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Just received a job offer in Hoboken, NJ. I've visited a few times since the offer exploring different areas, but had one question in terms of applying for an apartment. I understand the 40X rule when it comes to income to rent but how understanding are landlords on potential tenants with sufficient incomes but lower credit scores? Is there a score cut off that they absolutely won't consider or are they looking only for negative marks on your credit? (I don't have)
Do some landlords just not care if you have the income and positive rental history? I don't have many options in terms of guarantors so any insight would be greatly appreciated! Thanks!
Just a little more information that might help: 85K salary + 20K sign on bonus
Generally I'd say you need to hit their threshold for income and credit score/history. I'm not super familiar with credit score cutoffs, but my guess would be in the high 600s, but mostly a wild guess.
But that's in general. I'm sure there are landlords who are more flexible, particularly if you have a positive rental history that you can credibly refer to. Some apartment listings will actually mention the credit score minimum up front.
Not sure about in NJ, but in NYC they really care about your credit score. At what level I don't know though as I've always had above 640 (now much higher) since I started checking 1 year into my student loans.
Just received a job offer in Hoboken, NJ. I've visited a few times since the offer exploring different areas, but had one question in terms of applying for an apartment. I understand the 40X rule when it comes to income to rent but how understanding are landlords on potential tenants with sufficient incomes but lower credit scores? Is there a score cut off that they absolutely won't consider or are they looking only for negative marks on your credit? (I don't have)
Do some landlords just not care if you have the income and positive rental history? I don't have many options in terms of guarantors so any insight would be greatly appreciated! Thanks!
Just a little more information that might help: 85K salary + 20K sign on bonus
Am here to tell you, need to be *upfront* about your credit. Would be a good idea to get references from previous landlords to vouch for your ability to pay the rent or whatever. As was mentioned, some listings will state the cutoff score from the get go. These days, am seeing more requirements for *good to excellent* credit. Am thinking since summer is the high season for rentals in NYC, landlords feel as if they can be picky and may even hold out for *that* tenant to meet their standards.
Mine is well over 800 and my friends think I am out of my mind for being so meticulous about it.
Mine is too... we should start a club for over 800 people. Anyway, from what I've seen income is more important. They will work around credit scores (maybe with a larger deposit) but no way to work around not having enough income except with a guarantor (which is like having a higher income person).
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