Renting with a high 680s-low 690s credit score?

Anonymous · ‎10-25-2018

My significant other and I are in a position to have to move and we've found a place that fits our needs. Combined gross income is $130k, rent is $1695/month. His credit is stellar (close to 800), mine is good but could be better (high 680s-low 690s). In my case, I pay every bill on time, I just have some high credit card balances that I am working to pay down, plus student loans. We've been renters for six years and have a good relationship with our landlord -- rent always paid on time, no major requests for repairs until this year when the dryer and the central AC both died within a month of each other. (The only reason we're moving is because she's selling the place, after getting some sticker shock from having to replace the entire AC/heating system - - it was over 30 years old!) No other major red flags on either our reports in terms of criminal or background checks (no evictions, judgments, etc.) Very steady income, been at jobs 5+ years.

Am I being paranoid about worrying that we would not get our place based on this information? I'm concerned that the high credit card balances are a red flag, but our realtor assured us "the numbers look good."

Anonymous · ‎10-25-2018

"small rental companies/landlords" usually don't pull anything. The larger ones first thing they care about bk, evictions, criminal. Next is scores .We represent several national firms that rent houses and for the most part bk, evictions, criminal are all they care about. They just don't want a rentor who will abuse their house. One or two are picky and would consider renting to superman but he still may not qualify. Do not sweat it.

Have you considered buying? scores are high enough.

Anonymous · ‎10-25-2018

"Renting to Superman" made this comic book nerd chuckle (which I needed - - in addition to this, I had a death in the family this week and significant other's mom in the ER yesterday).

This is definitely either a small rental company or individual landlord, it's not a big complex (or even anything high end - - it's the first floor of a house in a semi-residential neighborhood). The application we had to fill out from the landlord was a generic form, and our realtor submitted our data through their agent.

We're actually not interested in buying right now, but we do plan on staying in the area for a few more years (we have told our broker we would be interested in a two year lease if the landlord prefers it.)

Anonymous · ‎10-25-2018

@Anonymous wrote:
"Renting to Superman" made this comic book nerd chuckle (which I needed - - in addition to this, I had a death in the family this week and significant other's mom in the ER yesterday).

This is definitely either a small rental company or individual landlord, it's not a big complex (or even anything high end - - it's the first floor of a house in a semi-residential neighborhood). The application we had to fill out from the landlord was a generic form, and our realtor submitted our data through their agent.

We're actually not interested in buying right now, but we do plan on staying in the area for a few more years (we have told our broker we would be interested in a two year lease if the landlord prefers it.)

You will due fine. I hope so other mom recovers soon. I hate dealing with death. I hope the grieving process goes well.

Anonymous · ‎10-27-2018

Figured you were owed an update: we got the place! Just found out this afternoon. Per our realtor: "I just heard back… good news. The owner is deciding to move forward with our application. I will let you know the details when I get them. They did have multiple applications, but they did decide to move forward with ours."

So that stress is out of my life - - now on to the other stress of moving. And cracking down on the budget to get the debt down to a comfortable level for me and deal with new expenses for this place (we will have to pay gas and water for this place).

The FICO score simulators have been great here since I can play around with different scenarios to see how to boost my credit score - - it won't take too much to get me back to a place where I feel comfortable.

Onward and upward!

Anonymous · ‎10-27-2018

@Anonymous wrote:
Figured you were owed an update: we got the place! Just found out this afternoon. Per our realtor: "I just heard back… good news. The owner is deciding to move forward with our application. I will let you know the details when I get them. They did have multiple applications, but they did decide to move forward with ours."

So that stress is out of my life - - now on to the other stress of moving. And cracking down on the budget to get the debt down to a comfortable level for me and deal with new expenses for this place (we will have to pay gas and water for this place).

The FICO score simulators have been great here since I can play around with different scenarios to see how to boost my credit score - - it won't take too much to get me back to a place where I feel comfortable.

Onward and upward!

You will be fine. Paying gas, water, electric wll be getting you use to owning your own place in a few years.

Anonymous · ‎11-01-2018

We're already paying electric, so that's no big deal for us - - and having done a first pass at our lease today, it looks like we are splitting heat/hot water/water with tenants upstairs (65%/35% with us paying the larger percentage).

It's a little overwhelming trying to get all this move stuff sorted out and start paying down my credit card debt, but I know I need to start now not to lose momentum.

Anonymous · ‎11-01-2018

@Anonymous wrote:
We're already paying electric, so that's no big deal for us - - and having done a first pass at our lease today, it looks like we are splitting heat/hot water/water with tenants upstairs (65%/35% with us paying the larger percentage).

It's a little overwhelming trying to get all this move stuff sorted out and start paying down my credit card debt, but I know I need to start now not to lose momentum.

I'm pretty sure this kind of split isn't legal and that the landlord either needs to have the two apartments metered separately OR include the utilities with the rent.

Paying a % of someone else's utilities that you have no control over is a huge red flag and risks adverse financial/budget implications IMO.

Anonymous · ‎11-01-2018

Yeah, it's one of the questions we have for the landlord - - though I just called our water company and they said the landlord would have to add us as an authorized user so that we get the bill, or the bill remains in his/her/their name and then we just send a check for our portion. It's certainly caused a red flag for us.

Anonymous · ‎11-01-2018

@Anonymous wrote:
Yeah, it's one of the questions we have for the landlord - - though I just called our water company and they said the landlord would have to add us as an authorized user so that we get the bill, or the bill remains in his/her/their name and then we just send a check for our portion. It's certainly caused a red flag for us.

The cost for another just the 2nd meter ie tap fee is usually around $1,000. The actual plumbing costs depends low end $500 upwards to several thousand. We were involved in a nasty lawsuit with the former owner of our house regarding utilities run against code. We had to move electric, water, septic so forth at his expense. It cost the former owner $25K including our attorney fees.