topic Re: Luxury Apartment Approval Help in General Credit Topics

Luxury Apartment Approval Help

Anonymous — Mon, 11 May 2020 14:47:27 GMT

My wife and I are in the process of trying to rent a luxury apartment. In this particular building your income needs to be at least 3 times the rent. We have that no problem. Our only issues are that I had a few late payments on a couple credit cards a little over a year ago. Ever since then payments have been on time. In fact we paid off all of our debts entirely, so we currently have no debt. We also own our condo we live in outright. So our debt to income ratio will look really good. Our credit scores are all over 700 as well. Im nervous about putting an application in because of those late credit card payements. Am I overthinking it, or is that a legitimate concern?

Re: Luxury Apartment Approval Help

Anonymous — Mon, 11 May 2020 14:50:59 GMT

Most likely, you're overthinking it.

The owners are going to be more concerned with your ability to pay along with no evictions/judgements on your record. I don't see a few lates standing in your way.

Re: Luxury Apartment Approval Help

Anonymous — Mon, 11 May 2020 15:24:13 GMT

3x rent is pretty normal

The main disqualifier is eviction or very recent delinquency

Re: Luxury Apartment Approval Help

Anonymous — Mon, 11 May 2020 15:54:41 GMT

Thanks for your replies. That gives me some reassurance that it'll be alright. I kind of felt like I was overthinking it too. We've worked hard to rid ourselves of debt and it would be so disappointing for us to be turned down because of a few late credit card payments in the past.

Re: Luxury Apartment Approval Help

Anonymous — Mon, 11 May 2020 16:59:14 GMT

@Anonymous wrote:
Most likely, you're overthinking it.

The owners are going to be more concerned with your ability to pay along with no evictions/judgements on your record. I don't see a few lates standing in your way.

+1 They are really looking for issues with landlords and current deliquency. Welcome to the myFico community and all the best with your new home!

Re: Luxury Apartment Approval Help

Anonymous — Mon, 11 May 2020 17:03:21 GMT

Thank you!

Re: Luxury Apartment Approval Help

Anonymous — Mon, 11 May 2020 19:44:32 GMT

Also note that it will be a HP for them to check your credit. Some landlords also have access to another reporting system that pulls your tenant history too. Good luck!

Re: Luxury Apartment Approval Help

Shooting-For-800 — Mon, 11 May 2020 22:46:17 GMT

You will have no issues with 700 scores and POI.

Its an apartment not a Escalade.

Re: Luxury Apartment Approval Help

Anonymous — Tue, 12 May 2020 11:08:47 GMT

Lol. Thanks.

Re: Luxury Apartment Approval Help

CreditCuriosity — Tue, 12 May 2020 11:42:01 GMT

Yep agree you will be fine as long as no eviictions, 3x+ in come and with credit score > 700 you are set. enjoy new place

Re: Luxury Apartment Approval Help

CreditInspired — Tue, 12 May 2020 21:56:47 GMT

Hi OP and welcome

I agree with everyone else--you're good. And if for any reason the Landlord did have any concerns, they would probably just ask for 2 months security deposit or ask that a security deposit, first and last months rent be paid in advance.

Again, you're in a good place.

Re: Luxury Apartment Approval Help

Iusedtolurk — Wed, 13 May 2020 02:12:00 GMT

@Anonymous wrote:
My wife and I are in the process of trying to rent a luxury apartment. In this particular building your income needs to be at least 3 times the rent. We have that no problem. Our only issues are that I had a few late payments on a couple credit cards a little over a year ago. Ever since then payments have been on time. In fact we paid off all of our debts entirely, so we currently have no debt. We also own our condo we live in outright. So our debt to income ratio will look really good. Our credit scores are all over 700 as well. Im nervous about putting an application in because of those late credit card payements. Am I overthinking it, or is that a legitimate concern?

Your lates didn't stop you from having an >700 Good credit score so they shouldn't stop you from getting in that luxury dwelling.

As always let us know with an update how you turn out. It will help other members who may find themselves in a similar circumstance.

Re: Luxury Apartment Approval Help

Anonymous — Wed, 13 May 2020 03:12:01 GMT

@Iusedtolurk Thanks for that. I never thought about it that way. I'll definitely keep you all updated!

Re: Luxury Apartment Approval Help

Anonymous — Thu, 14 May 2020 04:07:59 GMT

Agree, you'll definitely be fine. Worst case scenario (and even this is very unlikely with your scores and income) would be a higher despoit. To be outright denied you'd have to have evictions, collections to a previous landlord, or a significant amount of unpaid debts.

Even when my credit was at the worst (more than 10 accounts in collections and scores in the low 500s) I was able to rent nice places because I never defaulted on rent and I had income to support the payment. I just had to put more money upfront.

I hope you enjoy your new place.

Re: Luxury Apartment Approval Help

Anonymous — Fri, 03 Jul 2020 00:22:00 GMT

Well, my wife and I applied for that apartment and we were approved with no issues! Thank you all so much for your advice! I can't tell you how many times I came back to read your comments because they put me at ease. Tonight, my wife and I are going to celebrate. Plus, its my birthday tomorrow too! Thanks again everyone

Re: Luxury Apartment Approval Help

CreditInspired — Fri, 03 Jul 2020 00:50:31 GMT

Congrats and happy b'day!!!!!

Re: Luxury Apartment Approval Help

Iusedtolurk — Fri, 03 Jul 2020 03:30:17 GMT

@Anonymous wrote:
Well, my wife and I applied for that apartment and we were approved with no issues! Thank you all so much for your advice! I can't tell you how many times I came back to read your comments because they put me at ease. Tonight, my wife and I are going to celebrate. Plus, its my birthday tomorrow too! Thanks again everyone

Glad we could be of help and Congrats on the new place!

Re: Luxury Apartment Approval Help

RadioRob — Tue, 07 Jul 2020 03:53:54 GMT

That's so awesome! Congrats and welcome home!

Hope the birthday celebration was fun as well!!

Re: Luxury Apartment Approval Help

the_jan_b — Wed, 08 Jul 2020 00:46:18 GMT

@Anonymous wrote:
Well, my wife and I applied for that apartment and we were approved with no issues! Thank you all so much for your advice! I can't tell you how many times I came back to read your comments because they put me at ease. Tonight, my wife and I are going to celebrate. Plus, its my birthday tomorrow too! Thanks again everyone

Are we invited to the myFico housewarming party?

Re: Luxury Apartment Approval Help

tropolis — Sun, 12 Jul 2020 00:36:33 GMT

I wonder if when they say 3x rent they mean 3x gross or 3x net for income?