Advice From Landlords in Chicago on Renting (apartment, leasing agent)

[axkane]

I am returning to Chicago's north side following a year's absence and finding it extremely difficult to rent an apartment. Rental companies dominate the landscape here and their criteria is stringent. My credit score is just under 600, and there is one judgment(disputed and contested) on my credit report. I have no evictions, bankruptcies or criminal convictions. I am starting a new job, my most recent one paid 400.00 a week after taxes and my new one is ballpark 40k a year. The puzzle is here, I've been rejected for the following reasons:

1. Not enough time on my new job
2. Insufficient income from my previous job
3. Low credit score/judgment on my credit report

I have proof of employment( a biggie, I get not wanting to rent to someone who is unemployed), references from previous landlords, and money. I knew the derogatory marks on my credit report and the move here without a job would give any prospective rental company or landlord pause, so I made sure to save money for the return here. I have offered two different prospective lessors first month's rent, plus deposit, plus second month's rent(in one case 2,700$, the other 3,300) as a show of good faith, and I was turned down in both instances. The first was a rental company, the second an independent entity. Are there any landlords(or Chicago Renters who know landlords) that may be able to offer any advice on how I can secure a place to live? Thank you for your time.

[andrew61]

Is a guarantor a possibility? A family member or trusted friend with good credit/income who would be willing to cosign the lease for you?

[Ohky0815]

Originally Posted by axkane

1. Not enough time on my new job
2. Insufficient income from my previous job
3. Low credit score/judgment on my credit report

1. They want to make sure you dont job hop and then cant pay rent.
2. Maybe they want to see savings? Im not honestly sure on this one.
3. Under 600 is low in most landlords eyes. You said the judgement was contested, but was it removed? that can up your score a ton.

[ViolentDisasters]

Try some of the larger buildings in Edgewater. Many of them are owned by individuals or tiny rental companies who mostly cater to college students/young adults and are a lot more flexible than larger rental companies when it comes to income and credit score restrictions.

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[squishy506]

You may want to try some of the apartment rental places like Apartment People or Chicago Apartment Finders. My ex-husband used to own a three-flat in Lakeview, and when he couldn't find renters on his own through craigslist, he used companies like these. Tell them you're looking for an independent landlord because you've had trouble applying at the larger management companies. These rental companies know which listings are for the smaller guys, and they used to call my ex and negotiate on rent, terms, etc.

[SCCP]

As the above posters have suggested, small-time landlords and management companies are more likely to be flexible. I think that a generous security deposit plus two months' rent should overcome creditworthiness concerns. It might be even more appealing if you offered to pay rent in advance for both the first and the last month (as opposed to the first two) - that gives the landlord a month's rent in reserve throughout the year in the event that you default.

The issue with large companies is that they often have specific policies in place that can only be waived by senior management, and the leasing consultant at the front end has neither the time nor the incentive to go through that process when there are other potential renters lining up behind you.

[axkane]

To everyone in this thread, thank you for your replies! At this late date, I continue to search for a place to live. I am working now, and I have sought legal assistance in deleting the judgment from my credit report. That said, until it's deleted (est.30-60 days) it remains a major drag. What 's puzzling is that if a landlord saw my credit report, they'd see I have six lines of credit, all current and all began a year after this judgment was issued. As for companies like Apartment People, all they deal with is large companies, none of whom are willing to negotiate. I understand this, considering there are a million stories like mine out there and a number of renters with spotless credit they can rent to. the leasing agents have zero power in negotiating on a renter's behalf, and as a poster noted; why should they? Ironically, the more money I offer, the more suspicious these lessors seem to be of me. Something else is at play here. Again, thanks for the advice. As long as there are a dozen renters for every apartment, landlords will play games. My only chance at finding a place is finding a landlord who likes what he sees when I apply. It's all down to personal preference. Thanks again!

[pidgeon92]

As a landlord, I can tell you that I cannot see your six lines of credit, or who you owe money to.

With all of the recent changes to protect consumers from ID fraud and theft, all a potential landlord can see is where you fall into a credit range, which is presented in a credit worthiness report that gives no specifics other than verifying your Social Security number and whether or no you're on a terrorist watch list. The following PDF shows the credit worthiness information that I receive when doing a credit check:

http://www.tenantverification.com/pu...mendations.pdf

[squishy506]

Originally Posted by pidgeon92

As a landlord, I can tell you that I cannot see your six lines of credit, or who you owe money to.

With all of the recent changes to protect consumers from ID fraud and theft, all a potential landlord can see is where you fall into a credit range, which is presented in a credit worthiness report that gives no specifics other than verifying your Social Security number and whether or no you're on a terrorist watch list. The following PDF shows the credit worthiness information that I receive when doing a credit check:

http://www.tenantverification.com/pu...mendations.pdf

I believe most property managers have access to a much longer list because I currently work for a NV property management company, and the reports our manager receives are around six pages, usually all text with lists of credit, criminal background, collections including the type and amount owed, bankruptcies, all their recent credit inquiries, and there's no FICO score included.

[Peer79]

Originally Posted by pidgeon92

As a landlord, I can tell you that I cannot see your six lines of credit, or who you owe money to.

With all of the recent changes to protect consumers from ID fraud and theft, all a potential landlord can see is where you fall into a credit range, which is presented in a credit worthiness report that gives no specifics other than verifying your Social Security number and whether or no you're on a terrorist watch list. The following PDF shows the credit worthiness information that I receive when doing a credit check:

http://www.tenantverification.com/pu...mendations.pdf

The report you describe is all that is available for smaller landlords who do not own much property. Maybe under 75 units. For management companies, and landlords who own about 100 or more units a full line-item credit report is available listing each trade along with a FICO score if desired. Eviction and criminal searches are available along with a history of where you have lived.