Luxury Apartment Approval Help

[Anonymous]

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?

[Anonymous]

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. 

[Anonymous]

3x rent is pretty normal

The main disqualifier is eviction or very recent delinquency

[Anonymous]

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. 

[Anonymous]

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@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. 

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+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! 

[Anonymous]

Thank you!

[Anonymous]

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!

[Shooting-For-800]

You will have no issues with 700 scores and POI.

Its an apartment not a Escalade.

[Anonymous]

Lol. Thanks. 

[CreditCuriosity]

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