Renting with Bad Credit

[Anonymous]

Hi, I am new to the forum and I have some questions.

I was just informed that my rent will be going up a lot and I'm wanting to look into another apartment but I'm worried that I will be turned down due to my credit score (539/534/563).  Does anyone have any advice?  I am in the process of trying to get my credit cleared up.  I have mailed letters to companies that I've had CO & Collections but it was just in the past month.

What's also killing my budget is a very large car payment of $500/mo due to bad credit.  I now owe less than $9,000 but I think I would only get $4,200 at the most for a trade in.  I was thinking maybe I could trade in my car but I think it would keep me in same situation or worse.

Sorry for the rambling but I just don't know what to do.

[Anonymous]

Look for places that are owned by individual landlords and not managment companies also check with your local township.

[Anonymous]

That and some apartments simply ask that yupay first and last with bad credit.  The PP was right when they said look in the classified and look for an individual owner who is less likely to run a credit check.

[fishbjc]

My sisters scores were in the low 500's and she had no issue with renting from a management company.  She told them UPFRONT what the issue was.  Approved without a hitch.

I agree with above, try finding just a studio for the first year until your scores improve.  Look on CraigsList for private rentals.

That car payment is a KILLER, you're right.  OUCH!

[Anonymous]

where i am, with your scores, you would not be denied, but you might have to pay a bit more in deposit.

[Anonymous]

First, welcome to the forums. Second, don't trade in a car that you still owe money on, you will lose everytime. The dealer will simply roll what you currently owe into your new car loan so now your paying off 2 cars instead of one. Pay off your current car & perhaps look into a re-fi.

As for your rent, most potential landlords are more concerned with your overall rental history. They want to know if you've had a string of late payments or any evictions. Though low credit scores may require a higher security deposit. Find apartments you're interested in & apply, you will not find out otherwise. Good luck!

[fishbjc]

It will also help to take along a letter of recommendation from your current landlord.  I'd love knowing that my place was well-maintained and my rent was paid on-time if I were the landlord.

My sisters upstairs neighbor received a nice rent break by agreeing to keep the lawn cut and the flower beds cleaned up.  Negotiation can be a good thing!

You should be able to rent a place without too much trouble.

[Anonymous]

What worked for me with about a 500 score across the board was to find an apartment I liked, then obtain a credit report. I took that with and showed it to them and asked if it would be a problem. I paid a higher security deposit but that was it.

Be sure to pull your own report and ask them up front if your credit will be any problem BEFORE agreeing to let them pull one. The place I rented from wanted to pull thier own report, which was fine since they let me know that I had the place as long as the report they pulled and the one I gave them were the same....

[Anonymous]

What is your rental history like (always on time?) - I agree that a private landlord (probably wanting full first month rent and 1 month secuirity deposit) may be your best option. Can you find (or tolerate??) a roommate - what about the roomamte service to help you hook up with someone?

[Anonymous]

Also check your contract...

You may have additional rights.

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@Anonymous wrote:

What is your rental history like (always on time?) - I agree that a private landlord (probably wanting full first month rent and 1 month security deposit) may be your best option. Can you find (or tolerate??) a roommate - what about the roomamte service to help you hook up with someone?

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