Credit score - Renting alone

Bringvaluetome

Happy Bank Holiday weekend all!
I have a few questions about Credit Scores.
I'm looking to rent alone from around November this year. According to Clearscore my score is 401/700. I've never missed a payment and have £4000 on a credit card and it has a £5k limit. Zero percent interest runs out April 2021. Savings of £7600 and salary of £26.5k per annum.
Would I be considered to rent? Or do I have to do some groundwork before hand?
Any help would be greatly appreciated!
Thank you.

Bringvaluetome

Also by start of November, it should be around £10k saved.

bradders1983

Well a few things....

1) are they even bothering running a credit check?
2) savings dont appear on credit files
3) ignore the score, it is a pointless marketing tool.
4) nobody on here can tell you if you can afford to rent, especially given you dont tell us how much the rent is.

AdrianC

If you owe £4k to a credit card, you don't have £7,500 savings. You have £3,500.
But, as said, that's irrelevant.

What sort of rent are you looking to be paying?

Nobody but you sees your "credit score" - what other people do see is your credit history. And that, you say, is clean. So it's simply going to be about income multiples.

MaryNB

Bringvaluetome said:

Happy Bank Holiday weekend all!
I have a few questions about Credit Scores.
I'm looking to rent alone from around November this year. According to Clearscore my score is 401/700. I've never missed a payment and have £4000 on a credit card and it has a £5k limit. Zero percent interest runs out April 2021. Savings of £7600 and salary of £26.5k per annum.
Would I be considered to rent? Or do I have to do some groundwork before hand?
Any help would be greatly appreciated!
Thank you.

I can't any give feedback on your ability to rent but I do know people with terrible credit history who've managed to rent. It's impossible to say how strict any letting agency or landlord will be when it comes to credit checks, different people will have different standards..
 
For future credit applications though, you should consider reducing your credit card debt. 80% utilisation is high. You should keep it below about 30%. 

Bringvaluetome

This may help.
Predicted monthly costs living alone. 

CSA £285

RENT £775

FUEL £150

CREDIT CARD £90

CONTACT LENS £21

MOBILE £8

MOBILE £12

COUNCIL TAX £120

BILLS £175

FOOD £200

TOTAL - EXPENSES £1,836
MONTHLY SALARY £1728
I also get £200 a month in from a loan a friend is paying back. This will end in March. After that I will dipping in to savings each month.
Yes, I'm fully aware I don't actually have £7600 cash as £4k is debt. However it is currently in an ISA.

staffie1

You’re sailing very close to the wind there!

Bringvaluetome

'Bills & 'Food' estimates might be less. I've just gone with a higher amount to be safe. After the £200 a month income from loan stops, I can easily live dipping in to savings / topping up for a good year.
Anyone disagree?

bradders1983

If you are having to dip into savings in order to live alone, is it even a goer?

MaryNB

Dipping into your savings to pay your monthly expenses is TERRIBLE IDEA!!! Completely unsustainable. Is this a wind up?
£3,600 (after taking off credit card debt) isn't a lot at all. What happens if something happens to your car? How will you fund that? What if you lose your job? Your savings won't tie you over long, especially since you already have to dip into them to help pay expenses with a full salary. Holidays? Nights out? Future savings?

Go into a house share or find somewhere cheaper. I'm on a salary £10k more than you and I absolutely would not be paying £775 a month in rent. I'm in a house share which I hate but if I lived alone it would seriously reduce how much I've been able to save for a deposit. Spending 45% of your take home pay on rent is far too high.

Bringvaluetome

Say I take £200 a month from savings each month from March. I can live for at least a year using £2400 of savings. 
By then who knows what might happen. Currently single and want to settle down.