Credit Scores and New Apartments (rentals, mortgage, credit card)

[MiddleNYC]

My fiance and I are getting ready to rent a one bedroom apartment in Manhattan. The problem is, my credit score is CRAP (like mid 500s, I think) for two reasons: 1.) Start payment of student loans -- the school and lender weren't communicating so it looks like I was delinquent on payments
2.) Credit card debt on 2 cards. I only have two cards along with multiple store accounts
Three websites estimated my score to be 540-680 (WTF?). I know my fiance's credit is in the low 700s and we have a guarantor just in case. My question is, do they combine credit scores when they take rentals into consideration? Does having a guarantor help us?

[MiddleNYC]

This whole situation is giving a headache (and a lot of anxiety)

[newyorker24]

You and your fiance will both have to complete an application. Each of you will be evaluated individually- so it's not like a mortgage where the interest rate is based on the applicant with the highest credit score. Does he make enough money to rent the apartment in his name only? If not you will need that guarantor. However the guarantor needs to make 80-100x the rent in addition to having a high credit score. I recommend you get your credit score from one of the actual bureaus to make sure you really know what it is. You can do this online for around $10. When we knew we were moving to NYC we purchased subscriptions to credit monitoring services for both of us for several months before to make sure we were on top of anything that affected our scores.

What type of building are you applying to and where? That makes a difference. Larger buildings will be more stringent on their rules, as will Manhattan landlords versus the outer boroughs.

[MiddleNYC]

Originally Posted by newyorker24

You and your fiance will both have to complete an application. Each of you will be evaluated individually- so it's not like a mortgage where the interest rate is based on the applicant with the highest credit score. Does he make enough money to rent the apartment in his name only? If not you will need that guarantor...What type of building are you applying to and where? That makes a difference. Larger buildings will be more stringent on their rules, as will Manhattan landlords versus the outer boroughs.

We have no problems meeting the gurantor requirements and together, we do make over 80k with respectable job titles. We have a gurantor because we were concerned with his (lack of) previous pay stubs. The building is a walk up on the Upper West Side and the company that manages it, owns three other similar buildings in Manhattan. What do you think our chances are?

[HAC NY]

I think your low score will be fine if your husband has a high credit score (and you meet the income requirements).

Stop panicking and just go for it and see what happens.