needshelp

Credit Rating and renting an apartment.

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My first post here will be concerning my most immediate concern. After a year off of work, my credit rating tanked and my score is in the mid 500’s. I was recently turned down for an apartment. The rent was within my budget but, they said they turned it down based upon my score. I realize that mid 500 is not the best score but, is it really THAT bad. I make decent money upper 40’s and the rent was under 700. I have ALWAYS made my car payment on time (over 400 a month) but I have 2 credit cards ( around 1,000 a piece amex and Providian) that fell into write-off after I lost my job. My main concern is how hard is it to get an apartment with a score of mid 500’s. Any advice. I live in Illinois. Thanks. I have plenty of other posts to make but this is my most urgent concern since I need a place to stay.

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Wow, I'm sorry. :(

At the time I took my property management classes it was known that in a lot of cases they usually use different criteria figuring MOST people do their darndest to pay their rent/mortgage BECAUSE they need a place to live. I'm surprised they didn't just ask you if you could get a co-signer. Do you have evictions? If you don't, then I think it sucks they did this but that's ok--maybe in retrospect you'll find doing business with them would've been hazardous to your health anyway. Some property mgmt firms/people are real criminals and I'm not joking when I say that.

Yes, I agree--look into a private landlord. Do you have any previous landlords you could use for references? I had junky credit but I had a good landlord willing to be my reference and I was able to get into an apt.

Good luck hon.

Elyse

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Corporate landlords, you know the property management companies, always pull your CR. If it ain't good they usually ask for 1st AND last months rent in advance in addition to a deposit. My landlord is Larry. He's a gay dude that lives with another gay dude and they own about 3-4 buildings and they never did a pull. My other landlord inherited a couple of buildings and he did a pull 3 weeks after we already moved in. In general I shy away from the cookie cutter apartment complexes.

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I have tried a “corporate” and private landlord. I was turned down both times. The ironic thing is, the entire reason my credit is so bas is, I paid my rent and car above all else. I guess I will continue down the path with private landlords and hope someone takes pity on me. I cant keep paying for the credit checks. Maybe ill get luck and find one that does not check or have my report in hand. That way, I can ask them if this is a problem. If so, Ill just move on but time is running short. Thanks for the responses.

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You should never have to pay for a credit check

And remember...if you PAID for a credit check they MUST notify you in writing within 30 days after you apply why you were denied.

Private people dont often do this and it can cost them a nice $1000 in FCRA violations if they do not do this.

This may sound bitchy(yeah I am) but if they dont send you anything, send them a nice letter telling them you will require your money for the credit check back or you will sue them for the 1000 you have in violations.

<shrugs>

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I used to be in your situation and what helped me was having former landlords write referrals for me, showing my current pay stub, and offering to pay 2 months deposit.

I don't know your specifics, but have you considered getting into a roommate situation that already has the apartment, or possibly a sublet? Then in the meantime, you can use the advice here to better your score.

I'm sure you already know about this site, but I thought I would give it to you anyway. You can look for apartments, roommates and sublets. Some landlords will even list in their ad that they are flexible with your credit score. http://chicago.craigslist.org/

Good Luck!

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Actually I did not know about the craiglist site. Thanks for the link. I may not be able to use my previous landlord as reference. It was a corporate building and I had to break lease. It is probably best to let sleeping dogs lie on that one. I am not real fond of the idea but, I am at the point of seriously considering a roommate.

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You should never have to pay for a credit check

And remember...if you PAID for a credit check they MUST notify you in writing within 30 days after you apply why you were denied.

Private people dont often do this and it can cost them a nice $1000 in FCRA violations if they do not do this.

This may sound bitchy(yeah I am) but if they dont send you anything, send them a nice letter telling them you will require your money for the credit check back or you will sue them for the 1000 you have in violations.

<shrugs>

What if you don't pay for the credit check? Don't they still have to notify you in writing why you were denied and what credit bureaus the looked at?

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