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Trying to get first apartment in NYC

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Anonymous
Not applicable

Re: Trying to get first apartment in NYC

Well at the beginning of last year I used to two different brokers to try and get an aprartment and I was denied every time I applied because of my credit score and u paid collections. I was told my score needs to be at least a 620 with no collections, adverse accounts or judgements. Real estate in NYC is becoming very difficult, you would think you are applying for 30yr mortgage with the requirements these management companies want now for 1 year lease.
Message 11 of 14
Atonswife
Contributor

Re: Trying to get first apartment in NYC

I live in NY...Queens to be exact. I went through this 2 years ago. My advice is to get up to at least 620 and clear as many collections as you can. Most of the buildings that use management companies tend to be a problem because they let a computer program deny/approve. Very rarely to they do full manual reviews unless they see you were borderline. Try to stick with buildings that you can deal with the landlord directly. I lucked up and ended up in a very nice neighborhood and I was honest about my credit situation. The landlord asked for one extra month security deposit and agreed to a one year lease as a trial basis. I paid my rent before the 1st every month and after the year they returned that extra security and now i'm in a 2 year lease. I had a TON of collections and about 5 judgments on my reports. I never had any evictions showing though.
As of 11/02/15:
EX-679, TU-707, EQ-690 (FICO 08),7/31/15 691 (FICO 04)
CAP ONE QS-$4,250, CAP ONE QS-$2K, CAP ONE VISA SIG-$7K, JETBLUE AMEX-$5K, DCU PLATINUM VISA-$6.5K, AMAZON STORE-$5k, BANANA REPUBLIC-$5k

AU ACCTS: CAP ONE QS-$1.5K, CAP ONE CLASSIC-3K, BLOOMINGDALES-$3K, NORDSTROMS-$1K
Message 12 of 14
Anonymous
Not applicable

Re: Trying to get first apartment in NYC

Thanks for the advice. Just had a bunch of collections removed from my report Im in the low 600's now. I reside in Harlem would love to stay here but the rents here are insane. I've been told try to deal with buildings direct just like you said because mangament companies are ridiculous and the broker fee's are 12-15% of the annual rent. Sometime next year I should be ready. 

Message 13 of 14
Atonswife
Contributor

Re: Trying to get first apartment in NYC

Yes broker's fees are crazy!!! I lived in Harlem back in 2002. A friend and I rented a brownstone and rent was $2k/mo. They are truly building Harlem up and it is absolutely beautiful so I can imagine the rents prices. Just continue to work on your credit a little more and you should have decent shot getting an apt over there.
As of 11/02/15:
EX-679, TU-707, EQ-690 (FICO 08),7/31/15 691 (FICO 04)
CAP ONE QS-$4,250, CAP ONE QS-$2K, CAP ONE VISA SIG-$7K, JETBLUE AMEX-$5K, DCU PLATINUM VISA-$6.5K, AMAZON STORE-$5k, BANANA REPUBLIC-$5k

AU ACCTS: CAP ONE QS-$1.5K, CAP ONE CLASSIC-3K, BLOOMINGDALES-$3K, NORDSTROMS-$1K
Message 14 of 14
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