Moving to PDX with Strong Rental History but Weak Credit (Portland: apartments, rental market)

[nregnier]

Hi everyone,

We are a family of 6 and are moving to Portland for work in May. My wife and I have a strong rental history but our credit is shot due to some bad financial choices made in our teens. We are looking into apartments but are worried that when we apply we will be denied and that our savings will be mostly spent in application fees. We have verifiable income, no evictions, etc but we are unable to have a co-signer.

We're considering applying with individual property owners as opposed to large property corporations. Has anyone else had any luck finding a place like this? Any recommendations?

[Nell Plotts]

Bring references from your former landlords, that should help a lot. Have the reference discuss the fact that you pay rent on time and take care of the premises.

[khyron]

I've rented a bunch of places in four different states, and I can't remember a single landlord ever caring about a "strong rental history." They've asked for a single previous landlord reference occasionally, never more than one, and sometimes none at all. The credit check, however, would have immediately been a showstopper for all of them...doubt they'd have even called us back. YMMV.

[nregnier]

Khyron, I agree and that's my biggest concern. However, I'm trying to figure my options in the worst case scenario. I have plans to repair my credit once we settle, however as for the initial phase "time" is not on our side.

[oldtintype]

I rented with two different property owners in Portland who never ran my credit. They asked where I worked and for a past rental reference and that was it. However, I met them in person and spent a lot of time talking to them at the open house. I think with the tighter rental market you will find less people like this, but they're out there. I think your best bet is to go meet individual landlords and make a good impression. In my case I wasn't worried about my credit, it just happened to occur that way.

I also rented from a cop (in another city) who also never ran my credit but he did run my information thru his database to look at my (non existent) criminal record. He also talked to us for a while and I assume sized us up. I think it's standard for most landlords to base things on credit, but others have their own system.

[Explorer Dave]

Due to medical crises, followed by six months living on disability, followed by a year of unemployment, and a car repo my credit is trashed too. Thankfully I have a decent job, but that is the only reason I'm still in FL and not in Portland. I probably should try to fix my credit, because of things like wanting to move to Portland, finding another job, renting, or buying. But I actually don't like credit dependence, I prefer a simpler life where I don't have to worry so much about that, living within my means. So far so good. But my options are more limited.

[bler144]

Originally Posted by Explorer Dave

But I actually don't like credit dependence, I prefer a simpler life where I don't have to worry so much about that, living within my means. So far so good. But my options are more limited.

Own one no-fee credit card, make 1-2 purchases on it and pay it off in full each month. It's a way to rebuild at least some credit at no cost.

If you pay electronically, you don't even lose the cost of a stamp.

I agree you'll tend to have more luck renting from an actual person vs. an agency. But that's going to be harder to do from 3000 miles away, plus in that scenario neither party would have much security against being scammed.

[oregonwoodsmoke]

Originally Posted by nregnier

We are a family of 6 ...........our credit is shot due to some bad financial choices made in our teens.

I'm a landlord and I'm not buying it. Anyone old enough to have 4 children is old enough that anything that happened in their teens should have already fallen off your credit report. If your credit is currently bad, it is because of bad financial management a lot more recent than your teen years.

I set a high value to the current and prior landlord reference. It sounds suspiciously like I wouldn't rent to you, but some landlords will take the chance if you have excellent landlord references and can verify sufficient income. All we landlords are aware that some people will pay their rent even if they can't pay any other bills. I don't accept those people, but some landlords do.

So, if you have good references, plenty of income, no criminal record, then some landlord will take you.

I suggest that you get copies of your credit report to take around with you. Most landlords can look at that before you pay your application fee and tell you if it is hopeless. You will still have to pay the fee, they will still run your credit, and they might still reject you for a different reason, but at least you will be over the first hurdle of your credit.

In Oregon, you can ask to see the landlord's written criteria that they use to select tenants. If they charge a fee, they are supposed to show that to you if you ask to see it. That way you can see if there is anything on there that will get your rejected.

[oregonwoodsmoke]

Originally Posted by Explorer Dave

......... I probably should try to fix my credit, because of things like wanting to move to Portland, finding another job, renting, or buying. But I actually don't like credit dependence, ..........

You don't fix your credit by getting credit cards. You fix your credit by paying off your debts and making all future payments for everything on time from this point on.

[nregnier]

Originally Posted by bler144

I agree you'll tend to have more luck renting from an actual person vs. an agency. But that's going to be harder to do from 3000 miles away, plus in that scenario neither party would have much security against being scammed.

That is another good point, maybe we'll consider looking into something like corporate housing for now and pound the pavement once we arrive.