Credit Application for Renting house whats it about?

Question

Ok so my fiancee and I are moving into a rental house and recently filled out a credit app. I don't have credit established but my fiancee does. What does the credit application do? What do people usually turn them down for? What are they going to think about me not having any at all? What if neither of us had credit then what would they do? I just need a little filling in....

plus lets see...our total income is more then 3 times the rent

Answer 1

They’re looking at your ability to pay bills. If you don’t have credit history, you can’t prove you can pay bills. You may have to have your SO be the sole person on the lease and add you as an occupant.

Answer 2

The way you pay your credit obligations is an indication of your character. If you pay your existing creditors, your new landlord can expect you to pay him. If you don't pay your current bills, why would he think you'd pay him? In addition, he can see how much you owe on a monthly basis, compare that to the income you've disclosed to him, and find out whether you can afford the rent.

If you're over 25 and don't have any credit, you're going to have a harder time getting any now. If your over 30, you're going to have a VERY hard time getting any.

If you're 19, you've barely had time to establish credit. This is generally a consideration, although no credit gives me no clue as to whether or not you're going to pay me.

If you don't have "traditional" credit, i.e. things that show up on your credit report, then the potential creditor may accept "non-traditional" credit history, e.g. phone, gas or electric bills, or previous rental history. They may ask for verification of as many of those things as possible, or they may not accept that at all.

Answer 3

This gives a landlord a history of you and your fiancee, if you pay your bills on time you will pay your landlord on time.
In some instances where you have no credit I would advise the landlord to get a co-signer agreement.