencing fees for the privilege.

Ignore the credit ratings doled out by the credit reference agencies. They are just a marketing gimmick.

https://www.moneysavingexpert.com/loans/credit-rating-credit-score

kerry1986

Pixie5740 wrote: »

All a letting agency or landlord can view are your public credit files. Your public credit files only show insolvency and CCJ. That is it.

The credit check is only one part of referencing for a rental property. If for whatever reason you don't pass the referencing there is no harm in asking if your dad can act as guarantor. However, be prepared to pay another set of referencing fees for the privilege.

Ignore the credit ratings doled out by the credit reference agencies. They are just a marketing gimmick.

https://www.moneysavingexpert.com/loans/credit-rating-credit-score

Thank you Pixie5740 :-)

I am prepared to pay a guarantor fee if needs be! We are too old to be living at home now and need to start somewhere :T

Yes it is a pain, they all seem to report differently too

I am also looking at getting our rent payments reported to the credit agencies for when we buy our own house.

Cakeguts

£800 per month left over after bills when you live at home is not very much. Assuming that none of your bills include market rate rent, household untility expenses or council tax you are going to need to increase your disposable income by quite a lot to be able to afford to rent.

How much have you got in savings? How are you going to pay the rent if you are off work?

Manchester1234321

Rent payments do not show on a credit report.