Private renting with bad credit??

amalething

Im living in a council flat currently, and with finances looking better I've decided its time to go private.

My credit is bad, not much debt and this last year I've been paying my bills well. Also my Council rent is perfect - But I still have bad credit.

Will my bad credit stop me from moving house?

Please help.

Ember999

amalething wrote:

Im living in a council flat currently, and with finances looking better I've decided its time to go private.

My credit is bad, not much debt and this last year I've been paying my bills well. Also my Council rent is perfect - But I still have bad credit.

Will my bad credit stop me from moving house?

Please help.

My advice hon is to stay where you are. Private renting costs a lot more money than the rents set on a council flat. Plus, your tenancy with a Council Flat is secure/for life if you want it, with fair rent increases etc. a 'private' rental is usually a 6 month tenancy with rents that in my opinion (from what others have said, seen in ads in internet/newspapers etc.) are exhorbitant!

Your best plan would be to save the spare money you have, save it hard and long for a couple of years and then see if you are in a position to buy your own next home rather than throwing away money on a private rental with all the insecurity, constant moving and expense that causes.

Good Luck!

ps....you need to improve your credit rating too....save money, clear debts and get a contract mobile , credit re-builder credit card to kick start your new 'improved' financial circumstances and credit rating etc.

Ember xx

amalething

Thanks Ember,

The council flat is only a one bedroom flat and with a little 3month old bab-by the council say it could be upto 12 months befor ethey will even put us near the top of the waiting list.

With all the benefits that come with having a baby, Im on about 23k (19k NET), sitting in this tiny flat is driving us crazy.

Are you suggesting that I get as much as I can on credit (store cards, phones etc.) Pay it all off perfectly, and it will get my credit upto scratch quicker? Is this tried and tested, if so, do you know what the easiest for of credit is to obtain?

Thanks for the great advice, now I just need to resight it to my partner and convince her.

Bagpuss1973

Hi there amalething

I'm with Ember on this one, I would definately not think about going down the private renting route over a council rent, in my area it is at least double the amount for usually a smaller place!

I appreciate it must be tough living in a one-bedroom place with your little one as well but try and make the most of things and get out and about when you can to parks and things like that.

If you can I would start a savings fund to try and get together a mortgage rather than private renting, or could you approach your GP/Health Visitor for a letter of support for your needing a bigger space to live?

Goodluck with your quest

Bagpussx

Ember999

amalething wrote:

Thanks Ember,

The council flat is only a one bedroom flat and with a little 3month old bab-by the council say it could be upto 12 months befor ethey will even put us near the top of the waiting list.

With all the benefits that come with having a baby, Im on about 23k (19k NET), sitting in this tiny flat is driving us crazy.

Are you suggesting that I get as much as I can on credit (store cards, phones etc.) Pay it all off perfectly, and it will get my credit upto scratch quicker? Is this tried and tested, if so, do you know what the easiest for of credit is to obtain?

Thanks for the great advice, now I just need to resight it to my partner and convince her.

What you need to do if you can hon is get yourself a transfer into a council house and as you have a 3 month old baby that shouldn't be too much of a problem, despite what the council have told you. If you get your missus to go to the Doctors and say that the cramped living conditions, lack of space, sharing the marital bedroom with a new baby is causing 'stress' her Doctor can write a letter to be given to the Council to support your application for a transfer to a bigger property. All councils have empty properties (they have to by law keep a certain number empty for various reasons) and if the conditions are bad enough in your tiny flat, you WILL get a move if you kick up a big enough stink. That's what you need to do, complain LOUDLY and don't stop complaining, get the Doctor's note, Health Visitor support and you will be out of there in no time! It can be done, I promise you!

On the subject of credit, no, you musn't get as much as you can as you said, get yourself a 'small' amount of credit to start with. A good card to apply for to re-build your credit status is either a Capital One Re-Build Card or a Barclaycard Visa designed to re-build credit status. Use it for your weekly shop etc. EVERY week, then pay off in FULL every month. This will get you a line of ZEROS on your credit reference files and as things move along, credit status will be improved and you will be able to apply for more mainstream credit facilities. Have you set up an ISA yet? Stash your spare cash in there and start building up your mortgage deposit fund. You never know, you may get a nice council house in a decent area and with the right-to-buy scheme, you may get an absolute bargain, keep it 3 years, sell it on and make a profit etc.

If you need further help,

Just ask,

Ember xx

BrokeBrokeBroke

Ember999 wrote:

All councils have empty properties (they have to by law keep a certain number empty for . That's what you need to do, complain LOUDLY and don't stop complaining, get the Doctor's note, Health Visitor support and you will be out of there in no time! It can be done, I promise you!

This isn't true. My cousin, his girlfriend, their 5 year old son and their 1 year old daughter ALL SHARED ONE BEDROOM. Countless letters from doctors/health visitors/ MPs etc. The council didn't have to move them into a house or larger flat until their son turned 10! So, after fighting it for the past 2/3 years, they have gone and rented a private house. If you have the money, spend it. Sometimes Council flats aren't in the best areas. You have to think about that as it will affect nurseries/play schools/schools that your child can register at. I know this is a moneysaving site, but it sounds as though you're fed up and want to move. Do you want to wait 3 years for the council to rehouse you in a possibly worse area?

asandwhen

I lived in a council flat on my own for 5 years (studio flat) when I met my partner it was too cramped so we decided to rent privately - before doing this I put in the right to buy the flat and rented this out - the mortgage was on an interest only and the rent in from the flat was double what I was paying for the mortgage therefor making my private rent house cheaper - after 3 years I shall sell the flat and buy a house.

At the time my credit rating was pretty poor - but when you have the right to buy your council home - most companys will lend to you anyway - worth a try.

amalething

Thanks for the options from everyone. This weekend we had a long think about what to do. We decided to put on a holding fee for a privately rented property with 3 bedrooms and 2 gardens but still within our bracket for saving for the future. Waiting till the baby was 1yr old before they even consider us moving was simply not an option.

I will try taking out one fo them cards you suggested, thanks. Also, in time I may consider asking if we can buy the rented property.