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Posts: 6
Registered: ‎10-16-2012
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Cant Rent A House! Help! What Should I DO?

Im having a problem getting landlords to rent to me. My credit score is 525 - but my income averages 15,00- monthly. I'm just now learning about how to increase my credit score. I've never needed credit because I've paid cash for everything. Now I'm running into Credit score not being good enough eventhough my report has on three small items which doesn't even total $1000 - That's it - nothing else on my report - no bankruptcies, evcitions etc. I'm definately wanting to purchase a home in the next 2 years. I'm thinking of getting 2 or 3 secured cards to start building credit. Can someone give me some suggestions on the fastest way to get my scores increased. I'm so new to this and still learning all of the abbreviations in the forum. Two items on the report I don't even know what they are from. Should I pay them to get them removed - or will that help? Not sure where to start!! Here's whats on my report for collections: Sort By CMRE FINANCIAL SVCS IN Potentially Negative Closed 714-528-3200 More Account Details Account Name CMRE FINANCIAL SVCS IN Account # T710PHC103001102XXXX Account Type Collection Department / Agency / Attorney Balance $157.00 Date Opened 5/1/2009 ENHANCED RECOVERY CO L Potentially Negative Closed 800-496-8941 More Account Details Account Name ENHANCED RECOVERY CO L Account # 6367XXXX Account Type Collection Department / Agency / Attorney Balance $376.00 Date Opened 5/1/2012 GLOBAL PAYMENTS CHECK Potentially Negative Closed No Phone Provided More Account Details Account Name GLOBAL PAYMENTS CHECK Account # AGBKXXXX Account Type Unknown - Credit Extension, Review, Or Collection Balance $225.00 Date Opened 7/1/2010
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Re: Cant Rent A House! Help! What Should I DO?

Welcome to the forums!

I'd suggest reading the following:

Common Abbreviations

Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.

What Steps Do I Take - great for learning the repair process.

and Example letters - PFDs, GWs, DVs, etc.

 

Secured CCs are a great start and a sometimes a fast way to bump your score in a short period of time, when you lack CCs on your CR.

 

If under a time crunch, send a PFD to each. If the creditor agrees in writing to the terms of your PFD, then pay it and they'll delete.

Valued Contributor
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Registered: ‎05-10-2012
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Re: Cant Rent A House! Help! What Should I DO?

Hello!  Do some reading, llecs has given you some homework that will help immensely.  Oddly, I had the exact same score (525) back in May.  I also had three small collections totaling around $1500.  If i had to guess, there are other things on your credit report that is pulling your score down.  Do you have other credit cards?  Are these collections literally the only thing on your credit profile?

 

Give us a better idea of what your credit report looks like and I bet we could find some quick points.  If you haven't already done so, pull your reports from all three bureaus at www.annualcreditreport.com

 

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New Member
Posts: 6
Registered: ‎10-16-2012
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Re: Cant Rent A House! Help! What Should I DO?

Thanks for the info.  Its so werid!! You would like I would be ok but that's all I have.  I also have 8 hard inquires - could that be the reason?  This is from free creditreport.com - Here's the summary

 

Accounts Listed Negative

You have 3 Account(s) Listed Negative on your Credit Report. This means that at some point you were late or failed to pay on the account as agreed.

Accounts in Collections

You have 2 Account(s) in Collections on your Credit Report. These are included in your total of Accounts Listed Negative.

Most Negative Status

The worst payment status ever listed on your Credit Report was Failed to Pay.

Public Record

You have No Public Record(s) listed on your Report. Public Records may include information like bankruptcies, court judgments, tax liens, and overdue child support.

 

 

 

 
         
   
 
Real Estate
     
 Count0  
 Balance$0.00  
 Current0  
  Delinquent0  
  Other0  
 
 
Revolving
     
 Count0  
 Balance$0.00  
 Current0  
  Delinquent0  
  Other0  
 
 
Installments

Current Account(s)

     
 Count1  
 Balance$225.00  
 Current0  
  Delinquent0  
  Other0  
 
 
Other
     
 Count0  
 Balance$0.00  
 Current0  
  Delinquent0  
  Other0  
 
 
Collections

Current Account(s)

     
 Count2  
 Balance$533.00  
 Current0  
  Delinquent0  
  Other0  
   
   
 
All Accounts

Current Account(s)

     
 Count3  
 Balance$758.00  
 Current0  
  Delinquent0  
  Other0  
   
Regular Contributor
Posts: 191
Registered: ‎07-05-2012
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Re: Cant Rent A House! Help! What Should I DO?

Yes. The 8 hard inquiries are hurting you. The accounts in collections are hurting you. There may also be other information that is hurting you. I have some suggestions. 1)Find somebody who will let you rent without doing a credit check. If they want to check your credit, tell them YOU will provide them with a credit report, but that you do not want any more inquiries because they are hurting your credit.

 

2)Order your 3 credit reports. You were already given a link.

 

3)While waiting for your credit reports, read the links you were given, especially debt validation and pay for delete. When you get your reports, DV and PFD and/or goodwill the collections.

 

4)once you clean it a bit, then you can start applying for new credit, which you will need to improve scores and purchase that home.

 

We will need more information on your collections, which you will be able to give us once you get your reports. Make sure to have the reports mailed to you, do not view or have them received online.

Valued Contributor
Posts: 2,857
Registered: ‎06-08-2012
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Re: Cant Rent A House! Help! What Should I DO?

To address your immediate need, see if you can prepay first and last months rent and suggest that you will sign a 6 month lease.  That gives you 6 months to get your credit scores up and the landlord will only have 4 months that isnt secured by payment at the signing of the lease.  This may give you enough wiggle room to get the lease you need.  If not, you will need to look at some other areas of town that are probably not in the best areas but maybe more forgiving of bad credit.



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Re: Cant Rent A House! Help! What Should I DO?

[ Edited ]

Yes, I've been telling landlords I have a 3 bureau credit report they can see and 2 yrs of bank statements. This so helps me alot - To give you more insight - Here's more information on the three collections: The funny part is that I don't even know what these are for. I never really checked my report until now. I've always paid cash for everything so I never really needed it. But I guess I'm getting dinged for not having any established credit. Sort By

 

CMRE FINANCIAL SVCS IN Potentially Negative Closed 714-528-3200 Mailing Address: 3075 E IMPERIAL HWY STE BREA, CA 92821 Account Name CMRE FINANCIAL SVCS IN Account # T710PHC103001102XXXX Account Type Collection Department / Agency / Attorney Balance $157.00 Date Opened 5/1/2009 Account Status Closed Mo. Payment Close Account Details Past Due $157.00 Payment Status Seriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department High Balance Limit Terms 1 Month Comments 24-Month Payment History 2009 2010 2011 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan KD ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND KD Month Experian Equifax TransUnion

 

ENHANCED RECOVERY CO L Potentially Negative Closed 800-496-8941 Mailing Address: 8014 BAYBERRY RD JACKSONVILLE, FL 32256 Account Name ENHANCED RECOVERY CO L Account # 6367XXXX Account Type Collection Department / Agency / Attorney Balance $376.00 Date Opened 5/1/2012 Account Status Closed Mo. Payment Close Account Details Past Due $376.00 Payment Status Seriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department High Balance Limit Terms 1 Month Comments 24-Month Payment History 2010 2011 2012 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug KD Month Experian Equifax TransUnion

 

GLOBAL PAYMENTS CHECK Potentially Negative Closed No Phone Provided Mailing Address: PO BOX 59371 CHICAGO, IL 60659 Account Name GLOBAL PAYMENTS CHECK Account # AGBKXXXX Account Type Unknown - Credit Extension, Review, Or Collection Balance $225.00 Date Opened 7/1/2010 Account Status Closed Mo. Payment Close Account Details Past Due $225.00 Payment Status Charge-off High Balance Limit Terms Unknown Comments 24-Month Payment History 2008 2009 2010 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov KD Month Experian Equifax TransUnion

 

Hi kamiS,  I didnt change anything only spaced things out, so others can read it alittle easier.

Lightnin, myFICO moderator 

Regular Contributor
Posts: 201
Registered: ‎08-19-2012
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Re: Cant Rent A House! Help! What Should I DO?

Forget what they are saying...I had 21 inquiries, with three collections. Just go to a different rental agency.

 

Some rental places, are just looking to see if you've ever been evicted or have a collection from a rental place.

 

Just keep looking around, not everyone with bad credit is homeless.

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Re: Cant Rent A House! Help! What Should I DO?

Sorry - I Didn't notice it grouped everything in the text - here it is again

Sort By CMRE FINANCIAL SVCS IN Potentially Negative Closed 714-528-3200 Mailing Address: 3075 E IMPERIAL HWY STE BREA, CA 92821 Account Name CMRE FINANCIAL SVCS IN Account # T710PHC103001102XXXX Account Type Collection Department / Agency / Attorney Balance $157.00 Date Opened 5/1/2009 Account Status Closed Mo. Payment Close Account Details Past Due $157.00 Payment Status Seriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department High Balance Limit Terms 1 Month Comments 24-Month Payment History 2009 2010 2011 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan KD ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND ND KD Month Experian Equifax TransUnion ENHANCED RECOVERY CO L Potentially Negative Closed 800-496-8941 Mailing Address: 8014 BAYBERRY RD JACKSONVILLE, FL 32256 Account Name ENHANCED RECOVERY CO L Account # 6367XXXX Account Type Collection Department / Agency / Attorney Balance $376.00 Date Opened 5/1/2012 Account Status Closed Mo. Payment Close Account Details Past Due $376.00 Payment Status Seriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department High Balance Limit Terms 1 Month Comments 24-Month Payment History 2010 2011 2012 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug KD Month Experian Equifax TransUnion GLOBAL PAYMENTS CHECK Potentially Negative Closed No Phone Provided Mailing Address: PO BOX 59371 CHICAGO, IL 60659 Account Name GLOBAL PAYMENTS CHECK Account # AGBKXXXX Account Type Unknown - Credit Extension, Review, Or Collection Balance $225.00 Date Opened 7/1/2010 Account Status Closed Mo. Payment Close Account Details Past Due $225.00 Payment Status Charge-off High Balance Limit Terms Unknown Comments 24-Month Payment History 2008 2009 2010 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov KD Month Experian Equifax TransUnion
Valued Contributor
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Re: Cant Rent A House! Help! What Should I DO?

Agree with Duncan.  You can make quick increases, but not overnight.  Six months IMO would give you ample time to up it significantly.  You need to get rid of those collection accounts first and foremost, and you need good credit reporting. 

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
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