Renting with bad credit

dolcedoll89

I'm in a bit of a pickle, and after hours on conflicting information that can be found on the internet, I thought I will just ask about it here.

I am about to start looking for a flat by myself but my credit score is not the greatest. It was in the fair range up until Friday when a second default for a debt that already appears as defaulted on my credit report has been registered (This is what I get for paying it off in full). I have raised a case with Experian about it but until it gets resolved, if it get's resolved at all I am working with a poor range credit score.

I have no CCJs, IVAs, bankruptcies, missed payments, etc.

So my question is, will I have hard time being approved by agency/LL given the credit score?

_Penny_Dreadful

dolcedoll89 said:

I'm in a bit of a pickle, and after hours on conflicting information that can be found on the internet, I thought I will just ask about it here.

I am about to start looking for a flat by myself but my credit score is not the greatest. It was in the fair range up until Friday when a second default for a debt that already appears as defaulted on my credit report has been registered (This is what I get for paying it off in full). I have raised a case with Experian about it but until it gets resolved, if it get's resolved at all I am working with a poor range credit score.

I have no CCJs, IVAs, bankruptcies, missed payments, etc.

So my question is, will I have hard time being approved by agency/LL given the credit score?

There's no such thing as a universal credit score.

When landlords and letting agents credit check prospective tenants all we can see is the public credit file which shows CCJ (decrees in Scotland) and insolvency.

elsien

They will also be more interested in your affordability - how much you earn vs the cost of the rent. 

subjecttocontract

Many landlords insist on applicants qualifying for rent guarantee insurance or providing a home owning guarantor. If you can't meet either of those requirements you may not have access to the best rentals available.

dolcedoll89

Thank you all for your answers, this is reassuring that I won't just end up homeless because of a silly error.

elsien said:

They will also be more interested in your affordability - how much you earn vs the cost of the rent. 

I earn £56k, but I don't want to spend more than £1,100 for rent, so the affordability check will be fine.

subjecttocontract said:

Many landlords insist on applicants qualifying for rent guarantee insurance or providing a home owning guarantor. If you can't meet either of those requirements you may not have access to the best rentals available.

I can offer 3 months upfront rent, so hopefully that would work in my favour? I could let them know this when I place an offer for the flat to improve my chances?

subjecttocontract

Unfortunately not. Paying rent upfront can alter the notice period required if the landlord wants to end the tenancy. I have always avoided taking multiple rent payments in advance. You have to accept it's a competition for every property and there will probably be other applicants with a different history to yours, smart landlords will probably pick those that have the best to offer. Good luck

blueskies1985

subjecttocontract said:

Unfortunately not. Paying rent upfront can alter the notice period required if the landlord wants to end the tenancy. I have always avoided taking multiple rent payments in advance. You have to accept it's a competition for every property and there will probably be other applicants with a different history to yours, smart landlords will probably pick those that have the best to offer. Good luck

If you have an agency manage your rental they won’t have access to an intricate credit profile, just the basic do they or don’t they have any ccjs Iva’s etc and neither will you if you manage independently. 
secondly you cant offer a tenancy of less then 6 months so if someone came to you wanting to pay 3 months rent up front that wouldn’t effect your ability to evict them after the 6 month minimum period.
Thirdly, a perfect credit profile doesn’t necessarily mean the perfect tenant, I have rented out to people with bad credit, who have cherished the house and paid their rent on time and I have rented to wealthier more privileged professionals who have completely trashed my property. 

It might put you in good stead to be less narrow minded and ignorant in future and perhaps actually meet the tenants who are proposing to pay your mortgage/ give you income and judge them based on how they come across in person . 

Auti

@blueskies1985 hi, just a heads up - I think the OP is actually looking to rent rather than a landlord - not sure if your post is replying to different thread? (Edit to put in blueskies numbers)