Landlord & Credit Reports

mc,

I recently applied for and was approved for a townhouse. Currently, I rent an apt. I have always paid my rent on time ect. The funny thing is the Realtor for the Townhouse never called my current rental agent. They pulled a credit report. According to CE my score was 609. I was approved.

I have a charge off from Cap one from 1995, and a collection from 1997. That is bacially it. I have a few late pays on my electric bill and 2 30 day lates on 2 credit cards from 1998.

I reside in Western PA, I think they look for judgements from previous landlords. It was quick. I sent my application with my security deposit, and the agent called me back the next day and told me I was approved for the townhouse. I move in the middle of March. They basically took my application, told me I was approved and told me to pay pro rated rent in March. I rent from one of the largest Real Estate Agencies in Western PA. A lot of renting is supply and demand. If an apt complex has multiple units available, they will relax their application requirements. I have seen it happen

I know there are different requirements depending on where you reside. If I am not mistaken, Chicago is Trans Union territory. (Someone please correct me if I am wrong). Make sure you don't have ANY judgements on your credit report. I think that hurts big time

If you have doubts, ask the rental agent. They should be able to tell you what the requirements would be to rent from them.

Anyone else? Like I said I Live in Western PA, its not difficult to rent here. Chicago may be totally different.

 

Terry,

Are you a Pittsburgher too?!

 

I'm renting a house from a private party. However, his mother (whom I have never met) and father took responsibility for marketing and showing the house to prospects because they live about 8 miles away. He lives over in New Jersey. Also, she's a realtor and so knew more about tenant law etc.

She told me that she could run my credit app but it would be $25 since she'd be using her agency's resources. OR I could just get a copy of my own report and send it in. So, I pulled an online EQ report and faxed it to her within the hour.

They didn't care anything about the 30 day lates on one or two retail cards. The only thing she really cared about (the true landlord was just happy I was willing to sign for a year) was the time I bounced a check at my apt complex 3 years ago. But since I had made it up before the returned check even came back, they were more than happy.

He later admitted the only thing they were looking for on my credit report was any eviction notices.

 

Most landlords do not look at scores, they review your CR, and $25-$30 is a standard fee. You may offer to show a recent copy of your CR, and see what they say. Property MGMT co. and Apt. Complex, are looking for no evictions, or previous problems w/ renting (re: late payments).. They do review your credit to assess your "risk", and may charge you a higher deposit w/ derrogs...they can deny you based on poor credit.

I have had more success renting through original owners...fortunately for me, having great "rental" references, and a "Sweet" personality have worked, and I have rented 2 diff places w/ out a credit check... Good luck!

 

Chicago is TU territory. correct. NO Judgements is a biggie. I don't know about what else. will you be looking in the city or suburbs?

 

Terry,

If you don't mind my asking, can you tell me the approximate rent for a townhouse where you are?

Thanks.

I'm thinking of getting out of high rent NYC.