Will I be able to rent an apartment?

Question

I have okay credit but I have a few credit cards that are high and behind. I was going through a hard time.

I came into some money with my business.

If I pay off those debts today and I have the rent, deposit, will my credit hold me back?

I know it takes a while for credit scores to rise and debts to be taken off credit reports.

Will I be able to rent the apartment? I have no criminal history, repos, or evictions.

Your experiences or opinions please. :)

Answer 1

If you have some good credit on there, a history of paying your bills, then a short "hard time" will not keep you from renting.

Answer 2

It makes a difference on how far behind you are in your bills. Paying the debts off immediately is the best start to building a good credit score.

If you have a good steady job with a good income that will help. Some landlords are more flexible than others. You may find one that is willing to take a chance on you.

They may ask for 3 months of rent in advance or something to feel more secure in renting you the apt. You can always offer to do that yourself if they don't. Or they might ask for a co-signer.

I suspect that there are enough human beings around that someone will take mercy on you and rent you an apartment. Just don't give up looking. I could take a while or not.

But I suspect you will land yourself an apt. Think positive and be determined. Determination has always worked for me in achieving my goals!

Answer 3

If they are only slightly behind no problem. It is when they hit 30 days that your credit suffers.
Finding a place to rent depends on your credit score and if low it could take years to improve.

Answer 4

All you need to do is treat your next landlord like a mortgage underwriter. Be honest about your credit situation and show proof that you have paid off the accounts you got caught getting behind. The worst case scenario will likely be an increased security deposit, but you will likely get the apartment you desire.