topic Re: Moving and need to rent an apartment. Will my credit let me? in General Credit Topics

Moving and need to rent an apartment. Will my credit let me?

Anonymous — Mon, 20 Oct 2008 05:48:29 GMT

I have FICO scores of TU 578, EQ 614, and EX 606. In college I got myself in to some bad CC debt which became charge offs and collections. I have worked hard to pay them off and all that I have left is a $663 collection and a judgment of $1300. I have two other judgments which have been paid for and then the history of late payments. My only open accounts are a student loan of ~$31,000 and a car loan with a balance of ~$10,000 which I have been paying off for a year now without any missed payments.

I will be relocating to a new city in a month and a half for a job offer, as long as I can get approved for an apartment. Since, I am a first time renter with no rental history, I am concerned that I will not get approved for a decent place because of my poor credit history and zero rental history, even though my income is sufficient and my debt to income ratio is low.

So, I have two questions:

1. Will I be able to get approved for an apartment with my situation?

2. My boyfriend is planning to move with me and he has good credit but will probably not have found a job yet, and also no rental history. Will that help or hurt our chances?

Thanks for helping!

Re: Moving and need to rent an apartment. Will my credit let me?

Anonymous — Mon, 20 Oct 2008 07:55:42 GMT

Unfortunately there are many variable that may or may not hinder the process. The state that you are moving to, the rental agency/owner requirements, etc.

Most will not work with you if you have an eviction on your CR or left owing money to an ex landlord. Some require a certain credit score, some do not. Some will not rent to you if you have any collections.

About the only thing you can do is, 1) Find out the requirements before applying 2) Apply and hope for the best.

My personal experience has been to be completely honest with them. Let them know up front what is on your credit report. I have never been denied housing and my credit is horrible.

Re: Moving and need to rent an apartment. Will my credit let me?

fishbjc — Mon, 20 Oct 2008 13:23:25 GMT

Have you thought about looking at private rentals? You don't necessarily need the best credit, just a few references should do it. Show up to view the apt. looking nice and neat with your checkbook in hand and a reference list.

Re: Moving and need to rent an apartment. Will my credit let me?

Anonymous — Mon, 20 Oct 2008 18:17:23 GMT

I had pretty rotten credit when I moved into my apartment building a few years ago; reposession, loan charge off, collection, and MANY lates on a student loan. I had to pay a hefty deposit. Two years ago I decided to move to a larger apartment, same complex -- They gave me back most of my deposit, only kept $200.

Most places will work with you I think, they just may want more money up front.

Good luck!

Re: Moving and need to rent an apartment. Will my credit let me?

Anonymous — Tue, 21 Oct 2008 03:31:31 GMT

It really depends on the apartment. If it is a nice apartment, usually they will pull a credit report. If its an economical apartment, then maybe not. However, if they do pull your credit report, things that will affect your approval or deposit are going to be late payments, collection accounts, charge offs, and debt to credit ratio. However, most times apartments will just make you pay 2 months of deposit to offset their risk if you credit report does not suffice. It really depends. Good luck!

Re: Moving and need to rent an apartment. Will my credit let me?

Anonymous — Tue, 21 Oct 2008 03:49:01 GMT

Most likely.......they will just require a larger Security Deposit.

I wouldn't worry too much and like others mentioned get their paperwork on requirements first before you get the ding for applying.