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I found a job in a new city and would like to move closer to my job. My credit situation has changed quite a bit since I last looked for a place to live. I got laid off from a previous job and while I was out of work, I ran into some trouble with my credit cards. I've had 2 cards charged off. I haven't been sued and I'm actually working with the companies to pay off the balances. I haven't had any issues with rent though because I've always prioritized making sure that I had a place to live. How much of a problem, if any, will the charge offs be? Will a landlord even care since I have a good rental record?
I'm going to do as much as I can to pay off as much of the balances as possible before I move, or attempt to move, but I doubt I can get them completely paid off. If the credit cards will be an issue, what can I do to make renting easier for me? Thanks in advance.
As a Landlord, I always simply go by the credit rating and also look at the history on the credit record. In general I decline anyone with lower than a 650 score.
However, my brother is a Landlord and he just requires 2 months' security deposit for those with low credit ratings and puts them on a month-to-month lease.
Very few seasoned landlords are interested in the reasons the credit score is weak. The score demonstrates the applicant's resources available to pay his or her bills. An applicant with thin resources -- for whatever reasons -- represents more risk for the landlord.
we are pretty strict about not getting involved with tenants who show either an inability to pay their bills or lack of want to pay their bills based on their credit reports .
doing a month to month would be meaningless if it ends up leading to an eviction because they don't pay and don't leave .
it is bad enough when you start with tenants with good credit scores and one of the big three get them - DIVORCE-ILLNESS-JOB LOSS and their problems become your problems . taking someone who already demonstrated either an inability to pay or lack of want to pay is not something we do .
A lot depends upon the vacancy rate. If landlords have lots of applicants, they can be picky about who they accept. If apartments are sitting vacant, landlords might possibly lower their standards.
I don't like to see charge-offs on a credit report. It is less bad if those debts were paid off.
Landlord references mean a lot. Employer references can mean a lot.
New job, moving to a new city, bad credit, you have a lot of strikes against you. You might have to apply to several places before you find someone to accept you.
There are a lot of applicants out there who are even less qualified than you are. There are applicants out there who are much better qualified than you are. But I suspect that some landlord will take you. Maybe not the landlord with nice place in excellent repair, but someone will take you.
Landlord references mean a lot. Employer references can mean a lot.
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I am totally out of the land lord business now. One of my least favorite tenants got a glowing reference from her prior land lord. Turned out she had given me her Mother's phone number.
Thanks everybody. It may not make a much of a difference, but one of the places I will probably be considering isn't a highly sought after property. It is older, but still looks decent on the outside. I don't know about the apartments yet, but that's why I'd be looking at it anyway. The current rents being advertised are $100-150 less than what I'm paying right now, but when you also factor in the gas I'd be spending to commute back and forth, I'd save about $300 a month. In good weather at the new place, if I get in, I could even walk or ride my bike to work. On top of that, I'll make roughly $200 more a week.
Are there things that I could do to make myself a more attractive applicant?
Also, longneckone, that sucks. I know a few people that have done that and it astounds me. Not only are they essentially deceiving the landlord, but they are really only hurting themselves.
Last edited by mdlee3_46041; 11-13-2016 at 01:43 PM..
I am totally out of the land lord business now. One of my least favorite tenants got a glowing reference from her prior land lord. Turned out she had given me her Mother's phone number.
Pretty close to 1/3 of my applicants give me a false landlord reference. You have to screen with that in mind.
I don't even look at the credit score. I look at the credit history. Was it good before you got laid off - that shows financial discipline. The fact that you are getting caught up will show on the credit and is a big plus.
I look at 3 things: verification of income, landlord references, and credit report. If 2 out of 3 are good I give leeway on the 3rd. But no professional deadbeats of course. Zero tolerance for liars.
Giving the wrong landlord is a well known ploy. A credit report will show previous residences and that helps a lot, especially if local. If need be drop the LL a postcard to the address you get from the tax department. Google the apartment complex for phone numbers. Also a lot of old school landlords have land lines so old phone directories come in handy.
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