@Anonymous wrote:
Hello all,
I'm planning on applying to an apartment with my partner (as a co-applicant) in about two months. I have credit issues but my partner has a score in the 700s. While I have other issues, I do have two years of clean payment history with my current landlord (I have a letter that the management company wrote for me) and have no evictions or broken leases.
Will I run into any issues? I understand that this differs for each management company, but just looking for some general answers.
Will my partner act as a co-signer since we are applying together? The only thing that may be an issue is income for my partner as my salary is 3 - 4 times the rent, whereas his is not.
Thanks in advance!
It really is hard to say for certain. In addition to varying from management company to management company, there also seen to be some standard practices in general geographical areas.
For instance, living in ME, all you needed in most places was to confirm income and get some personal references, and as long add you came up with first, last and security, you were good. I never once had credit pulled for any of the 4 places I lived in ME. In CA, where the housing/rental market is so expensive and competitive, most places will run credit, and will deny you based on score. If you're borderline, you might have to pay a larger security deposit. In DE, where I'm currently apartment hunting, they run credit, but, at least with the place I'm working with, they're only looking for evictions and rental-based collections, really.
Additionally, I have apped with a roommate whose salary qualified him outright, but because my credit was poor, they wouldn't rent to us. Other places will only look at the combined incomes to ensure that it meets their standard.
How blemished is your credit? You might be surprised - even with a few issues, most but the most exclusive communities understand the need for a roof over your head. When/if the question arises, I've always told prospective landlords that yes, I've had issues, but when I had to make a decision between debt and rent, I always made sure rent got paid and dealt with other bills after.
Although it's counter to conventional wisdom because you may end up "self-selecting" (or calling out something that the landlord might not have otherwise noticed) I *personally* have found that just straight-up asking what the criteria are, and what's negotiable, has served me best. I generally frame it under the premise that I know they are busy and I don't want to waste their time [that they could be spending with a qualified applicant - I don't outright say this, but it is implied] and ask what they're looking for. It's allowed me to get in front of issues that might otherwise put me out of the running. And of course, it also gives me the chance to decide whether or not I want to app and waste the hard pull. If you're already speaking with someone and are afraid to ask, get a friend whose voice they won't recognize to call and ask.
And, knowing what's actually on your reports, and what your score is, will be a huge help. So get those if you haven't already; you'll be armed with more knowledge than just knowing you "have credit issues" and you'll be able to formulate your responses beforehand if they get brought up.
Good luck in your search!
