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Old 12-16-2012, 08:41 PM
 
Location: Eastern Sussex County, De
30 posts, read 68,832 times
Reputation: 18

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Was just curious if anyone knew if the credit checks when trying to rent a house or apartment are focused solely on the score or if they are looking more to make sure no late payments ? Our scores are below the 700 threshold due to high debt ratio, but we have NO derogatory accounts, collections, etc, no late payments at all. We can get a recommendation letter from one agency we lived with for a year but other than that year, we have had mortgages. Just curious what the norm is. I read you have to have 40 x the income or something ? DH makes 100k, so that will cover us up to $2500 monthly, right.
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Old 12-16-2012, 10:12 PM
 
Location: Planet Earth
1,474 posts, read 2,817,155 times
Reputation: 1490
You should be fine
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Old 12-17-2012, 08:53 AM
 
Location: East Northport
3,351 posts, read 9,082,004 times
Reputation: 1330
You should be ok.

What I look for on a credit report is not just the score, although that is important. I'll also look for late payments. Finally, I will look at the level of debt that the applicant has and, importantly, the amount of their monthly payments. I'll compare their monthly obligations plus the rent and then estimate some other living expenses to see if they can comfortably afford the rent or if it would be a stretch for them.
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Old 12-18-2012, 12:04 PM
 
Location: Ronkonkoma, New York
1 posts, read 816 times
Reputation: 10
Score is probably one of the least important things to anyone who fully understands what they are looking at. Sure IT DOES MATTER! It wouldn't be rated and scored like it is if it didn't but that it really just the tip of how it SHOULD BE LOOKED AT. Debt to income ratio is err important. Canceling your credit cards and stuff is THE WORDT THING YOU COULD DO,,! It hurts more than does good...If you look at your bureau and it should state total monthly installments. That is what you are "paying" per month. Take that number and multiply it by 12 which gives the creditor The rough estimate o your bills per year. Now take your gross income amount for the year and divide by 12 which will give you your amt. per month you make and than compare the two numbers (gross per month/bills per month). That is what they should be looking at plus what you paid/pay late...
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