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Old 09-18-2011, 09:05 PM
 
Location: L.A. County
4 posts, read 2,803 times
Reputation: 10
Default Living on 31K and a BK

Hi all!

I have a Bankruptcy and default judgement on my record. The BK was discharged in '05, and the judgement already fell off one credit report, but it's still appearing on one other report that I know of. Since then, I've worked really hard to rebuild my credit. My scores are pretty decent now in spite of the BK: 676 and 720 according to the two major credit bureaus I pulled from. I've been living with my parents for a while because of the BK and I think I'll be ready to move out by the end of the year. I'm in my late-twenties.

I would like to rent a studio somewhere in central L.A. Possible WeHo or downtown. I make roughly 31-32K a year after taxes, at a job I've been at for 5 years. My car is paid off and I have no debt. I have 6K in savings and plan to have 10,000 in savings by Dec. '11. I've been able to save quite a lot of money since my parents are gracious enough not to charge me rent.

The only thing holding me back is the fact that for what I make and because of the BK I probably won't be living in the nicest area. However, I absolutely do not want a roomate.


Should I wait until my credit improves even more? Or should I just go for it and move?!
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Old 09-19-2011, 12:18 AM
 
Location: Arvada, CO
8,901 posts, read 11,743,540 times
Reputation: 6465
You might luck out and rent from somebody who doesn't even do a credit check.

Also, as they say, money talks, so a bigger deposit might be an option too.
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Old 09-19-2011, 01:09 AM
 
157 posts, read 215,387 times
Reputation: 116
A hefty deposit got someone I know into a place. Amazing what several thousand dollars will get you.
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Old 09-19-2011, 09:11 AM
 
Location: SLC, UT, Ketchum, ID, Southern Cal.
3,162 posts, read 4,443,538 times
Reputation: 1527
when renting, scores mean much less than whats on your actual bureaus. It sounds like you make enough money to move out, but it will all depend on who you're renting from, and what their qualifications are. Some will require a co-signer. Some wont touch you because of the BK. Being able to prove the $6-10k in the bank will also go a long way.

You're just going to have to start applying to rent and see who bites.

By the way, nice username.
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Old 09-19-2011, 10:47 AM
 
Location: L.A. County
4 posts, read 2,803 times
Reputation: 10
Quote:
Originally Posted by 1200RT View Post
when renting, scores mean much less than whats on your actual bureaus. It sounds like you make enough money to move out, but it will all depend on who you're renting from, and what their qualifications are. Some will require a co-signer. Some wont touch you because of the BK. Being able to prove the $6-10k in the bank will also go a long way.

You're just going to have to start applying to rent and see who bites.

By the way, nice username.
Thank you!

I've done some research online to see what landlords fear the most and usually they say evictions. I don't have any evictions because I've never moved out of my parent's home.

I know a BK looks pretty bad, but hopefully the fact that it was discharged in '05 and my credit has been spotless since then will help!
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Old 09-19-2011, 11:40 AM
 
Location: SLC, UT, Ketchum, ID, Southern Cal.
3,162 posts, read 4,443,538 times
Reputation: 1527
you're going to have a harder problem without rental history (your parent's house doesn't count - lol). Most places will want a cosigner if you don't have established rental history - regardless of credit.
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Old 09-19-2011, 11:51 AM
 
Location: L.A. County
4 posts, read 2,803 times
Reputation: 10
Quote:
Originally Posted by 1200RT View Post
you're going to have a harder problem without rental history (your parent's house doesn't count - lol). Most places will want a cosigner if you don't have established rental history - regardless of credit.
Good to know. I'm sure I can get a co-signer if it comes down to that.
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Old 09-19-2011, 11:57 AM
 
910 posts, read 1,165,954 times
Reputation: 435
I have never rented from someone who does a credit check. I don't have any debt, don't want a credit card or car payment, and don't plan to have any credit, ever. You are def able to find places with a BK on your record, so I wouldn't let something that happened 6 years ago hold me back.
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Old 09-19-2011, 02:15 PM
 
Location: The OC
1,215 posts, read 1,407,791 times
Reputation: 447
Your probably is not the BK but 31k a year. I hope you know most places will want your monthly gross to be 3x your income. Your income is really low; you are better off renting a room for $500 from CL. Dream on renting a studio in Weho at 31k. You won't be able to afford renting a closet there let alone a studio, no offense.

One third of your monthly income is $833. Do a search on CL and see how much studios there are in West Hollywood for $833... You can't afford it. North Hollywood is more in your price range.

If I had your income I would just rent a room. You can find some for $500 if you look.

Last edited by jackie100; 09-19-2011 at 02:36 PM..
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