Moving and credit questions (rental market, evictions, mortgage)

[Jehjeh]

Hey, y'all, I've started looking at moving within a few months, and I'd like some advice. Over the past few years, due to illness and business issues, my credit and rental history are, shall we say, in tatters.

For the landlords, managers, and former landlords/managers here, what would you want to see if a prospective tenant came to you with bad credit? Assume the person is doing fine now -- no evictions and no bankruptcy, either -- but their report is going to look bad for the next few years. Would you want a bigger deposit? Rent in advance? Would you not touch them at all? Would you want to see something like 6 months or a year in between the time they caught up/got back on track and the time they apply?

What is the best way for me to go about discussing this with landlords/managers? Do I volunteer that my credit is not the best and ask what they would want, or do I not say anything and just let them check? Just letting them check seems like deception in a way, but volunteering info might not be best either. So, I'm not sure how to do this. My credit and rental history were perfect until late 2010, so I'm used to filling out applications without fear. I'm not sure what to expect now. But, I've really got to move within the next few months, so, off I go....

(I should add that roommate situations have not really been the best experiences for me, so finding a room with others is not the top option. How would I go about finding a place on my own given the current situation?)

Thanks.

[earlyretirement]

Definitely I'd recommend that you're upfront and honest and just give them the details of how you got behind. The rental market is very competitive now and in many areas there is a long line of people waiting to rent. Speaking as a property owner that rents out my properties to tenants, I personally would rather have someone be upfront and honest and maybe even give a bit of detail about how you got behind.

I have rented in this type of situation but I've always asked for a larger rent in advance. You have to think about it from the owner's perspective and what you can do to make them choose you over someone with good credit, good job history, etc.

Just be upfront and honest about things. I personally think that is always the way to go.

Good luck.

[mdm1]

Hmm, I had one bad thing on my credit report and I preemptively explained it to the landlady, but it turned out I was in the 700's anyway, so maybe that was moot. If they're gonna find out either way, you might as well try to put the positive spin on it. Also, look for independent owners: the buck stops with them and they can use their gut feelings. I have an unusual employment situation, didn't end up applying to any of the property companies than own hundreds of units, but they all gave very explicit guidelines that I didn't meet. Talked it out with someone who has only 6 units, and everything worked out fine.

[Jehjeh]

Thanks, Earlyretirement and Mdm1. I have the feeling my score is no longer in the 700s, so the next few months will be interesting. I'll try to offer a couple of months of rent paid up front and see if that helps.

[tonyinsd]

You can also get a cosigner. Yeah, it sucks to put mommy and daddy on the hook but if you're going to be responsible, it's fine.

It was strange. My credit was okay -- I have a mortgage I've been paying for 21 years on time every time. But because I hadn't rented a place since my college days, they wanted a cosigner. My dad laughed, and then he signed.

[Jehjeh]

Co-signing won't be possible. Family members are not an option (long story), and my friends in town are either in the same boat I am or they do not have the income to qualify as co-signers (I know this because I looked at a place a couple of years ago that wanted co-signers). Thanks, though.

[tickyul]

Maybe try offering to pay first and last, plus your damage deposit if you run into a problem.