topic Re: Very Nervous - IN THE PROCESS OF RENTING (Needs Advice) in Rebuilding Your Credit

Very Nervous - IN THE PROCESS OF RENTING (Needs Advice)

kpresod — Mon, 19 Nov 2012 03:59:14 GMT

Hi All,

I'm currently in the process of moving in with my gf in a few weeks. She's aware of my current credit status, and helped me along the way in repairing my credit over the past few years. However, we're about to submit an application for an apartment tomorrow, and I'm just nervous that we would be denied based on my scores. My current scores are the following; TU 08 - 693, EQ - 606, EX (fako) 664, and my gf TU 08 - 811, EQ - 774, and EX - 770 (Fako). As you can see, her scores are remarkably great, but I'm just nervous that I would be the reason we're denied. We're going to submit the application with me being the co-applicant. I'm not sure if that would mean anything in the decision making. On the other hand, combined we both make $72,000/year. Any feedback would be most appreciated. Thanks in advance!

Re: Very Nervous - IN THE PROCESS OF RENTING (Needs Advice)

Shogun — Mon, 19 Nov 2012 04:04:47 GMT

Of course YMMV but I think you're going to be just fine.

Re: Very Nervous - IN THE PROCESS OF RENTING (Needs Advice)

Epcot — Mon, 19 Nov 2012 04:07:35 GMT

Relax and hope for the best, keep us posted! :)

Re: Very Nervous - IN THE PROCESS OF RENTING (Needs Advice)

kpresod — Mon, 19 Nov 2012 04:16:37 GMT

Thank you, and will do!

Re: Very Nervous - IN THE PROCESS OF RENTING (Needs Advice)

kpresod — Mon, 19 Nov 2012 04:16:58 GMT

Thanks!

Re: Very Nervous - IN THE PROCESS OF RENTING (Needs Advice)

StartingLifeOver — Mon, 19 Nov 2012 04:29:48 GMT

You should be just fine. I can't see the two of you being completely denied. IME, apartments would usually ask for a higher security deposit (up to one month's rent) to compensate for any credit issues.

Re: Very Nervous - IN THE PROCESS OF RENTING (Needs Advice)

beb86 — Mon, 19 Nov 2012 04:30:35 GMT

I couldnt see why you would be denied....the mostly look for CO, judgements, liens, etc...

Re: Very Nervous - IN THE PROCESS OF RENTING (Needs Advice)

kpresod — Mon, 19 Nov 2012 04:34:16 GMT

Ok, thanks I would keep that in mind. The apartment being rented is through a private owner which hired a broker.

Re: Very Nervous - IN THE PROCESS OF RENTING (Needs Advice)

kpresod — Mon, 19 Nov 2012 04:36:51 GMT

Thanks, I don't have any CO, Judgemetns, etc....only 4 derogatory PIF in 09 items that are due to fall off in the coming months of december-february 2013.

Re: Very Nervous - IN THE PROCESS OF RENTING (Needs Advice)

beb86 — Mon, 19 Nov 2012 04:37:59 GMT

you might as well buy a house

Re: Very Nervous - IN THE PROCESS OF RENTING (Needs Advice)

Lasardo — Mon, 19 Nov 2012 05:47:16 GMT

I was just in the process of renting at a 606 credit score (now 704) I was told with a low credit score I could get into the apartment by paying deposits..over 600 the deposits are waived.

You will be more than ok.

I decided to not rent and buy, I will save $400 a month in rent..may want to consider..you could rent it out to her!

Good luck!

Re: Very Nervous - IN THE PROCESS OF RENTING (Needs Advice)

kpresod — Mon, 19 Nov 2012 05:52:40 GMT

Thanks you, and we basically want to rent for at least 2 years then buy (after being married).

Re: Very Nervous - IN THE PROCESS OF RENTING (Needs Advice)

xwill04 — Mon, 19 Nov 2012 06:46:18 GMT

from my experience with my (crappy) scores they always asked for a higher deposit I usually had to put 1 months rent down as a deposit. I went to one apartment complex and they told me they take both applicants historys and combine and divide it by two.. and take that average as if u were one person. Which IMO she should be able to bring u both up high enough for standard deposits or whatver special they have.

every apartment situation is different though but those are my experiences renting.

+1 on buying. I live in the Bay Area, CA and here you can own a condo for at least $500 less than you can rent. All the foreclosed homes caused people to move into apartments and drive up the prices. As soon as I get my scores up above 680 and get a promotion at work im going to be applying for my first mortgage. best way to go!

im 24 btw if i can be a home owner by 25 i think that would be an accomplishment!!

GOOD LUCK!!

Re: Very Nervous - IN THE PROCESS OF RENTING (Needs Advice)

DonMzBhavin — Tue, 20 Nov 2012 15:01:24 GMT

Re: Very Nervous - IN THE PROCESS OF RENTING (Needs Advice)

Jutz — Tue, 20 Nov 2012 15:06:02 GMT

Don't see any reason to get denied, or even have a high security deposit. Unless you stuck a previous landlord with unpaid repairs, or unfullfilled lease, your scores don't scream high risk. I've talked to a few people before that rent out properties, and they look more for derogs that might indicate risk rather than score itself.

Re: Very Nervous - IN THE PROCESS OF RENTING (Needs Advice)

kpresod — Tue, 20 Nov 2012 15:51:23 GMT

I've got 4 derogs which were PIF in the year 09. They're due to fall off between December 2012-February 2013. Thanks to everyone for giving me their feedback. It's most appreciated.

Re: Very Nervous - IN THE PROCESS OF RENTING (Needs Advice)

kpresod — Fri, 23 Nov 2012 14:57:31 GMT

Update:

The realtor stated we'd have to come back in several months, as the management company refuses to work with us. All because of my scores not being in the 700's. I don't know what to do, and I feel so embarrassed about the situation.

Re: Very Nervous - IN THE PROCESS OF RENTING (Needs Advice)

Shogun — Fri, 23 Nov 2012 15:17:17 GMT

Wow.. Must be an exclusive place, otherwise, that's just ridiculous.

Re: Very Nervous - IN THE PROCESS OF RENTING (Needs Advice)

Jutz — Fri, 23 Nov 2012 15:27:16 GMT

What??? That's ridiculous. Sorry that happened, I can't believe a leasing company can be so shortsighted

Re: Very Nervous - IN THE PROCESS OF RENTING (Needs Advice)

Epcot — Fri, 23 Nov 2012 16:51:11 GMT

That's surprising! Very sorry to hear. I'm sure there are other, friendlier places you could look!