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Getting a new apartment with credit issues

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Anonymous
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Re: Getting a new apartment with credit issues

Thanks all for the replies. I contacted the manager via email and she just forwarded it to one of the leasing agents who gave me "there is no perfect score requirements, our system looks at your experian credit report and DTI." He did follow up and ask what my price range was and what size apartment I was looking for, but probably doesn't matter much.

 

Probably not a good use of time or money to apply. The system part makes it seem like it will be an automatic denial since it will just look at numbers.

Message 11 of 13
StartingOver10
Moderator Emerita

Re: Getting a new apartment with credit issues


@Anonymous wrote:

Thanks all for the replies. I contacted the manager via email and she just forwarded it to one of the leasing agents who gave me "there is no perfect score requirements, our system looks at your experian credit report and DTI." He did follow up and ask what my price range was and what size apartment I was looking for, but probably doesn't matter much.

 

Probably not a good use of time or money to apply. The system part makes it seem like it will be an automatic denial since it will just look at numbers.


I am a Realtor in S Florida.

The various management co's have vastly different criterian for approval IME.

 

You have what is the most important part - excellent references and a excellent payment history with your current landlord.  I would venture to say that you would have a more positive reaction from individual landlords rather than apartment management co's.  Usually when i work with someone I know who to stay away from in my market and who is open to a tenant that pays their rent but has a poor credit history. Don't get me wrong, it is still an effort to get the tenant approved, but generally the landlord only cares about the rental payment history (and criminal history, if applicable).

 

Sometimes the HOA or condo association says no - based on the score. So get with an agent that can help you in your area so you don't spin your wheels.

Message 12 of 13
Anonymous
Not applicable

Re: Getting a new apartment with credit issues

There are definately exceptions, but I am of the opinion that unless you have a credit score of at least 600 or you have a connection, it is a waste of time to apply for rentals with Property Management companies, period.

 

It creates 3 issues:

 

1. It dings your credit

2. It wastes $25-$35 for the app fee

3. the denial makes you feel like crap.

 

Never in my recent experience have I had a property management company say that they will look over a low score if you use a larger deposit, or if you make good money or have references...I think years ago those things COULD play a role in getting a place, but it's not like that anymore.

 

Essentially a person with low scores has 2 choices: rebuild your credit, or apply for rentals that do not use property management companies.

 

For myself, I am trying to rebuild credit, as I want to buy a house in the next 2 years, as renting is money out the window!

 

 

Message 13 of 13
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