I'm trying to rent an apartment in April but I just got a copy of my credit report and my credit score is very low. Will an apartment complex automatically turn me down or do they usually make you pay an deposit? Any help would be great. Thanks.
2007-01-29 08:07:25 · 9 answers · asked by sparkle2720 2 in Business & Finance ➔ Credit
You need to review the Tenant Laws in your state.
I know in Masschusetts landlords/apartment complex are limited to how much they can charge for a deposit. So they can't raise the deposit because you have poor credir or because you have a pet.
You need to also look at both apartment complexes and private landlords. You should have a list of references (possible job reference, previous landlord). You need to also have proof of income that you can afford the actual apartment as well as the utilities (paychecks or statement of where you will be recieving money). You might also want a co-signer just in case.
When renting out an apartment landlords/apartment complexes take a lot into account. They will review to see if you have proof of income and references. Based on that they will then progress to checking your credit history if needbe.
I've been renting for the past 2 1/2 years and they have never checked my credit history, but I rented mostly from private landlords and one apartment complex. (Boston has more private landlords/management than actual apartment complexes).
So as long as you come prepared and look professional then you can apply. If they say your credit is not good enough, the most they will ask for is a co-signer so if you default they are responsible. Good Luck
2007-01-29 10:08:33 · answer #1 · answered by Anonymous · 3⤊ 0⤋
No, they won't automatically turn you down. You may not be charged a higher deposit. Almost every complex is going to require a security deposit, regardless of whether you rent commercially (leasing office) or privately (individual/sub-letting). It depends on how large of a complex they are and who they are. Shop around. Play one complex against the other. Tell one well these guys were offering me xy and z for this apartment, you can't do any better than this? Prices, despite popular belief, aren't set in stone and any of the agents normally has some amount of lee-way in what they charge you. Just be careful not to low-ball them or they'll tell you to take a hike. Practice negotiating. It comes in handy. I've done this when my credit was less than spectacular and you'd be amazed at how flexible they really are if you know how to play the game. They make more money off the people that roll over and give up on whatever it is they're charged in the short term, but a smart and upstanding leasing office will value a smart tenant.
The only time any price is set in stone is when it's a major retail establishment. Most mom 'n pop stores, rental housing, car dealerships, and when you go to purchase your own home will allow you a good amount of negotiating room.
Dawwh, is someone offended that I know how to get the best bang for my buck?
2007-01-29 08:16:17 · answer #2 · answered by sovereign_carrie 5 · 0⤊ 1⤋
Some will rent. Many apartments tend to look more at your rental history rather than credit and they make sure you are employed. In most cases you do need to pay a deposit, but sometimes apartments have specials going on that waive the deposit and application fee. You way want to check out www.apartmentfinder.com it helps a lot.
2007-01-29 08:49:34 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Depends on why your score is low. If it's due to medical collections it should not really be that big a problem. If however it's due to late pays, collections, judgments, foreclosures or credit cards being written off, you can still get an apartment just be ready to pay a large deposit.
2016-03-29 08:27:30 · answer #4 · answered by Leigh 4 · 0⤊ 0⤋
some will rent to you. i had this recent episode where the rent manager told me that the deposit will be $250, but when she took a look at my credit report that total changed to $589! it's called a deposit w/conditions meaning that your credit is not all that good, but they'll still rent to you. some complexes charges up to a 2 months rent worth for your deposit, but that's here in Alabama.
Mom of B & D
2007-01-29 08:14:16 · answer #5 · answered by Mom of B & D 5 · 1⤊ 0⤋
Some one may need to co-sign for you. Try to find some one with good credit.
2007-01-29 08:22:24 · answer #6 · answered by purplemrskitty 2 · 0⤊ 0⤋
Yes but with a higher deposit.
2007-01-29 08:20:24 · answer #7 · answered by Philip D 2 · 0⤊ 0⤋
You will most likely have to pay a pretty hefty down payment. I was going to have to pay $1200 for $550.00 a month apartment.
2007-01-29 08:15:29 · answer #8 · answered by Bchlvr 4 · 0⤊ 1⤋
It depends on:
1) How bad your score is, and
2) What the landlord's policy regarding credit scores is.
2007-01-29 08:17:10 · answer #9 · answered by F. J 2 · 0⤊ 2⤋