Trouble finding a townhome to rent. Any advice? (Chicago, Naperville: for sale, real estate)

[eli_p]

My wife and I are trying to rent a townhome in the western suburbs of Chicago. I have a 640 credit score, a combined family income of $130K, no kids, stable jobs, no bk, no foreclosure, and we have been in our current place for 6 years with no issues. Credit took a small hit when I lost my job 4 years ago, but I also paid off 2 auto loans during that time.

A couple of the landlords I've contacted have asked me for, what I consider to be, BIG money down because of my credit score.

Is a 640 score with no bad autos, no bk, no foreclosure REALLY that bad of a credit score in the real estate industry?

I didn't think I would have an issue getting a place but now it seems like it might turn into a problem.

Any suggestions?

[BurbstotheCity]

Originally Posted by eli_p

My wife and I are trying to rent a townhome in the western suburbs of Chicago. I have a 640 credit score, a combined family income of $130K, no kids, stable jobs, no bk, no foreclosure, and we have been in our current place for 6 years with no issues. Credit took a small hit when I lost my job 4 years ago, but I also paid off 2 auto loans during that time.

A couple of the landlords I've contacted have asked me for, what I consider to be, BIG money down because of my credit score.

Is a 640 score with no bad autos, no bk, no foreclosure REALLY that bad of a credit score in the real estate industry?

I didn't think I would have an issue getting a place but now it seems like it might turn into a problem.

Any suggestions?

What towns have you applied in, and are there any others you'd be open to? On the surface, seems like there are much worse credit profiles than yours out there.

[eli_p]

We are fairly open to the I-88 western burbs south of 88 all the way to Lemont.

Yeah, I can't believe that a 640 would deliver so many verbal critiques as it has from these landlords. One guy who had a house in Naperville said he would overlook my score if I put down a $4700 security deposit.

Keep in mind....he hasn't even looked at my report yet. But he was willing to overlook the score for $4700. Wow. Helluva guy.

I thought there was a housing crunch out there? Don't they need bodies to fill these places?

[BurbstotheCity]

That really sounds bizarre to me. I know of someone who has a pretty poor score (low 500s) due to a bad divorce, with two kids and two dogs, and she just got a rental house in Downers Grove last month after some tough, but not excruciating searching. I don't know, sounds a bit fluky to me, so I'd just keep at it if I were you!

[eli_p]

That's the kind of story I need to hear. Thanks. I was wondering if I was running in to some bizarre situations/landlords or what.

I work as a loan officer in the auto loan business and I can get people with 550 scores $20K car loans these days. As long as they have some redeeming qualities on their report (good paid autos, a current mortgage or current credit card payments, etc etc) I can get them done.

[chisub]

Did you actually look at these homes? Just wondering b/c there are a lot of scams going on in Naperville (and I'm sure other areas as well).

On the other hand, we may be renting out our townhome and it's a great market for us to do so here, which means we could be a little bit picky.

[jmz768]

There are some nice condos for sale in Lemont, right by the canal. Not much of a view now, but the city has a plan to redo the entire canal area and it's going to be pretty awesome if the artist rendition is the finished product.

[chet everett]

I smell SCAM -- in my really pretty pricey part of eastern DuPage / western Cook Co there are a fair number of condos /town homes that can be rented for well under $3000/mo that would be walkably close to Metra station. It takes either a scam artist or the most "upfront" (impolite word rhymes with Halsey...) landlord known to man to ask for more than a month's rent for pretty standard credit score ...

MLS # 08128168 - 1206 Hillgrove Ave, Western Springs IL, 60558 | Homes.com

[linicx]

I think part of the problem is FICO. Any time anyone does a credit check the score is lowered a few points.

[Drover]

If/when it's time to move, I'll just tell any landlord who might have reservations about our credit score that we've paid our rent early 90-some months in a row and counting. And if that's not good enough for him/her then they don't deserve us as tenants.