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Old 06-28-2009, 06:09 PM
 
1 posts, read 7,986 times
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Hello,
I'm 19 and I've had a credit card for 3 months now. I've paid the full amount every month before the due date.

I want to get a place with my friends but they all have no credit except for one other person who has also had their credit card for 3 months and has paid the bill on time.

Co-signers are not an option.

I was wondering if I have enough credit to rent an apartment. If anyone can lend me some advice that would be great thanks!
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Old 06-28-2009, 06:27 PM
 
850 posts, read 4,144,646 times
Reputation: 681
You should be fine. No credit is better than bad credit. You may have to come up with an extra deposit though.
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Old 06-28-2009, 06:52 PM
 
Location: 39 20' 59"N / 75 30' 53"W
15,709 posts, read 22,756,161 times
Reputation: 17451
Having good credit is just a part of the rental process. Your income is another important factor, if you plan to have others as lease holders as well, your fine, however, if thats not the case, depending on the management company [ if there is one, may be a private owner] they like your income to be 3x the rent. Good Luck to you.
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Old 06-28-2009, 07:11 PM
 
25,800 posts, read 49,685,561 times
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Quote:
Originally Posted by Babytarheelz View Post
You should be fine. No credit is better than bad credit. You may have to come up with an extra deposit though.
Exactly... No Credit is not a problem with me

Bad Credit is another story and it is something that requires effort to achieve.

I would say as long as you meet the income requirement, you should be OK

Co-signer surprises my a little... almost everyone has someone that will co-sign. Typically it's a parent or grandparent... I've also had employer's and even an aunt...
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Old 06-28-2009, 07:50 PM
 
Location: 39 20' 59"N / 75 30' 53"W
15,709 posts, read 22,756,161 times
Reputation: 17451
Quote:
Originally Posted by Ultrarunner View Post
Exactly... No Credit is not a problem with me

Bad Credit is another story and it is something that requires effort to achieve.

I would say as long as you meet the income requirement, you should be OK

Co-signer surprises my a little... almost everyone has someone that will co-sign. Typically it's a parent or grandparent... I've also had employer's and even an aunt...

Co-signer has to have an income to be able to pay their own morgages and rents as well as the person there co-signing for. A parent, grandparent, aunt or uncle doesn't automatically mean they can be a co-signer.
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Old 06-28-2009, 07:59 PM
 
25,800 posts, read 49,685,561 times
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Quote:
Originally Posted by virgode View Post
Co-signer has to have an income to be able to pay their own morgages and rents as well as the person there co-signing for. A parent, grandparent, aunt or uncle doesn't automatically mean they can be a co-signer.
True... although I have only very rarely had a family member that was willing to co-sign not have the resources to disqualify them... most Grandparents own their homes outright or nearly so.

I have had mothers call and write anting their name removed... which I would not do...

If family isn't willing or able to co-sign when necessary it is generally an indication of systemic problems... just my experience
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Old 06-28-2009, 08:33 PM
 
Location: Maryland
1,667 posts, read 8,149,719 times
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Many good points. In my experience, I'd never rent to a 19 year-old with his friends. Sorry, but reality bites. You are in a demographic that is the most risky in the rental biz. You sound educated and polite. Your best bet is a person-to-person meeting with a landlord where you can pour on the charm and one will take a chance. Good luck!
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Old 06-29-2009, 05:52 AM
 
Location: Charlotte, NC
4,581 posts, read 6,106,204 times
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I tend to agree with ESFP on this one. A lot of people won't rent to people under 21 without a co-signer. Again, as stated, the 18-21 group is typically more of a risk for several different reasons, but the biggest ones are noise and the potential for damage.

Even though it might sound nice in theory to love with your friends, and share rent, you really need to make sure EVERYONE will be paying their share ON TIME. There will be nothing you've experienced in your life (probably) that is more aggrivating than facing an eviction because your friend hasn't paid the rent and has got all of you in the hole. A londlord who does rent to you might be less forgiving of you not being on time and more likely to start the eviction process after giving the minimum allowed time to pay.
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Old 06-29-2009, 12:49 PM
 
Location: In The Outland
6,023 posts, read 11,494,629 times
Reputation: 3535
If nobody is willing to co-sign for you that is a bad sign to a landlord that you will be a high risk tenant. Experienced landlords have been there and done that and unless they are very dumb they will refuse to let their property be the "training ground" for kids.
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Old 06-29-2009, 03:47 PM
 
Location: Orlando, Florida
43,858 posts, read 43,559,234 times
Reputation: 58603
Just apply for some places and see what they say. Many will work with you due to the current economy even if you don't have a big credit score or rental history.
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