My cousin is trying to rent an apartment in Detroit but many of the landlords want to check his credit history. He has a history of slow pays and other credit card troubles. What should he do? How much of an explanation should he try to give? Do you think a person's credit history should matter when it comes to renting, anyway???
2006-08-13 06:28:01 · 8 answers · asked by openthepodbaydoors 2 in Business & Finance ➔ Renting & Real Estate
Most landlords do credit checks. Its been about 15 years since I had one that didn't do one. Now some will also do criminal background checks. However, this doesn't mean that you have to have a perfect credit record to get an apartment. I had a bankruptcy and some other issues and didn't have any trouble. I think they're looking more for landlord problems and bad checks. He should be prepared, only if asked, to tell them what has changed since he had those problems. He needs to sell them on the fact that his rent will always be on time, but if he volunteers this before its asked for he may create a problem rather than solve it. If they do have a problem, they may ask for somebody to guarantee his rent. If he can't get anybody to do that, he could offer to pay several months ahead.
Yes, I think a landlord has a right to be as sure as they can be that they'll get paid. That's how they support themselves and their employees, after all. It does make it tough when you're just starting out or rebuilding.
2006-08-13 06:40:56 · answer #1 · answered by pag2809 5 · 0⤊ 0⤋
They checked our credit at the apt we live in now. We have slow very little credit and what we have is not great since we hit a rouch patch a year back. But to our surprise we only had to put down a very small deposit because our credit was "so good". Most people are in apt for a reason.... either their lifestyle, lack of sufficent income, or credit.... or they'd own a home, so landlords kinda know that and credit isn't as big of a deal as you'd think.
2006-08-13 06:34:01 · answer #2 · answered by Me 6 · 1⤊ 0⤋
Many landlords do credit checks as part of the application process, but typically have their own service provider for these credit checks. When's the last time you checked your credit? It may not be as bad as you think. Check your credit report before you start apartment hunting so you know.... landlord credit check
2014-08-21 01:03:34 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Some landlord don't do credit checks. Some will require a higher deposit and advance payment with bad credit. If he has a bank account. Some landlords will require you to set up an auto payment through your bank. If your cousin can not get a bank account. He can at most bank get a savings account. Just make sure the bank allowa ach withdraws from this account.
2006-08-13 06:38:12 · answer #4 · answered by webworm90 4 · 0⤊ 0⤋
yes, credit history matters. The renter needs to see if you will make the commitment to pay rent on time. If you have a history of slow/late payments, you show a lack of commitment to obligations. He may need to get a co-signer on the rental agreement. they will not have to pay any $$, but will be held responsible if he skips out on the rent.
2006-08-13 06:32:06 · answer #5 · answered by parental unit 7 · 1⤊ 0⤋
they just want to know if he'll be a reliable tenant in paying his rent. 30-60 day late payments are nott he best, but not worse. if he's over that, then it may be tough, depending on the place.
2006-08-13 06:31:50 · answer #6 · answered by I'm so crafty, I make people 5 · 0⤊ 0⤋
It won't help, you have too many negative items.
2016-03-27 00:16:09 · answer #7 · answered by Anonymous · 0⤊ 0⤋
wow
2006-08-13 06:30:54 · answer #8 · answered by Anonymous · 0⤊ 0⤋