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I know this might be a strecth but hears my deal, I am 23, I work 2 jobs. 1 part-time and 1 full-time (towards my career in marketing) and I go to school. I have BAD CREDIT. I never had an apartment before. I am looking for a studio apartment in Jersey City or if someone has any suggestions/pointer they can give me. I am alone out here so I just don't want to make more bad decisions as I am fixing up the ones I made in my previous life.
Please let me know your thoughts!!!!
If you have bad credit, you might have a problem renting as many landlords check credit history. What you could try is renting "off the books". Many people rent their basements because they need extra income and don't want to deal with the legalities of being a landlord. Those apartments are usually cheaper. My only suggestion if you go that route is to get references. You don't want to end up in some shady home with "questionable" people. I would start by asking around at work. Someone you work with might know someone else...you know how it works
Yes, unless you want to live in a dumpy apt. complex that doesn't care about credit, I also suggest that you start looking for a privately owned apt. or condo. They sometimes tell you they'll check credit, but don't. I think if you suggest offering more of a security deposit (NJ law is no more than 1 and half times the rent amount) it can help sway them in giving you an opportunity. Sometimes apt. complexes will be swayed if you offer up paying a couple of months rent up front too. Check you local paper for private owners and then work on paying off your debts little by little. You are too young to have bad credit and it will follow you for the rest of your life if you don't work on repairing it.
Yes, unless you want to live in a dumpy apt. complex that doesn't care about credit, I also suggest that you start looking for a privately owned apt. or condo. They sometimes tell you they'll check credit, but don't. I think if you suggest offering more of a security deposit (NJ law is no more than 1 and half times the rent amount) it can help sway them in giving you an opportunity. Sometimes apt. complexes will be swayed if you offer up paying a couple of months rent up front too. Check you local paper for private owners and then work on paying off your debts little by little. You are too young to have bad credit and it will follow you for the rest of your life if you don't work on repairing it.
No, it won't "Follow you for the rest of your life" because the longest any bad credit notation can stay on your record is 10 years in the case of a bankruptcy. All other adverse credit notations must get deleted after 7 years. So, no it doesn't "Follow You for Life".
You say that landlords & property managers cannot take more than 1.5 times rent as security?? Where does this law exist?? I only thought that NYC , San Francisco & LA had any type of rent regulations (and even those are rapidly eroding as these cities become more of a playground & haven for the wealthy).
But your credit doesn't have to be bad just 'imperfect' or a FICO score below 700 to be required to prepay additional rent upfront. If the OP's credit is truely bad, he may be required to prepay an entire years rent upfront.
That is the way it works in the NYC metro area, and most of Northern NJ & Central NJ is really an extention of NYC especially with soaring rents, sales prices & property taxes.
The rental market in NJ & NYC resembles the housing market from 2003-2005. Landlords can pretty much demand anything and get it.
No, it won't "Follow you for the rest of your life" because the longest any bad credit notation can stay on your record is 10 years in the case of a bankruptcy. All other adverse credit notations must get deleted after 7 years. So, no it doesn't "Follow You for Life".
You say that landlords & property managers cannot take more than 1.5 times rent as security?? Where does this law exist?? I only thought that NYC , San Francisco & LA had any type of rent regulations (and even those are rapidly eroding as these cities become more of a playground & haven for the wealthy).
It will follow you the rest of your life if you continue on paying the same as you have all along...late or not at all. Yes the accounts that close or have no activity will come off after several years but then the longer you wait to establish new credit (when all bad is gone) is just as tough to get it as when you have the bad credit too.
The NJ law I'm referring to is in the NJ state "Truth and Renting" booklet that all landlords are required to give out. Sure, maybe private owners won't give it out or go along with it, but if you rent from a ligit apartment complex in NJ they cannot take anymore than 1.5 times the monthly rent. NY is most likely different than from NJ. Jersey is pro tenant for just about everything. It can be very difficult to evict someone in Jersey, even for latenesses. It can take up to 3 months or more to get a delinquent tenant evicted. I used to be in property management so unless this changed over the past year, I'm sure this all still exists.
I'm in a similar position...i won't say me credit is bad, but I got a little credit card crazy around my 18th birthday. I've only lived with my parents or on a college campus and now I'm kinda subletting my cousins apartment off the books as she moved in with her boyfriend like six months ago...here though I know they have companies that help people find apts...they dont have that there?
OP, why don't you try other towns.. where I live (Elizabeth) is not as strict with credit reports.. most of the apt are on private homes... the landlords are mostly older folks who don't check credit reports.. i guess they expect tenants to have some morals and sense of responsability... good luck..
I am not sure if all parts of JC are going to be expensive, and on the other hand, I don't know whether or not you want to live in certain parts of JC.
As an alternative, have you looked at Bayonne? Also, there are certain towns that have an abundance of 2 family, 3 family, basement apartments, etc. Fairview (Bergen County, borders Cliffside Park, Palisades Park, etc.) is one. You may fins similar areas in JC, North Bergen, West NY, etc.
As far as the credit goes. Start paying everything on time, live and work from a budget, and be carfeul about debt. You didn't specify what type of problems you had, or the specifics about the "bad credit" -- however, you can dispute anything on your credit report(s) if there are any inaccuracies. If you dispute an entry on your credit report, and the party who entered that entry does not reply, respond, etc. -- then that entry is removed from your credit report. There are specifics of course, but this is part of the law. By the way, we are heading into the ideal and perfect time of year to dispute knocks on your credit report -- November, December.
In addition, I am not sure of the current law, or if it's the still the case, however, you used to be able to write a letter that would be attached to certain credit inquiries. Also, you can also keep copies of those letters and give them to anyone who does a credit check.
interesting thread... Is anyone updated with NJ credit checks for renting?
or Does anyone know of good affordable places to rent around Denville, Morristown, Parsippany, Dover, Randolph
Im replying to this thread as it talks about renting with bad credit.
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What law is this??
