Housing connect interview (Hope: apartments, lease, bad credit)

[dreinoso]

So after applying to 76 developments I finally got a call and went to the interview. I took allll the papers they requested and was asked to sign a paper for my job verifying employment, family court (nothing there for me) because I settled outside of court and for a tax transcript. My credit is really bad and I have school loans that have not defaulted but I'm late in. I've been living in my current address for 9 years and went to court once and after fixing all the problems at the apartment my rent was paid. Any thoughts on getting invited to sign a lease? Will my loans, bad credit and past court issues affect my chances. Also I meet the income guidelines. HELP! I am so nervous.

[Moving415]

They do take credit into account, but it can't be the only reason to reject you. It's not the loans themselves that will hurt you so much as the fact that you've been late, which I assume in noted in your credit report. You'll have to explain your going to court, assuming it's showing up somewhere in your background check. Unfortunately, these are things that could potentially knock you out, but not necessarily. You can always appeal.

[dreinoso]

Hopefully seeing that I have permanent employment and living in my current location for so long is a positive thing. I know I can appeal but there are only 3 apartments left since I was log #634 and by the time my appeal is reviewed they will have prob moved on to the next person. Will keep it posted on the decision.

[macnyc2003]

If you haven't done so already, google Marketing Guidelines HDC and download the PDF. Read it cover to cover. The more you know, the better it is.

[Moving415]

Originally Posted by dreinoso

Hopefully seeing that I have permanent employment and living in my current location for so long is a positive thing. I know I can appeal but there are only 3 apartments left since I was log #634 and by the time my appeal is reviewed they will have prob moved on to the next person. Will keep it posted on the decision.

Unfortunately, it doesn't really work that way--it's not a balancing act. Good things don't balance out negatives. If you're rejected for failing to meet some of the criteria, other things don't mitigate the disqualifying factors.

[dreinoso]

Great! I'll check it out

[dreinoso]

Unfortunately that is true. Right now I'm on a waiting game until everything is verified.

[wiivile]

Originally Posted by Moving415

They do take credit into account, but it can't be the only reason to reject you. It's not the loans themselves that will hurt you so much as the fact that you've been late, which I assume in noted in your credit report. You'll have to explain your going to court, assuming it's showing up somewhere in your background check. Unfortunately, these are things that could potentially knock you out, but not necessarily. You can always appeal.

Just to clarify: credit SCORE can't be the only reason they reject you. But they can and absolutely will reject you for credit reasons alone. These are the acceptable reasons to deny someone based on credit: http://www1.nyc.gov/assets/hpd/downl...n-Criteria.pdf

So yes, they will reject you if you are late on accounts totaling over $500, among other possibilities. Pay off ALL OUTSTANDING (LATE) OBLIGATIONS NOW and provide evidence of this.

[dreinoso]

Thank you for that info. I did call my loan and brought it up to date in case that's gonna be a reason for denial.

[dreinoso]

How does my 401k from my old job play a part in my application? Any idea? I have been trying to find this information online and can't find it anywhere. Are my assets included in my income in anyway?