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Old 08-04-2018, 09:17 PM
 
Location: Honolulu, HI
4,550 posts, read 1,138,948 times
Reputation: 6517

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Quote:
Originally Posted by IDtheftV View Post
It isn't an option for most people, but coming up with the first four months rent would work with most individual landlords. That's what I would do. I don't imagine a complex would have the flexibility.
If a person could afford the first four months rent upfront, they probably wouldn't have bad credit.

OP, you'll need someone with good credit to co-sign the lease or something of that nature. Or explain to the landlord your situation.

Many people don't pay rent or they're late with rent so sadly the reality is credit is now used to help pick tenants. Personally, I wouldn't be moving into a new building/condo/house without excellent credit first (assuming you had a choice)
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Old 08-07-2018, 02:43 PM
 
Location: Kalamalka Lake, B.C.
2,956 posts, read 3,759,379 times
Reputation: 3753
When you or your company are a member of a Credit Bureau (two in Canada, three in the USA) you may NOT run a credit check unless you are GRANTING CREDIT. Renting is NOT "GRANTING CREDIT". Ipso Facto this is outright a violation of your membership in the credit buries, and as a landlord you should be fined/disciplined/etc. Perhaps "summary execution" of landlords might help "adjust" their attitude.

HOWEVER, for some strange reason the USA has scammed/conned it into a CULTURAL practice by just asking. You can ask for anything. My girlfriends phone number, for instance. That doesn't mean I'm going to give it to you. It also GETS WORSE: A FEE gets charged online by some untraceable company not DIRECTLY related to the rental: i.e the listing for rent is by ABC Real Estate, but when you get there "Sideshow Bob" is the actual owner, their sales guy, and he has a numbered company that your ACTUAL CONTRACT is to be signed with, meaning if you have a problem, ABC Realty is not legally going to help you and has NOTHING to do with the rental you're trying to nail down. i.e VIOLATION NUMBER TWO as a Credit Bureau paying member, you may not THIRD PARTY your scam.

his USA cultural practice VIOLATES all the agreed rules of the credit union membership, but in a hot market they get away with it. There are ways around it but I'll need to write a book. Maybe I should.
Oh, by the way fyI: my family have been landlords for half a century in California, and no, we don't credit check, (most of our renters are new arrivals and are referred by long, long, long time renters with us for decades) and in Canada, where I am, it's a big damn NO NO, except for some new arrivals that try to pull all kinds stuff.

Last edited by thedwightguy; 08-07-2018 at 02:53 PM.. Reason: typing fast bad spelling
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Old 08-08-2018, 08:35 AM
 
Location: East Tennessee and Atlanta
3,020 posts, read 8,265,617 times
Reputation: 1785
Quote:
Originally Posted by thedwightguy View Post
When you or your company are a member of a Credit Bureau (two in Canada, three in the USA) you may NOT run a credit check unless you are GRANTING CREDIT. Renting is NOT "GRANTING CREDIT". Ipso Facto this is outright a violation of your membership in the credit buries, and as a landlord you should be fined/disciplined/etc. Perhaps "summary execution" of landlords might help "adjust" their attitude.

HOWEVER, for some strange reason the USA has scammed/conned it into a CULTURAL practice by just asking. You can ask for anything. My girlfriends phone number, for instance. That doesn't mean I'm going to give it to you. It also GETS WORSE: A FEE gets charged online by some untraceable company not DIRECTLY related to the rental: i.e the listing for rent is by ABC Real Estate, but when you get there "Sideshow Bob" is the actual owner, their sales guy, and he has a numbered company that your ACTUAL CONTRACT is to be signed with, meaning if you have a problem, ABC Realty is not legally going to help you and has NOTHING to do with the rental you're trying to nail down. i.e VIOLATION NUMBER TWO as a Credit Bureau paying member, you may not THIRD PARTY your scam.

his USA cultural practice VIOLATES all the agreed rules of the credit union membership, but in a hot market they get away with it. There are ways around it but I'll need to write a book. Maybe I should.
Oh, by the way fyI: my family have been landlords for half a century in California, and no, we don't credit check, (most of our renters are new arrivals and are referred by long, long, long time renters with us for decades) and in Canada, where I am, it's a big damn NO NO, except for some new arrivals that try to pull all kinds stuff.
This is eye opening and super informative--great information!

I rented apartments for more than 7 years back in booming Williamsburg, Brooklyn from 2001 to 2008. We ran credit on almost all applicants, depending on the landlord.

In my experience of running credit, and with some stories from landlords, good/excellent credit does NOT equal good/excellent tenants. I've had several problematic tenants in a lot of areas--noise, loud parties, unabiding by apartment rules, constant maintenance requests--and even paying rent late--who had good/excellent credit.

A better way of determining a tenant's ability to pay is by income and references. Credit is not a quality indicator of good tenant/bad tenant. Credit companies themselves are laced with bad practices, sloppy consumer protection and fraud in some cases.

Long story short, credit checks are money makers for the big companies, and overall an unreliable way to determine a tenant's ability to pay. You have to look at the whole picture, not just a number made up by a greedy credit corporation.
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Old 08-08-2018, 02:53 PM
 
Location: Kalamalka Lake, B.C.
2,956 posts, read 3,759,379 times
Reputation: 3753
When you are dealing with affordable housing, back in the day when my parents had an income stream from their business and were looking for a placer to park it, you didn't run off to the government for a HUD handout and/or local and state "money grants". like so many of Trumps friends do, while lying about it.

Since new arrivals and people getting back on their feet, or relocations, or divorces and single parents, you have to work with them. My parents had very few problems (one guy went Chap. 11 on us and lived free for two years) but that was rare.

Mom tells me of this guy coming down the sidewalk with rent arrears a year later, having relocated to a job out of state.
It all seemed to come back to them in the long run.

But being a landlord isn't for everyone, and you can't get in this game on a tight margin. If you can't take a hit for the occasional bad or late renter, you have no business in this game. What Trumps in laws do, running a shill and shell company wrecking credit ratings of people getting back on their feet ten years later is obscene.
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