Luxury Apartment Approval Help

[CreditInspired]

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. 

[Iusedtolurk]

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@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?

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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.

[Anonymous]

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

[Anonymous]

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.

[Anonymous]

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

[CreditInspired]

Congrats and happy b'day!!!!!

[Iusedtolurk]

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@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

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

[RadioRob]

That's so awesome!  Congrats and welcome home!  

Hope the birthday celebration was fun as well!!

[the_jan_b]

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@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

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Are we invited to the myFico housewarming party? 

[tropolis]

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