Rental Credit Checks // Renting With Debt

ElenorBy

I’m looking to go into my first rental (just finished uni so need to move out of uni accom) and I’m worried that I won’t be accepted for a rental. 

I have a few open debts (all of which I have comfortably been paying on my part-time wages of £600-700 a month). I have now accepted a job of 20k (+commission) and will be moving into an apartment with my boyfriend who is also earning around 20k (partner has perfect credit and no debt). The prices for rentals round here are about £600-700 pcm. 

I’m just worried that the letting agents credit checks will see my open debts and decline our application? Or is this not a factor?

Obviously with a household income of £40k we’ll be able to comfortably afford £600-700 a month rent but I’m concerned that my open debts and low credit score will be enough to decline our application. 

I had one late payment 3 years ago which is still on my file as well. 

Sorry if this seems like a silly question but I have no family to turn to for advice!

Slithery

LL's and agents can't see your credit file unless you offer it to them as they aren't a business that provides credit. They'll probably just ask to see bank statements.

Your biggest issue may well be a lack of rental history. Do you have anyone that would be willing to act as a guarantor?

canaldumidi

You should be fine so long as your joint incomes are sufficient to satisfy the landlord/agent and you have no bankrupcy on your file.

A guarantor can help where you have no previous landlord reference (does the uni provide references?), but it's a big ask as being a guarantor is a big potential commitment, especially on a joint tenancy where your guarantor is guaranteeing your boyfriend's liabilities too. What if, eg you split up and bf defaults - your guarantor would be liable.....

saajan_12

ElenorBy said:

I’m looking to go into my first rental (just finished uni so need to move out of uni accom) and I’m worried that I won’t be accepted for a rental. 

I have a few open debts (all of which I have comfortably been paying on my part-time wages of £600-700 a month). I have now accepted a job of 20k (+commission) and will be moving into an apartment with my boyfriend who is also earning around 20k (partner has perfect credit and no debt). The prices for rentals round here are about £600-700 pcm. 

I’m just worried that the letting agents credit checks will see my open debts and decline our application? Or is this not a factor? - are these CCJs, unauthorised late payments, or authorised loans? They would see CCJs, not the others unless you provide them. 

Obviously with a household income of £40k we’ll be able to comfortably afford £600-700 a month rent but I’m concerned that my open debts and low credit score will be enough to decline our application. - well its not just about affordability, its also the prone to fail to pay agreed amounts. However as above, they may not see it. 

I had one late payment 3 years ago which is still on my file as well. 

Sorry if this seems like a silly question but I have no family to turn to for advice!

In line..