Apartment Complex Credit Check

BooBee · ‎02-06-2009

My wife and I are looking into renting from an apartment complex. She has outstanding credit, Fico's in high 700's but I have bad credit, Fico's from 593-660.

Would an apartment complex give us an apartment with my bad credit even though my wife has very good credit? I figured it would be like a co-applicant to a loan; my wife would hold the weight in guaranteeing rent is paid (based on Fico scores).

MattH · ‎02-06-2009

@BooBee wrote:
My wife and I are looking into renting from an apartment complex. She has outstanding credit, Fico's in high 700's but I have bad credit, Fico's from 593-660.

Would an apartment complex give us an apartment with my bad credit even though my wife has very good credit? I figured it would be like a co-applicant to a loan; my wife would hold the weight in guaranteeing rent is paid (based on Fico scores).

Depends on the apartment complex, they range from basically requiring proof of breathing to fancy places in NYC that reject just about everybody. Why not go to a realtor who specializes in rentals and ask them?

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Anonymous · ‎02-06-2009

Depends on the apt complex.. some do credit check some dont. Main thing that apartments are looking for is good payment history and no collection accounts. I dont think yall should have any problems IMO.

Anonymous · ‎02-08-2009

As a former apartment property manager, your question can vary. By many things, one if I were looking at your application, and all depending on that apt community's vacancy rate, which you can ask the leasing agent, how many apts vs how many open last mo, current and next month x # of units... makes for a great negotiating tool (tools of the trade). If their vacancy is high,there would be several things to question, to safeguard yourself, but if the vacancy is high, you have a better chance-- they want to lease to you.

A rule of thumb in my former property mngr life. CO other factors of decisions; after a mandatory credit check: NO open bankruptcies/or potential, no large collection items, if no prior rental history, larger deposit, no prior skips or UD's... Things like that were also factors this of course depends on the management company of the complex and their individual criteria. These are questions to ask when visiting the potential property. Best of Luck!

Anonymous · ‎02-08-2009

Sorry, I didn't finish my last post... anyway, av credit score in our area was 625-675, but wasn't soley based on that to rent. Also, in signing leases, if you have questions- let me know as I would be glad to help.

Anonymous · ‎02-09-2009

i would probably rent to you as long as you had no judgements from a former landlord, no collection accounts from utilities, you had been at your job for at least a year and you paid an extra deposit.

never, never, never rent from a landlord that doesn't do credit checks. they'll rent to anyone and you don't want just anyone as neighbors. it's madness not to at least do a credit check.

your wife's score will help but landlording can be scary business and we need to protect ourselves.

good luck

Anonymous · ‎02-09-2009

pgsparx Hi were you replying to me?? I wasn't the original post. "Landlording" Not scarry at all I have been heavily trained in Property Mangement, Court filings, UD's, CC, Fair Housing, leasing, books, advertising, etc. 15+++ .. kinda fun! Working to get/purchase my own units.

Have a Great Day!

Anonymous · ‎02-09-2009

this is good information, me and my gf are both around 600 on FICO, I just have one of those private school loans that i am trying to pay off.

Anonymous · ‎02-09-2009

Other things to be aware of, though, I don't know if Fair Housing has changed, but the other things they look for is crim background, crimes against people, thefts etc... I know this isn't the place so I will leave it at that. I have my oppinions on that issue, as homelessness is tooo high!

Another thing to be aware of is if you are going into a lease as a room-mate status, Its probably better to pay a little more a month on a 6 mo lease vs a 12mo, to make sure it works out, if it doesn't and you can't pay and the room-mate moves out, you are remainder lease holder and if you can't make the payment a UD will be filed, which in the rental world is equivelent to a bankruptcy/judgement etc.. a real baddie! Stays on CR forever at least when I had that happen have been on both sides of the fence it felt like it, and they charge you the full lease in some cases. which can add up to thousands-again, depending on the management company.

Just some thoughts...