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Do I need good credit in order to rent?

Is it necessary to have good credit in order to rent? I'm currently in an IVA.

Asked on Jan 29 2014, Renting in Oldbury | Report content

Answers (1)

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  • Hi tanya, As with any financial commitment or agreement, such as taking on a tenancy, good credit will never hurt. But that does not mean to say it is the end of the world if your own credit score is low. There are always options available to you. For example, some landlords and agents don't even undertake a credit check as long as you can provide evidence that you can afford to pay your rent. However, even for those that do, you can rest assured that there are other ways to prove your credibility as a tenant. First and foremost, if you have rented before, you should look to get in touch with your old landlord. A note explaining that you were always regularly paying your rent without issues can go a long way to putting the new letting agent at ease. On top of this, you will need to make sure that you can prove you have the ability to afford your payments each month. The best way to do this is to bring a letter from your employer, or a pay slip, that shows you earn enough to make a payment each month and that you are permanently employed. Alternatively, if you can afford to pay a number of months upfront, you will increase your chances of being approved straight away. Your final option is to provide a guarantor that will give the letting agent legal peace of mind. A guarantor essentially agrees that in the event you cannot or do not pay your rent, they are legally obliged to take responsibility. These are often used for those who have low credit scores, so letting agents are more likely than not to be keen to work with them. Remember, though, that every letting agent is different, and what one will approve, another may reject. So be prepared to explain your situation, bring all the required documentation, and you should have a really good chance of being approved for a tenancy. Many thanks, Scott

    Answered on Jan 30 2014, Report content

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