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Old 05-19-2016, 02:45 AM
 
3 posts, read 3,735 times
Reputation: 10

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hello, I wonder if anyone can help me out with this... I applied online to nyc housing connect and I recently saw that my log number is 12, from what I have been told the lower the number the higher your chance is to be called in for an interview. My problem is the credit which is bad, I wonder how serious they take this ? I currently work for a hospital in the city and a mother of two, I'm pretty sure I can get a co-signer but I'm not sure if they will take this into consideration. I am excited about how low my log number is but yet really stressed about my credit.. has anyone with bad credit been able to get these apartments ? I have a good feeling I will be called soon and it took me numerous attempts to even get a number so low. Can someone please let me know any information helps ? Thanks.
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Old 05-19-2016, 03:53 AM
 
Location: Eric Forman's basement
4,776 posts, read 6,579,361 times
Reputation: 1993
Congrats on the low log number! According to the city guidelines, people with a credit score of 580 and above are supposed to be approved. But whether an individual developer follows that is up to the developer. So it depends. Are you 580 or above? If not, can you start working on improving it?

Here are the the guidelines:

https://www1.nyc.gov/assets/hpd/down...ia-2015-10.pdf

Good luck!

Last edited by macnyc2003; 05-19-2016 at 04:09 AM..
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Old 05-20-2016, 04:12 AM
 
3 posts, read 3,735 times
Reputation: 10
Quote:
Originally Posted by macnyc2003 View Post
Congrats on the low log number! According to the city guidelines, people with a credit score of 580 and above are supposed to be approved. But whether an individual developer follows that is up to the developer. So it depends. Are you 580 or above? If not, can you start working on improving it?

Here are the the guidelines:

https://www1.nyc.gov/assets/hpd/down...ia-2015-10.pdf

Good luck!
Thanks so much for the infromation!! I pretty sure my score is lower than that :-/ but i can see what i can do to start working on it as soon as possible... Do you know of anyone with bad credit that was able to get it.. And if they do have bad credit can I have a guarantee sign or me ?
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Old 05-20-2016, 08:31 AM
 
Location: Eric Forman's basement
4,776 posts, read 6,579,361 times
Reputation: 1993
I think they pay close attention to credit scores and other financial data because, bottom line, it is HARD to devote 30% of your gross pay to rent and still manage to pay all the other bills you'll have. So if a person has a large amount of debt to pay each month in addition, the situation can get hairy.

In the other thread, someone posted about an agency or group that helps people repair credit. Maybe you could look into that for help. Best of luck!
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Old 05-20-2016, 10:28 AM
 
151 posts, read 246,532 times
Reputation: 23
I don't think they allow guarantors for affordable housing but I think if your score is above 550, you should be ok. Also depends on the developer as well. When I was called for one I was so scared that my score of 630 wasn't good enough so I worked hard and brought it up to a 650 in a few weeks. So just work on that. Which property is this for if you don't mind me asking, some may be more lenient than others.
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Old 05-20-2016, 03:54 PM
 
Location: Manhattan
25,373 posts, read 37,093,283 times
Reputation: 12769
I wonder how serious they take this


VERY!
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Old 05-20-2016, 03:58 PM
 
6,680 posts, read 8,241,134 times
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They "MAY" take people with lower credit if they can not find better applicants but the if they find people with high credit scores that also meet all the requirements those people will be chosen first.
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Old 05-20-2016, 07:12 PM
 
31,926 posts, read 27,007,597 times
Reputation: 24823
Quote:
Originally Posted by macnyc2003 View Post
I think they pay close attention to credit scores and other financial data because, bottom line, it is HARD to devote 30% of your gross pay to rent and still manage to pay all the other bills you'll have. So if a person has a large amount of debt to pay each month in addition, the situation can get hairy.

In the other thread, someone posted about an agency or group that helps people repair credit. Maybe you could look into that for help. Best of luck!

In a way these lottery schemes are rather like applying for a mortgage. Not only does applicant need to meet a certain standard of credit worthiness (credit score), but income to debt ratio as well.


Be it owning or renting it is *not* good to see total debt service each month eating up large portions of income. More so when you pile a housing payment on top of what exists already.


Developers are agreeing to these "affordable" tenants with the understanding they are strong financially and responsible. In short they want to be assured rent will be paid ON TIME each month. Since these are most always RS units once a tenant is in it then becomes very difficult to get them out, even for non-payment.


As for "repairing" credit, there is only so much that can be legally done. Yes, everyone should examine all three reports for errors and so forth; but if there are valid entries like delinquencies, liens, judgments, late payments, etc... they are what they are and will remain until legally required to become not reported.
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