I'm supposedly lucky to have my own place now since it's my chance to live on my own & alone. My credit is horrible, & I'm lucky to have a landlord who doesn't check credit. But why do we need good credit in order for a place to lay our heads? I'm considering moving next yr. to Los Angeles for a better living, but I'm afraid to be homeless again like I was in New York. Right now, I live in a small town with very limited transportation.
2007-09-16 14:28:48 · 9 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Sometimes you can find a good place just by telling them where you work. It worked out for my dad but my brother also lied about something which was stupid.
2007-09-17 02:14:58 · answer #1 · answered by donielle 7 · 1⤊ 0⤋
Isn't it good that you have some time to work on the credit issues? The answer to your question is that your credit is like your report card when you get out on your own. IT tells the world how well you manage your money. SO the apartment complexes just want to know if you are a careful manager of your money so that they can be sure that you will pay them and do so on time. If you want to get started on the credit fixing? go to www.myfico.com they will give you the most complete information including your FICO score. The FICO score is the score that lenders use to determine if you are reliable enough to be able to buy a home. So while you are thinking about renting why not get started on thinking about the longer term housing plans and get it good enough to buy your own place. IF you do go to LA next year try looking for a room maybe until you get settled and you can do that by going to:
2007-09-16 14:46:49 · answer #2 · answered by helprhome 5 · 1⤊ 0⤋
Well your credit doesn't have to be perfect to get an apartment. Most apartment complexes expect that your credit be at least 40% good and they don't look at medical bills. Your credit might not be as bad as you think. I filed bankruptcy 5 years ago and I've rented 2 apartments since then. I would get a copy of your credit report from all 3 credit reporting agentcys since your credit score can be different on each one. If you find out that your credit is so bad that no one will rent to you, you can save up about a year's worth of rent and pay off the lease in advance. Most apartments only care that they get paid and that you aren't a felon. If you pay them in advance they usually don't care how bad your credit is.
2007-09-16 19:54:16 · answer #3 · answered by kittysoma27 6 · 1⤊ 0⤋
well the way landlords see it is that if you have messed up credit you probably have some trouble handling your money. Usually you mess up your credit by not paying credit card debts on time and so they are afraid that if you are not able to keep that deadline you won't be able to pay rent. Use that year to improve your credit history before you move, it'll take longer than a year to get out of really bad credit but it is a beginning and when they see that you paid debt on time for the past year your chances increase
2007-09-16 14:36:39 · answer #4 · answered by Anonymous · 1⤊ 0⤋
A Landlord is placing a property worth many thousands of dollars into the physical and legal custody of a stranger. If you are a bad tenant, or do not pay your bills - then the landlord will quickly lose thousands of dollars.
So all smart landlords check credit of potential tenants.
Which would you prefer to rent to? Someone with horrible credit and a long history of not paying their bills? Maybe someone who already has a history of being evicted from homes?
Or someone who shows on their credit that they are responsible and take care of their obligations on time?
If given a choice, if someone is getting into my $200,000 property, I'll take the second applicant, every time.
As far as the other side, if I am a tenant I would prefer to have a landlord that does little things to take care of the house like screen tenants to try to get good people. They are more likely to get repairs done in a timely manner, instead of being a pain to fix what needs to be taken care of.
2007-09-16 14:53:02 · answer #5 · answered by rlloydevans 4 · 1⤊ 2⤋
Your landlord expects tenants who can pay their bills on-time. A GOOD credit rating is a reflection of whether or not a prospective tenant pays their bills on time. Credit ratings are very important. They determine interest rates for cars, homes and the price you pay for homeowners insurance. If your credit is horrible. Do something about it.
2007-09-16 14:39:27 · answer #6 · answered by Anonymous 1 · 1⤊ 1⤋
Better stay where you are. Everything goes by your credit report. People with good credit get lower interests on loans, cars. etc. When you have good credit it says you pay your bills so landlords . for one, don't have to worry if they'll get paid or not.
2007-09-16 14:44:27 · answer #7 · answered by SandyO 5 · 1⤊ 0⤋
Good credit shows that you pay your bills. I know I wouldn't rent to a person who can't or won't pay their bills. Build up your score before you dump your place.
2007-09-16 14:34:55 · answer #8 · answered by Pappa Poopy 4 · 2⤊ 2⤋
They gotta make sure they will get their money. Unfortunately, thats what makes the world go round.
2007-09-17 15:16:44 · answer #9 · answered by chris j 7 · 0⤊ 0⤋