Serious Moving House

[Bones]

I'm supposed to be moving in with my boyfriend soon, we're going to be sharing a 3 bedroom house with his brother as well, and we're going to rent, this is the plan anyway.

We're gonna start looking for places next week, and I am really excited as I really want to start living independently without my parents, but I have a problem that I'm really worried about.

I'm not very good with money, I have quite a bad credit rating, and I'm only 20 =/ I'm worried that people will turn us down because of my money problems.

I have a job though and I've managed to save up most of my money for a deposit,and I'm getting better with it too, and my boyfriend is really organised so he'll keep me in line I think, so I really hope people don't turn us down.

Anyway, has anyone got any reassurance, maybe they've been in debt but still managed to rent a house successfully? I really am worried

 

[blakstang98]

I'm not totally sure, because I live alone, but I think if your boyfriends credit is good then there shouldn't be a worry. You having a job works in your favor as well, as you're making an active income. Theoretically speaking, it's easier to pay a rent with the income of 2 people instead of 1 (or 3 instead of 2 in this case), so they would probably be more concerned with making sure the 3 of you wouldn't vandalise the place than getting paid.

So sorry I couldn't be of much reassurance. But I'm pretty sure your boyfriend having better credit will override your bad credit, but I could be wrong.

 

[The Illusive Man]

Well it depends all down to if your going for a joint Tenancy or single Tenancy with lodger.

With joint Tenancy both of your credit records will be taken into account, however when it comes to this they tend to look more at your current earnings and your ability to pay on time rather than your outstanding debts, and combine that with your partners records for there final evaluation.

However if you have a credit record that you do feel will jepordise this you could always sign as a lodger, but this would mean the house would have your boyfriend solely as the Tenant, therefore he is entirely responsible for all payments based on the property.

 

[Kandy-Sugar]

With joint Tenancy both of your credit records will be taken into account, however when it comes to this they tend to look more at your current earnings and your ability to pay on time rather than your outstanding debts, and combine that with your partners records for there final evaluation.

This is what happened both places that Steve and I rented at. They just want a few payslips to see your earnings to ensure that you can afford the rent really. =/

As far as I know they never checked up on our credit records at all. My records are clean, whilst Steve's aren't that great.

If you're renting privately they definitely wouldn't look at that sort of thing either from my experience.

The last guy we rented through privately didn't even ask if we worked or ask for payslips or anything. 0_o

 

[Bones]

Hmmm, well I really don't know because I think we're going to look through agencies, it's a bit hard to find a landlord in a different town to where I live now, :/

So I'm not sure if they will check my credit score, I mean if 3 of us are living under one roof, then there is less chance of rent NOT being paid isn't there? I'm just really afraid of being turned down, I've been looking forward to this for ages

 

[blakstang98]

So I'm not sure if they will check my credit score, I mean if 3 of us are living under one roof, then there is less chance of rent being paid isn't there?

Well I'm saying that if you combine 3 salaries together as opposed to just 1, then it's easier to pay rent (as 1 person alone might not be able to afford it). But of course, you can make the argument that 1 "flight risk" tenant can make rent never get paid from everyone, and there is a better chance of having a "flight risk" with more people than less. But it should be easier to pay rent with more people.

 

[Rydia]

First question. In what way are you are bad with money? Do you spend like crazy? Do you forget to pay bills? Are you in debt?

You boyfriend should not be responsible for baby-sitting your credit card. I'm not trying at all to sound harsh. I just have a friend who is now over $3000 in debt and her boyfriend has taken away her credit card. He has paid off several of her debts and her credit card is now wired to his so he now always knows what's in her account. It's almost like he is her parent when it comes to money (Though she does have the mind set of "OMG! I have money! I'm going to get my nails done!" And not even bother to save any. Not that I think you'd become like that, just giving a worst case scenario

 

[Bones]

First question. In what way are you are bad with money? Do you spend like crazy? Do you forget to pay bills? Are you in debt?

I'm ok with my money now, just in the past when I first had money I got a mobile phone contract and missed a few payments, that's it really, I do have a credit account but my payments always are on time now.

You boyfriend should not be responsible for baby-sitting your credit card.

I'm not saying I would leave him in charge of my money, just that he would be able to help me by reminding me of times and amounts and bills, because I can be quite forgetful...

And I don't actually own a credit card