Updating post from Reddit.
Hi all, I'm just in the process of getting a new flat and I'm concerned about the referencing situation.
The rent is for £1425 a month, and me and my partner earn a combined £65k a year - £35k of which is from my income.
My partner should be fine in terms of referencing, but I am a bit anxious about my situation.
We have rented another property for three years - £1150 a month, and always paid on time and will get a good reference from our landlord.
However, my credit score is bad - but I have never missed a payment on anything I owe. and I have used my overdraft fairly regularly in recent times and that will show up when I send over my bank statements for referencing.
Do you think I will be ok to rent this property?
Credit score won’t affect you too much. It’s any CCJs that are the big issues. I wouldn’t have any issue renting to you both.
Credit score is meaningless gimmick. Missed payments is what counts.
You would meet the criteria for my rent guarantee insurance so I'd be fine with it.
You insurance is largely worthless anyways
Why? I've only had to claim once and it took me 9 months to get them evicted and it paid my mortgage for the whole time plus legals.
Has it actually been worthless for you?
Why is your credit score bad? How bad?
If it is down to Gambling this could be a bit of a shaky situation!!
It's often less about would a landlord rent to you, and more about if their has been applicants with a better profile apply.
It's manly defaults, missed payments and CCJs that could make landlords put you at the bottom of the pile. The contents of the credit report, less the score.
For me a credit score is not an instant result as long as I don’t see a CCJ or the score is near zero. The key thing for me has always been how honest a potential tenant is when things like that come up, my current tenant credit score was low as she has two kids and sadly both got pretty sick year before she showed me unredacted statements showing she was clearing her debts so I wasn’t too worried about her rent. That was three years ago and at most she has been late once by two days.
You’ll be fine it all the rest stacks up. It’s non payers we’re worried about.
Would be fine for me with that income