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So recently I interviewed for and got a job in NYC (currently live in Florida). I've never broken a lease, been evicted, or had any trouble paying rent for the five years or so I've been living on my own. I do have a pretty lousy credit score however (~600), and I know that in NYC, credit checks are almost always done before a potential tenant is approved. On the plus side, my yearly income would easily be 40x the monthly rent, I could prove it quite easily, and I would also have no problem getting letters from my previous landlords. I'm going to be staying with a close family friend in the beginning, so I basically have as long as I need to find a place too.
What worries me is that 99% of apartments I see online are rented out through management companies, which I'd imagine are fairly inflexible when it comes to minimum credit score policies. Any tips? And should I be dissuaded from making the move altogether? Will I be stuck with a good job and no apartment? Will any brokers be willing to work with me?
I only managed apts in CA, but I did so in Silicon Valley, where there is high demand. So, perhaps my experience will be similar to how things go in NYC.
For me, with your landlord references and job and income, the credit score would not be an automatic deal breaker. It would depend what was on it. Is it old bad debt? In other words, you've been paying on time for the last couple of years at least? What kind of accounts did you pay late on? Do you have collections and for what and how old are they?
I turned a guy down once because he'd let a $100 cell phone bill go to collections, and never paid it. I would rent to a guy with a $10,000 medical bill over this guy. Just shows irresponsibility.
Are there any judgments?
A bankruptcy would not be a deal breaker for me. Nor would a foreclosure.
Big management companies need to rent their apartments, too. I'd rather rent to someone with iffy, but acceptable credit history (considering the above) but who has great landlord references - than someone with stellar credit and a sketchy rental history.
Anyway, congrats on the job and good luck apt hunting. I bet you'll find a place quickly :-)
Having just rented a place in NYC, I have to tell you that you are very likely to have a rough time.
A lot of rental companies use an automatic scoring system for tenants. Credit score is highly weighted. If you are below what is acceptable, they will not rent to you. Period. The market is too competitive, and there are plenty of other people out there who DO me the criteria.
At the very least, plan to have 6 mos of rent in advance. That is probably what it will take.
You are going to have that great big salary. Use it to pay off all the old debts. If they show as "paid" on your credit report, it will go a long ways towards reassuring the landlord that you will pay the rent.
Yeah, what worries me is that it seems like management companies set criteria for minimum scores and have no reason to break their own rules. Here in Florida, rents are lower, competition is lower, eviction is an easier process and a greater number of apartments are rented "by owner", so it often comes down to a judgement call from a landlord. Most ads I've seen for NYC specifically state a minimum credit score as a particular requirement and even if a broker trusts you, he's bound by company policy.
What about asking for a three month lease, making it clear that I'd intend to sign another when it expires? That reduces risk for the landlord...
Last edited by punkfan39126; 12-26-2013 at 11:12 AM..
Yeah, what worries me is that it seems like management companies set criteria for minimum scores and have no reason to break their own rules. Here in Florida, rents are lower, competition is lower, eviction is an easier process and a greater number of apartments are rented "by owner", so it often comes down to a judgement call from a landlord. Most ads I've seen for NYC specifically state a minimum credit score as a particular requirement and even if a broker trusts you, he's bound by company policy.
What about asking for a three month lease, making it clear that I'd intend to sign another when it expires? That reduces risk for the landlord...
LLs usually don't want a lease that short. There are places that cater to the "visiting executive" type and are short stay. These are normally exponentially more than other rentals because corporations typically foot the bill.
Your best bet is to get connected to someone who owns a building and does not use a broker. Or find a situation for subletting.
I'm afraid if you offer a 3 month lease, the LL may think you just want them for a short term rental. Most are looking for tenants who will stay a long time.
I love Oregon WS's advice to pay off bad debt with your nice new salary.
You're fortunate that you can stay with friends until you find a place. I still say give it a whirl and see what happens. Offer to pay in advance, offer to have automatic deductions, if necessary. I'm still thinking that the combo of your big salary and your good references may offset the 600 score.
In this day and age of foreclosures and bankruptcies, that's not such a horrible score anymore.
So I've decided not to stress about it and work towards raising my score, it's not like I'm that far from an acceptable score anyway and like I said, I have a place to stay. Applied for a secured credit card today and am going to inquire about a couple accounts that have gone in to collections next week. Might as well fix the root of the problem. Thanks everyone for the feedback!
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