Help - Poor credit score potentially preventing renting a property...

schmeil1

Hi
Long story short...

Over the past year I have been involved in a protracted divorce

This has led directly to missed payments and subsequent default notices being served on a Barclaycard account and on an M&S Mastercard account.
Additionally my mortgage (in my sole name) fell into arrears and was at the point of repossession proceedings being started.

This has all had a devastating effect on my previously reasonable credit score.

Very recently, due to accessing some previously unidentified funds, I have managed to pay off the Barclaycard debt in full, significantly reduce the balance of the M&S Mastercard debt and clear the arrears on the mortgage, forestalling the repossession proceedings.

The problem I have is that I have been advised by a local letting agent that my credit score is now so low, that it currently precludes me from securing a rental property (which I shall need to do once the divorce is finalised and my house is sold..)

Does anyone have any advice on steps to quickly rebuild my credit score over the next few months...

Thanks

Candyapple

schmeil1 wrote: »

Does anyone have any advice on steps to quickly rebuild my credit score over the next few months...

There is no quick fix I’m afraid. All you can do is continue to pay your debts/bills on time and that is it. Far too much damage has been done already, the only thing that will change the outcome will be time, but not months – years.

The only way to get around conventional letting agents and them credit scoring you, is to be able to offer say 6 months or 1 years’ worth of rent payments upfront.

If you can’t do that then you’ll have to look at other avenues for renting e.g. Gumtree or other places where they don’t credit check you.

schmeil1

This is much as I feared

Thank you for your swift response though

Blackpool_Saver

This doesn't make sense to me, I understood that letting agents can only see public information, so only CCJ's and bankruptcy etc.
Did YOU disclose this problem to the letting agent, or have you got things on your report that you are not aware of.
Have you viewed your reports?

[Deleted User]

schmeil1 wrote: »

The problem I have is that I have been advised by a local letting agent that my credit score is now so low, that it currently precludes me from securing a rental property (which I shall need to do once the divorce is finalised and my house is sold..)

You need to find out what they mean, because they're not talking about the pretend credit score you see on your reports. That's just a gimmick for you.

Check all your files and ignore all the scores.

schmeil1

The advice I was given was that

a) Most letting agents use Experian
b) If you are 'in the amber' of the traffic light coding, you should be OK
c) If you are 'in the red', it would be very unlikely that you would be considered as a tenant

I am currently so far into the red, that I've almost fallen off the scale completely

[Deleted User]

schmeil1 wrote: »

The advice I was given was that

a) Most letting agents use Experian
b) If you are 'in the amber' of the traffic light coding, you should be OK
c) If you are 'in the red', it would be very unlikely that you would be considered as a tenant

I am currently so far into the red, that I've almost fallen off the scale completely

Whoever advised you that is wrong.

Lenders don't see or care about the scores or ratings.

System

Even if you could rebuild the fictitious score over a few months it doesn't alter the fact all those missed payments and defaults are going to be there for 6 years after they were put on.

I would look for a landlord elsewhere than a letting agency, there's plenty of us who rent out who would never touch those scumbags. I've seen a lot of posts on Facebook local stuff for sale groups asking for "any private landlords with flat/house to rent" and they seem to get a high rate of success. Maybe if you can scrape together 6 months rent in advance that would help as well.

schmeil1

!!! wrote: »

Whoever advised you that is wrong.

Lenders don't see or care about the scores or ratings.

Did you mean 'Letting Agents' ? ?

Blackpool_Saver

I don't know who is telling you all this rubbish, but they are talking absolute nonsense. Google it for yourself.
Look at your reports, check my file shows all of them.

schmeil1

Tarambor wrote: »

Even if you could rebuild the fictitious score over a few months it doesn't alter the fact all those missed payments and defaults are going to be there for 6 years after they were put on.

I would look for a landlord elsewhere than a letting agency, there's plenty of us who rent out who would never touch those scumbags. I've seen a lot of posts on Facebook local stuff for sale groups asking for "any private landlords with flat/house to rent" and they seem to get a high rate of success. Maybe if you can scrape together 6 months rent in advance that would help as well.

Thanks for the advice
6 months rent in advance wouldn't necessarily be a problem