Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I am relocating to the Raleigh area next month with not so perfect credit, but good income and great rental references.
Anyone know of any specific apartment communities, realtors, investors or owners who will work with people in my situation. I am especially in search of a safe area with decent schools.
Thanks in advance for your help and ideas! Happy Wednesday!
Apartments won't care about your credit rating. Hopefully you'll be working for one of their preferred companies, which usually results in some savings for you.
You will have trouble getting an apartment in a complex. Just be honest upfront, tell the management that you have bad credit, but offer your references. If you have 3 years of on-time payment history, than that should be sufficient.
You can also try to look for an individual property owner and offer the same. To be honest, any property manager that doesn't check credit history these days is behind the times. Who knows what else they're skimping on?
My FICO credit score right now is about 320, which I understand doesn't get much lower. I had no issues with my current lease for what is a reasonably upper-end apartment. I'm not sure why they would care about your credit rating. Who knows. Maybe they did run a credit check and just didn't have a problem with my score.
My FICO credit score right now is about 320, which I understand doesn't get much lower. I had no issues with my current lease for what is a reasonably upper-end apartment. I'm not sure why they would care about your credit rating. Who knows. Maybe they did run a credit check and just didn't have a problem with my score.
They care because it can take up to 90 days of non-payment before someone is evicted from a rental unit. On top of that, who knows what kind of damage an angry evictee can do to an apartment unit.
The reason property managers run credit checks is because a tenant that decides to stop paying can end up costing a property owner up to $5,000 or more.
Reputable apartment properties do and always have cared about credit ratings. I fail to understand why people think they do not?
Actually - in the years of the housing bubble crisis, it was far easier to get a home loan than to rent. Renters had to provide solid, verifiable proof of income over time, employer proof, and/or bank/tax records.
Renters often face background checks as well. I'd love to see links + evidence that renters do not have to have good credit.
Apartment complexes and landlords in general do (and should) care about credit ratings which is why I asked the question. There are some that realize that even good people with the best intentions come across hard times once in awhile and that slow credit for good reason (divorce, job losss, health issues, etc.) doesn't always mean the person is a low life or irresponsible. In a fairly soft rental market it can mean a win win for all, if the person is properly screened.
So, as I restructure my credit due to a period of job loss AND a divorce, I find myself with some bad credit but great rental references and a decent salary. Believe me, it could happen to anyone. And it did, me. But with that, I dont feel sorry for myself or blame anyone else, its just a part of life and I look forward to regaining my previous pristine credit rating!
With some research, hopefully I will find someone who would like to give me a chance.
Thanks for the responses everyone and warmest regards!!!
Renters often face background checks as well. I'd love to see links + evidence that renters do not have to have good credit.
Yes, there are many that will forego credit reports and focus more on income, job stability, rental references and criminal backround check. I also find that it depends on the market. Perhaps Raleigh is less involved in the upside down side of real estate thats being experienced by many other metro areas!
Wish me luck!!!!!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
