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

Established Contributor

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

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! 

 

CS 728- 01/13 from 554-12/11
Goal: 800
Message 11 of 21
Regular Contributor

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

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

Message 12 of 21
Regular Contributor

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

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!!



Starting Score: Exp:513 | TU:541 | EQ:517 - 11/13/2012
Current Score: Exp:623 | TU FICO:639 | EQ FICO:743 - 01/24/2012
Wallet: Applied Bank $200, OpenSkyCC $300, 1st Tech CU Secured $2k, Discover IT $1.5k, CITI AA $2.8k, USAA AMEX $7.5k
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Message 13 of 21
New Contributor

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

+1


Starting Score: 467
Current Score: 661
Goal Score: 795


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Post BK Wallet: Target VISA $10,000 (AU) | NFCU Credit Card $5,000| Walmart $1100| Cap One Platinum $3000 | Amazon $1150 | Discover It Card $500 | Cap One Secured $500 | PayPal Smart Connect $500 | Lane Bryant $1130| Dressbarn $750 |NY & Company $250| Victoria's Secret $250 | Target Store Charge $200 |Capital One Auto Finance
Message 14 of 21
Valued Contributor

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

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.

  • 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
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WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
Message 15 of 21
Regular Contributor

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

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.

Message 16 of 21
Highlighted
Regular Contributor

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

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. 

Message 17 of 21
Moderator Emeritus

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

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

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 18 of 21
Valued Contributor

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

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

  • 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
BOA Platinum $600
AMEX Gold NPSL
Message 19 of 21
Valued Contributor

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

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

Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 832 EX 783 TU 816
App free since 9/15/15
Message 20 of 21