Hi, I'm new. I have two paid chargeoffs (small amounts--under $500.00) and two student loans. One loan is deferred and the other one is being paid in small (agreed upon) payments, but is past due technically. BOTH will be deferred by me asap, as I'm starting grad school in December. I have NO credit at the moment. My fico score at TU is 519. Here are my questions: 1. Should I get secured cards now in order to start building my credit history or should I wait until after I've found an apartment? Will new cards drag my score down further? 2.Will a fico score be looked at by a landlord or will they actually look at the credit report itself? I'm only renting, but I'm a bit nervous. 3.Does anyone think a bad cerdit report can prevent someone from renting an apt? Also, is it true that CA landlords pull experian? Sorry for all of the questions, I'm just a bit concerned.
This is just me, but I would IMMEDIATELY get some cards. With your score, I can't say for sure who will approve you. www.sterlingbank.com, secured 120% of deposit, guaranteed approval www.capitalone.com, secured deposit $49-99, credit limit $200-500 www.fcnb.com, secured, deposit min $100, multiplied by 1-5 depending on credit file These three have an annual fee of $39. Steph
Since you are in school, why not just apply for student cards? They are very easy to get. But then you have charge offs. That might make a difference. Maybe you should start disputing them and then try for the student cards again.
I have rented two apartments in Los Angeles. Both pulled Experian. Work on your reports now and try to get them cleared up as much as possible by the time you rent. One of the apartments I wouldn't have gotten because of my credit, but I was moving in with my boyfriend, who has impecable credit. The apartment before that, I got by myself. I probably had a worse score than you when I applied, but I offered to give them several months rent in addition to the security deposit (they can't ask you for this legally, but you can always offer). LA isn't the worst market. Compared to say San Francisco or New York the vacancy rate here is a lot higher, so landlords are more willing to work with you. But, do stay away from the big rental companies. They are usually harder to work with. It will be harder for you to find a place with bad credit, but not impossible. Hope this helps Ellen
Thanks everyone. Ellen, I have a question: Did the landlord take the extra security deposit? If so, how many months? I could probably do up to a month's rent and 2-3 months security, but no more. Also, do you have any ideas about inexpensive areas in Los Angeles. I've been told the valley is a good option. I'm looking for a studio or one bedroom and I can spend up tp $800.00/month. Thank you for any tips or advice you can offer!
By the way, I tried to dispute the two chargeoffs and they both came back verified. One is Providian (they verify monthly regardless, it seems) and the other is Capital One. As for the two loans, they will both be brought current through deferment soon. I have already applied for another Capital One secured card and my current bank where I have a savings account will give me a secured mastercard that does report to the cerdit bureaus wholly against my savings acct (HSBC). I will check out fcnb.com. Is there anything else I can do? Should I re-dispute the two chargeoffs right before I look for apartments? I'm planning on getting a cellphone (Sprint PCS). Does anyone know if they report to the three cras? I only have one inquiry. Any other advice would be greatly appreciated!
HI CAmove! LA and SF are MUCH MUCH easier NOW to get an apartment. Apts in SF that were $2000 a month are now $1300-$1500. LA will be the same in Hollywood / Santa Monica / Newport Beach / Malibu areas - but very reasonable if you can commute a bit. I read all the other answers - Ellen seems to know the LA mkt best - BUT - now is a good time. You should be looking at apts NOW - very possible you can tell the new landlord you are cleaning up your credit. THE LANDLORDS MUST RENT THEIR VACANCIES! good luck - dogman
If you are moving in december, I think probably getting cards now would hurt your scores if anything. That being said, getting cards as soon as possible is probably in your best interest for general credit reasons. I'd recommend after deciding you want to apply to ask what happens if you have bad credit and will they accept a higher deposit. I totally agree with ellen to stay away from big renting companies. That's probably just not going to work. As for where to live...it definitely depends on where you are going to school. What part of LA is your grad school in? $800/month should really get you a studio pretty much anywhere.
I'm going to school in Marina Del Rey, but the program is a low residency program, so it's not necessary that I live near it. I would prefer to live north I guess, as that's where my friends are: Hollywood Hills, West Hollywood, Miracle Mile. Do you or anyone here know who the BIG LA managment companies are?
You don't have a pot to piss in, a score of 519, and then you have delusions of granduer of living in some of the most expensive parts of Los Angeles. Why don't you think about why your score is 519, probably because your living beyond your means. In other words wanting a champaign lifestyle on a beer budget.
Why would you want to live in the most superficial citiy in the U.S.? All these "wannabie" Hollywood actors and actresses....LOL.
Don't even bother looking in the Hollywood Hills. You might be able to find something in West Hollywood, but of the three Miracle Mile would be your best bet. Even I wouldn't live in the Valley if I were going to commute to MDR, it's too far in crowded traffic (and I commute on a motorcycle and can lane split between all of the stopped cars). Would you consider looking for a roommate situation, that would definately be easier. Here's a rental listing place (I think it's $50 for 2 months) for finding apartments and/or someone who needs a roommate. http://www.metrorent.com Or you can try this (it's free), but a lot more people look at it: http://www.recycler.co Dogman - glad to hear that it's easier to get an apartment in SF now, when I left 5 years ago it was really tough. Though I know that the bad economy is a lot worse in the Bay Area. The recession in the early 90's was pretty brutal there. Ellen
Re:SF APTS Sean, Ellen - interesting about those areas being the most expensive. I am down there on biz occasionally but just go to downtown Wilshire. SF has signs out all over town - and of course - all those lofts that are still being built are vacant! I stayed in my rent controlled SF Twin Peaks apt for 7 yrs. Ellen you know the radio tower on top of Twin Peaks - Sutro Tower? I hang directly under that wil Twin Peaks dead on SF view. Its nice. Board - with the crazy dot.com $$$ increase in SF, during the heydays, people did NOT move. RENT control! It went up 2.8% MAX this next year! later dogman
Re: Re:SF APTS I'd agree that you can probably afford at least a studio in W Hollywood or Miracle Mile. I'd also suggest looking at Culver City or Palms. And if you want to consider the valley, I'd suggest you check out exactly how slow the 405 moves during peak (and even near-peak) times. Another website, which unfortunately you have to pay to use, but I think is worth it is: http://www.westsiderentals.com/ What I meant by big companies is, it's better if the person you are talking to is either the one renting the place or knows the person renting the place, rather than a more structured business-type thing.
To Sean or anyone else who cares Thanks so much for all of the help everyone! I probably shouldn't dignify Sean's comments (I'm sure he's a perfectly decent person usually), as everyone has done their best to be helpful, but I feel the last thing someone with a problem needs is to be ridiculed. I've been to LA exactly ONCE. I have no sense of what is expensive or above my means and what isn't. If I knew the right place and had it all figured out, why the hell would I post here?!!!! P.S. My friend who lives in the Hollywood Hills doesn't have two pennies to rub together. He lucked out into a fantastic share. I don't know any rich people. All of my friends (and myself) are struggling artists.
Re: To Sean or anyone else who cares Join all the others with your dreams of making it big just to end up working at the local diner...get a grip kid.....and stay in the small town where you are from until you are old enough to realize what a mistake you are about to make.
Re: To Sean or anyone else who cares My god Sean, who peed in your wheaties this morning? Why are you so hateful?
To Sean, with love Many kisses and hugs to you too Sean! This comment shows how way off you really are. If only you knew where I was actually from or what I've actually done/seen/accomplished. You don't have a clue. However, I do wish you a lot of luck. With your uninformed, reactionary way of interacting with others, my guess is you'll need it.
