Moving to SF: Good Credit vs. $$$

[uptown_urbanist]

On the renting out the place suggestion: how nice is your Santa Barbara place? Any chance you could turn it into a vacation rental? That would also involve a management company or person, and wouldn't be guaranteed income like a rental, but given that you're in an upscale vacation destination, you could make enough money to make it worth your while. Rent it out by the week or the month to people looking for something else other than a hotel (on a site like VRBO or the like) and who are in town for the winter, to visit family, do stuff at the university, etc. Might be worth investigating, anyway; seems better to do that (or rent it out long-term) than wreck your credit if you don't have to.

[jupiler]

What would you guys say landlords consider to be good credit vs average credit?

[Jasmine658]

Ok, landlord here. Dealt with many offers of bribes, etc, in last few years offered full years rent in advance in exchange for ignoring former eviction on credit report, lower monthly rent, 180 day non-pmt on car loan, etc. Nope, bribes don't work for me. I would rather rent to someone either with good credit or fresh out of college with good jobs, no credit yet, but cash up front means nothing to me.

But, short sales are a recent explainable phenomenon & communication is key. A short sale is extremely common these days, and if that is the only thing on your credit report, I would say it is a minor blemish and just poor timing for investments made 2004-2006. Write up a note explaining the situation. This is an exception many landlords will understand these days and will not hold against you at all.

Good credit is 725+ with no more than 1 entry of a 30 day late on credit report. Average credit is less than 725. I'm not sure the rating drop for a short sale, but if nothing else on the credit report, I would disregard the blemish for the most part. Our lenders are saying that they are dropping the derogatory on credit reports for short sales after just 2-4 years, so that is much better than the 7 year blemish for a late pmt, or 10 years for a bankruptcy.

[415_s2k]

I have pretty bad credit.

Cash talks; it really does. Both places I rented in SF told me that my credit wasn't good enough; I had a stable job that paid enough to keep chugging forward, but not enough to keep chugging forward while paying down my debt. They were very understanding after I was willing to throw down an extra deposit.

[5thgenSF]

bankruptcy comes off in seven years.

[jupiler]

Originally Posted by 415_s2k

Cash talks; it really does. Both places I rented in SF told me that my credit wasn't good enough; I had a stable job that paid enough to keep chugging forward, but not enough to keep chugging forward while paying down my debt. They were very understanding after I was willing to throw down an extra deposit.

Just curious, was this recent or a while ago?

[mdwstrnkid]

Originally Posted by Isebiel

I know The Fillmore Center will rent to people with poor credit, for an extra deposit. Don't know how you feel about a huge complex in a somewhat-dodgy area, but it's an option.

(LOL at that website. They don't even know where their own complex is. )

When did they move the Fillmore Center to Cow Hollow?

[415_s2k]

Originally Posted by jupiler

Just curious, was this recent or a while ago?

About a year and a half ago.

[Isebiel]

Originally Posted by mdwstrnkid

When did they move the Fillmore Center to Cow Hollow?

I know! Isn't that ridiculous? You'd think whoever did their website would actually check to see that they got the location right.