Renting and credit

Discussion in 'Credit Talk' started by Melissa, Jan 13, 2001.

  1. Melissa

    Melissa Well-Known Member

    okay this is my situ,
    we just found out my hubby got a new job. We have to move asap to Kansas City. We currently live in Upper Mich. Anyway, now I am so stressed because every place including private rental homes is checking credit reports. I personally can understand apt complexes but private homes. WE will never pass the credit check. Our credit is awful, his has a bk that is just discharged and mine although I am working on it with two new credit cards from Providian(visa gold and their mc) It still sucks. Most of this is because I got a divorce and had some pregnancy complications and Jim's jobs pay sucked but we worked our asses off but couldn't make ends meet. Now he is going to be making 71k a year at his new job, we make w/o overtime now 23k a year with o/t about 35k and we need to find a place to live. We will be out of debt in no time making this money because we don't have a lot of debt but when you don't make much you do everything just to meet your basic needs. Help, what should we do? We also have 2 very young children ages 2 1/2 and 17 month. So we need safe, family neighborhood housing.
  2. mt

    mt Guest


    I think you will find that some people will be willing to work with you. I know that it is stressful. When my parents divorced, it ruined my mother's credit (or damaged it a great deal) and she had to get an apartment (actually in Kansas City). She had to pay a larger deposit or add'l rent or something as a condition, but it worked for her at the time.

    Good luck.
  3. roni

    roni Well-Known Member

    Large deposits.

    The only way to rent with poor credit these days is to

    1) rent a cheaper apartment at first. I am sure you want a very nice place w/ your new income. But these places have lots of applicants and can be more selective.

    Search for a nice & reasonable apartment which is hungry for renters. They will probably ask for a deposit higher than the usual at most.

    2) Get record/letter from your present landlord and past ones showing that you do pay rent on time

    3) Reach deep down into your pockets and come up with a very large deposit. 1-2 months rent may be necessary.

    Private homes are checking credit now, because they too have been burned so often.

    Good Luck!

  4. sam

    sam Well-Known Member

    RE: advice.

    I think my apt's require good credit or else. IF you've ever defaulted on a lease, watch out, you may be denied in the ghetto. They keep records online of court evictions.

    no less. I paid i believe $100 move-in non return fee + one months rent deposit $950 + first month rent $950 + app. fee $50, my credit is somewhat bad. $2050 at move-in is pretty hard to swallow :)

    Many nicer apt divisions have rules, bad credit=no living there, period end of story. It has to do with the management company.

    What i did was explain the situation to the manager. We worked out a deal. Leasing agents CANNOT make deals, they get a bonus per applicant, and will tell you anything..

    Hope that helps.
  5. roni

    roni Well-Known Member

    RE: advice.

    When I rented my apartment they did a big credit check. My apartment community has a agency to check the credit. They called my employer at the time, the hospital I did my residency, the apartment I rented my last year of school, my landlord at the time also. Basically they asked for rental and employment history over the last 2 years. They checked every reference. The check cost me $50 I think. I then had to pay a months rent for deposit instead of their usual $300 deposit.

  6. Melissa

    Melissa Well-Known Member

    RE: advice.

    I have to pay a month's rent for most of these homes for a deposit. Let's say the rent is 750, the deposit is 750. I just hope we find a place to live. I mean the government wouldn't let us be homeless with that income would it? I mean I have children under the age of 5, now come on. Someone has to rent to us and hopefully it is in a safe environment.
    I have never been evicted. My rent is always paid on time. I have at least 5 years of recent rental history and 2 years of a mortgage with my ex paid on time until we sold it and then like 5 prior years of rental history behind that. It is just a couple of credit cards and one student loan and 2 duplicate(long story) ameritech charges and one medical bill from an u/s that should have been covered by insurance because it is was a referral from my primary care physician that is on there. I am in rehabilition with Capital One(one of the charge offs currently and paying them as agreed for the past 7 months. But with Jim's recent Bk, I am just afraid to even apply for these places. I don't want the inquiry of more than one place so I don't want to keep looking. I just want to pick one house and go with it, if you kwim. Ugh, this is so stressful. I am so afraid to tell them I want it and then give them a deposit and then bam we don't have it and we have no where to live. I would just die if we were homeless. The movers are coming feb 1st and right now we have no where to live yet and I am afraid to say to these landlords that we want their house.
    I am wondering if Jim's mother could cosign on the lease or something and maybe we would get approved then. I mean we will be making plenty of money and the only reason I ever defaulted on anything is because we were broke. I pay my bills when we have the resources to do so but for like 2 years, we were so broke, collecting food stamps, wic, living less than paycheck to paycheck, it puts of toll on bills you can't pay. Some understood like Citibank so that is why I am still in good standing with them and so didn't like Capital One.

    OOOOOOO the stress,
    Thanks for the support,
  7. sam

    sam Well-Known Member

    RE: advice.

    Advice from someone who worked in the credit and apartment industry. They are more worried over evictions than anything.

    I've seen people declined for government funded housing because they got evicted on $8/month rent( yes! $8). Sad.

    They want:
    1. Employment history.
    2. Rental History.

    If you had perfect credit, and lots of money, wouldn't you be buying a house??

    You have no problems..

    The rental folks at my place were like "We dont really care about past problems, as long as you have strong verifiable references for residential history".

    i told them straight up my credit blows, but i have to be on the lease to qualify for the rule of making 4 X Rent amount => Gross Monthly income rule (ie $1000 rent = $4000 gross income).

    So i paid a $950 deposit instead of $200.

    no biggie. Save up your coins for the move in costs, and relax :)
  8. roni

    roni Well-Known Member

    more advice.

    Have you tried an free online realtor. I used one for when I found my apartment. You can find out the guidelines easier that way. You tell them what you are looking for luxury, family setting, pets, etc and they email you a list of matches. The apartment pay them to do this. Search for one in the Kansas City area. Just a thought.

  9. molly

    molly Well-Known Member


    When I moved almost 2 years ago the mgmt co. of my apt said no because I had 9 out of 13 negative marks on my credit report. I asked what about a cosigner, they said yes. That was the only way I got my apt.
  10. Melissa

    Melissa Well-Known Member

    RE: Melissa

    Thanks Molly, I am going to call monday and ask the place I want to live about a co signer. Then I just got to get Jim to ask his mom which could be another hard part in this ordeal
  11. mt

    mt Guest

    RE: Melissa

    M --

    Try not to be too stressed out about it, you'll be okay. Your husband should be looking in to options as well. Do you have to move immediately? Will the new company pay for him to stay in temp. housing for a bit?
  12. Melissa

    Melissa Well-Known Member

    RE: Melissa

    They will pay relocation but I dont think they will about temp housing. I am not having any problems with being able to find a vacancy at all. I am just nervous about the application and then being denied and having those inquiries on my report afterward. We need a new car soon too because ours is a dinosaur(14 year old mazda 626) but as soon as we get out feet off the ground and in a place all xtra money we aren't used to having is going right into a large large downpayment on a new car.
  13. Amistad Da

    Amistad Da Guest

    RE: Went throught exact

    I just through the exact same thing. My bankruptcy is older than yours but I know the feeling. Do what I did. Go to the actual complexes leave the agencies alone. Wear nice bussiness attire (dress smart). Look at the apartment like a regular prospective renter. Then when you are back in the managers office explain what you explained here. Bring with you any written references to why you can afford the payments... check stubs, written offer of salery on the hubby's new job. Ths worked for me. I must add that I had one other thing working against me. My income is not really verifiable since it's comeing from several sources (I'm a student), so that made me apprehensive too. God Bless!
  14. Jim

    Jim Well-Known Member

    Don't forget that many people rent thru friends, church groups etc. My church promotes renting to members. The landlord is happy because he has the extra leverage. When you go to see a house make sure you make the right impression. Your car does not have to be a mercedes but should be clean.

    Best wishes

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