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When applying for an apartment rental, what factors matter and what shape am I in?

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Contributor

When applying for an apartment rental, what factors matter and what shape am I in?

So I've been on a years-long rebuilding journey and while my credit is far from perfect, I feel like overall I've made some improvement. I am not asking for judgement on my overall credit re-building, I'm aware of the insanity of my inquiries. They were not due to need for credit but irresponsibility on my part of applying for cards. I've since ceased this behavior.

 

The inquiries, however are what I'm actually mainly concerned about. Perhaps the newer accounts as well. I've searched here and everywhere and couldn't find a concise answer on what affect already existing inquiries have on apartment rental applications. Another DP not listed below: I've lived in my first/current apartment for almost a year now (cousin is my landlord) and made all payments on time with no issue. No history of evictions, missed/late rental payments, etc. Basically everything directly effecting rental is perfect though that history is only about one year.

 

  • 3 late payments in 2016/2017, 1 fully paid collection in 2017
  • Current utilization across all cards 1-2%, ~$35,000 overall CL's. Consistently been the case since 2019. I pay all of my cards in full.
  • Past 24 months: 46 inquiries (about evenly distributed among 3 beaurus)
  • Past 12 months: 20 inquiries (about evenly distributed among 3 beaurus)
  • Past 12 months: 9 new accounts (none in 2020)

Again, not looking for judgement or comments on my inquiry behavior, just looking for the affect it may cause when I apply for a new apartment and what shape I'm in overall. If there's any more info needed let me know. Thanks!

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Community Leader
Senior Contributor

Re: When applying for an apartment rental, what factors matter and what shape am I in?

In my city Vegas, the biggest factor is score. Your lates might be considered. If your family member would consider letter, you can show rent has been consistent and on time.

The paid collection shows you honor obligations. Inquiries shouldn't matter. I'd be honest and upfront with leasing agent.

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Super Contributor

Re: When applying for an apartment rental, what factors matter and what shape am I in?

In general, less than optimal credit profile can be overcome with a larger deposit, e.g. 1st and last months rent.

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Contributor

Re: When applying for an apartment rental, what factors matter and what shape am I in?

If everything said is true, I'm relieved I didn't completely screw myself over. If anyone else has any more input I would appreciate it as well for either peace of mind or what preparation I need to do. Providing a deposit up front wouldn't be an issue for me, however like most people it's something I'd rather not do if I don't have to.

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Valued Contributor

Re: When applying for an apartment rental, what factors matter and what shape am I in?

As far as I know, they are mostly looking at your scores. Possibly major derogs too. They just want to know that you pay your bills. Inquiries shouldn't matter since you aren't seeking credit in this situation. 





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New Contributor

Re: When applying for an apartment rental, what factors matter and what shape am I in?


@AllZero wrote:

In general, less than optimal credit profile can be overcome with a larger deposit, e.g. 1st and last months rent.


I notice in my area even before the potential property owner runs your credit, they state they want first and last months rent, PLUS a security deposit. That makes it very difficult for many people to come up with  that kind of nut.







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Established Contributor

Re: When applying for an apartment rental, what factors matter and what shape am I in?

I can't see you running into any problems provided you have a stable employment history and have sufficient income to meet their requirements (common is gross income of 3x the monthly rent amount). 

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Community Leader
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Re: When applying for an apartment rental, what factors matter and what shape am I in?

I don't think you'll have any issues.  If you have a history of evictions then that could be a problem.  Your inquiries can certainly be a problem when applying for a new account but I don't feel they will be a problem when trying to get a place to live.  As already mentioned above, even if your credit is terrible, you can still be approved but you might be required to put down a higher deposit.

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