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Bf and I have applied for a new place to rent today (through condo owner as opposed to an apartment with a management company). I'm a little nervous due to my credit score...Experian told me 715, TransUnion told me 692, and Equifax said 656! That being said, I'm a little nervous...I know that the reason for these low-ish scores are because my credit-debt ratio is high...about 25:75. However, I have NEVER made a late payment, no collections, evictions, judgements, etc.
What are the chances that I will get approved for this apartment?
On a sidenote, my bf and I will be renting together...he is here on a student visa, (does not have credit) and we supplied the landlord his father's bank statements (Bc this is where he gets his financial support from), with the application today (his father brings in about 33,000 euros per month).
When we moved to our current apartment, we were allowed to paid the lowest amount of security deposit since credit was supposedly good (not much has changed in terms of credit score, back then my score was around 703 per Experian).
We were also asked on the application what our current rent is ($1743), and the rent for the apartment we are looking at is $1650.
Clearly, I'm still a little freaked out seeing my scores from TransUnion and
Equifax. Putting my boyfriend and I's information together, what are the chances we will get the apartment?
I believe the chances are good, nowadays hardly anybody who is renting has good credit or they will buy (soon).
Before you fill out an application always ask what they approve and deny people on....
We would rent to you...
Quote:
Originally Posted by Csj50
Bf and I have applied for a new place to rent today (through condo owner as opposed to an apartment with a management company). I'm a little nervous due to my credit score...Experian told me 715, TransUnion told me 692, and Equifax said 656! That being said, I'm a little nervous...I know that the reason for these low-ish scores are because my credit-debt ratio is high...about 25:75. However, I have NEVER made a late payment, no collections, evictions, judgements, etc.
What are the chances that I will get approved for this apartment?
On a sidenote, my bf and I will be renting together...he is here on a student visa, (does not have credit) and we supplied the landlord his father's bank statements (Bc this is where he gets his financial support from), with the application today (his father brings in about 33,000 euros per month).
When we moved to our current apartment, we were allowed to paid the lowest amount of security deposit since credit was supposedly good (not much has changed in terms of credit score, back then my score was around 703 per Experian).
We were also asked on the application what our current rent is ($1743), and the rent for the apartment we are looking at is $1650.
Clearly, I'm still a little freaked out seeing my scores from TransUnion and
Equifax. Putting my boyfriend and I's information together, what are the chances we will get the apartment?
According to google 33000 euros = 43,378.5000 US dollars per month! **
If his father is co-signing the lease I would have no hesitation to lease to you all. If the father is not co-signing or otherwise backing the lease then his income is irrelevant if there is no way to collect the rent from him. I certainly don't want to have to sue someone who lives in Europe. If your income is 3 at least times the rent I'd be willing to rent to you, if its not, I'd probably want a bigger deposit or some kind of commitment from the person who controls the income for the boyfriend.
** This is cool. If you type into the Google search window: "convert 33000 euros to dollars" It will do that conversion for you. As well as many other conversions if asked similarly.
Those credit scores are fine as far as I would be concerned. 650 is generally accepted by our company as decent credit as long as there are no huge negatives entries reported such as high debt, tax liens etc. 2.5 to 3 times monthly gross income to rent, & good rental history is also important. If you were an applicant here, I might ask for a local co-signor - someone in another state isn't worth the trouble let alone in a foreign country.
You should already know their criteria for qualifying as an applicant; if they did not disclose this to you, ask them now.
I would rent to you.....if your current landlord provided references that indicated you were good tenants. Nothing wrong with your score as a tenant. My tenants have lower scores. I accept 650+ and verify rental and employment history. However my tenants must have an income that supports the rent; rent can't be more than 30% monthly income.
So... We ended up not getting the place and now I'm really freaking out. She hasn't told us yet why we were not accepted, but I'm guessing it's cuz of the credit report. Would I have better luck going through a co op or an apartment managed by an apartment management? (the one we got denied for was up for rent by condo owner)
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