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Old 02-13-2011, 01:05 PM
 
17 posts, read 183,567 times
Reputation: 22

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Hey everyone,

We're moving in 2 weeks and want to rent an apartment. My credit score is only 612 and I am worried that we will have problems because of that. Our credit history is spotless tho, all bills have always been paid on time, our score is so low because of short credit history and accounts being close to their limit. Will I be able to get an apartmen? Anyone got an apartment with a low score?
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Old 02-13-2011, 06:49 PM
 
Location: Kailua Kona, HI
3,199 posts, read 13,346,134 times
Reputation: 3420
It would not matter to me, because your good bill paying history is what we are most concerned about. Low scores due to practically no credit doesn't mean "bad credit" unless your debt ratio is way out of reason. Call around to the complexes you're interested in and see what their policies are.
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Old 02-14-2011, 03:12 AM
 
Location: When you take flak it means you are on target
7,646 posts, read 9,887,055 times
Reputation: 16450
The credit score isn't the issue, but being nearly maxed out on credit might be. In general the lower the score the higher the default rate on rent. 750 and above generally means little problem. 650 and below is a red flag.

I'm a LL and I think my score is about 300... LOL
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Old 02-14-2011, 05:32 AM
 
17 posts, read 183,567 times
Reputation: 22
Thanks to both of you for the response. I still don't understand the American system though, if since ever I had credit ( 7 years) and I paid every single bill on time, why does it even matter how maxed I am? Doesn't it show that i am a responsible bill payer, since I pay every month no matter how high the payments are?? Anyways, I am currently working on paying everything down or off, it just takes a little time. I hope I can find a LL that will look at my history and not just the score :-(
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Old 02-14-2011, 05:34 AM
 
27,206 posts, read 46,541,014 times
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We would have no issue...We don't care too much about your score but about your history renting and if you had any evictions, bankruptcy, and if you had any felonies....in the past 3 yrs...that would be a NO!
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Old 02-14-2011, 03:16 PM
 
1,296 posts, read 2,219,356 times
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I think that the whole credit check thing to rent an apartment, is so bogus. I can see doing it, if you're applying for a mortgage, but not an apartment. Most people, at some time in their lives, have had trouble keeping up with their bills. Especially in this economy. So I don't think that a low credit score, should be held against a prospective tenant.

Besides, landlords typically charge at least twice the rent, before the tenant can move in. That should be enough to cover the landlord, if the tenant skips-out on the rent. The most important thing that a landlord should be concerned with anyhow, is the tenant's rental history. Meaning did the prospective tenant ever get evicted, damage an apartment in the past, or had otherwise been a bad tenant? So, the credit report should be left out of the requirements to rent.
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Old 02-15-2011, 01:52 AM
 
Location: When you take flak it means you are on target
7,646 posts, read 9,887,055 times
Reputation: 16450
For the OP - thanks to the way FICO scores credit if you use more than about 30% of your available credit it causes a serious cut in your score. If you will pay your cards down to under 40% at least you will see a substantial increase in your score in about 6 months.

Also you will save a lot of interest that you are throwing away. Get a side job, get the kids a side job, sell the car and buy a cheaper one, sell the flat screen TV, sell the kids... OK I'm joking on that one. But whatever you have to do to pay the bills down. Then get more cards if you need the additional credit, but keep your balances under 30% - and preferably keep a couple of cards with near zero balances.

For the previous poster - unfortunately credit reports are the window to whether a tenant is a good credit risk or not. Remember we are extending you credit in a round about way when you rent an apartment, and we are entrusting a very expensive piece of property to your care, or lack of.

There is no easy way to check a tenants rental history. The current LL can't be believed, they will say anything to get the tenant out. And previous landlords phone numbers are nearly always changed or bogus to start with. The "eviction lists" you may hear about are unreliable and usually out of date.
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Old 02-15-2011, 05:02 AM
 
17 posts, read 183,567 times
Reputation: 22
Thanks for all your comments! I filled out an application for an apartment and I hope we'll get it.
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