Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
My parents are currently searching for an apartment to rent and we've already looked at a few. One or two we looked at, the real estate agent told us the landlord/owner wants 2 months of bank statements. I can understand wanting these, but I've read that some people do not hand these over or leave the field blank on the rent application? Does not handing these in lower your chances of being offered the apartment?
We're not exactly livin the life according to our bank balance but we're not that down. We pay the same rent now that we would pay if we moved to the other apartment ($1200) and we dont have any late payments or anything. Both my parents are in debt but there credit scores are good.
My dad however has 7-8 inquiries on his credit (I looked it up on Experian). Will there be another inquiry when they run a credit check. And is there seperate inquiries for each apartment you apply for or do they all count as one?
One or two we looked at, the (property manager) told us the landlord/owner wants 2 months of bank statements. I can understand wanting these...
LL's don't start with bank statements.
If the applicants don't have regular jobs showing enough income (3X the rent is par)...
then all sorts of other ways to prove ability to pay may come into play.
Quote:
We're not exactly livin the life according to our bank balance but...
Both my parents are in debt but their credit scores are good.
Credit inquiries like this are usually not an issue... but an EXCESSIVE number of them can be.
If you don't have the money to afford the place... don't spin your wheels applying.
The only thing worse would be paying app fee money with each of these attempts.
ASK the property manager or LL what their standards are if you want as well...
but if the rent (and utilities) are more than 1/3 of net wages... they're not getting in.
LL's don't start with bank statements.
If the applicants don't have regular jobs showing enough income (3X the rent is par)...
then all sorts of other ways to prove ability to pay may come into play.
Credit inquiries like this are usually not an issue... but an EXCESSIVE number of them can be.
If you don't have the money to afford the place... don't spin your wheels applying.
The only thing worse would be paying app fee money with each of these attempts.
ASK the property manager or LL what their standards are if you want as well...
but if the rent (and utilities) are more than 1/3 of net wages... they're not getting in.
If we've been able to pay the rent on time where we currently live and monthly income is not 3x the rent (its a tad less), will the LL still question it? I mean, since we know we can make the payments, its about the LL knowing too.
If i show them 2 months paystubs of January/February, will they question that? In those two months, the income is a little higher. Or do they want the last 2 months from today.
Can we just apply with a cosigner (my uncle) if its an issue?
--
Also, can I show the manager/agent my parents credit report from annualcreditreport.com? She wants $30 to run a credit check, or she said if you have all 3 then you can show us. This way we don't have to pay the application fee or have an additional inquiry on the credit report right?
Last edited by SportsFan32k; 07-22-2012 at 02:33 PM..
If i show them 2 months paystubs of January/February, will they question that? In those two months, the income is a little higher. Or do they want the last 2 months from today.
Um, it's almost August. If I were a landlord who asked you for 2 months of paystubs and you showed me stubs from 6 months ago, I would wonder what you were hiding about your CURRENT income.
Quote:
Originally Posted by SportsFan32k
Can we just apply with a cosigner (my uncle) if its an issue?
Ask the LLs of properties you are interested in. (But does your uncle know that he would be responsible for your rent if you don't pay?)
Quote:
Originally Posted by SportsFan32k
Also, can I show the manager/agent my parents credit report from annualcreditreport.com? She wants $30 to run a credit check, or she said if you have all 3 then you can show us. This way we don't have to pay the application fee or have an additional inquiry on the credit report right?
Again, it's up to the LLs. There's no blanket rule on this (although I think most LLs just run their own credit reports).
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
