Apartments for Low Income

Questions and Answers

Your Questions About Renting An Apartment With No Credit

November 29, 2012

William asks…

Renting an apartment with no credit?

Is it possible for a person to rent an apartment if they do not have credit but stable income?
I see a lot of ads saying they’ll run your credit and you pay so much on approved credit.

If your credit is not so great or you have none do you have to pay a higher security deposit?

thanks for the help YA!
My fiance and i are looking into a 2 bedroom apartment. Here in california in the valley – Modesto they run around 700-800 a month and I get 500 every month and he works with the marines and makes about 2,000+ every month. But I know his credit isn’t that great and i have no credit. His mother might co-sign. I’d rather go without having a co-signer though. but we’ll see how it goes!

thanks everyone!

Administrator answers:

Depends, most complexes will run your credit and it will be hard to impossible to get an apt without good or at least some credit.

If you can find an individual who is renting like his own 4 plex or house you can easier discuss the no credit issue and get the rental. Good luck

Daniel asks…

renting an apartment with no credit?

I am looking to move into a studio by myself in San Francisco, but the problem is I have no credit at all. I have lived in two apartments in Los Angeles over the past three years, but always with another roommate. We have always used his credit for the credit check and we have always had to pay a little extra before moving in.

I have never been late with rent (is there some sort of report that can show that?) and make a yearly salary of about 40k. What are my chances of getting a decent studio for around $900 a month? Also, I could probably get someone to cosign. Keep in mind that I’m 23 years old.

Thanks in advance
I have never opened up a credit card, or gotten any loans. All payments have been through my debit card.

Administrator answers:

No credit isn’t bad credit which is a point you need to stress to prospective landlords. Still the credit report is the most reliable judge about if a prospective tenant will pay his/her rent on time. Since you do have a rental history, I suggest you be proactive and bring it to their attention as an “alternative form of credit”. This should include locations and contact info of previous landlords. You also might want to prime your past landlords that someone may be calling them for verification. You could even take it a step further by showing that you have always paid your utility bills (the ones you had in your name alone) on time too. Having a co-signor in your back pocket is great, but try not to play that card until there is no other option. Good Luck

Jenny asks…

Apartment Credit Check?

I put in an application for an apartment today. They said the background/credit check was based on: Credit, Past Renting experience, and criminal record and reported back as a score on a point system.

I have no previous renting history, this will be my first apartment; I have no criminal background; but I do have 1 charge off on my credit report from almost 3 years ago.

The leasing agent didn’t seem to think it’d be a problem – does anyone have any experience with this point system? Do you think I will get the apartment?

Thanks for your input!

Administrator answers:

I am a landlord myself – if everything you just described is all – then most likely you’ll get the apartment based on the following:
- landlord has no better applicants
- landlord is willing to take risks on your relatively “new” history
- the chargeoff itself should not be such a big deal.
Good luck

Richard asks…

Apartment Renting on Poor Credit–Is it Possible?!!?

So I have pretty crappy credit–I have an average score of 613 between the three credit bureaus. I’m freakin out because I will probably soon need to rent an apartment and I want to hear from personal experiences, or apartment managers, if its possible for me to rent.

Here are some things that are working against me:

1. I’m a first time renter—I have NO rental history
2. I’ve been a full-time grad student (now graduated), so I’ve only had non-lucrative part-time jobs (no notable full-time work).
3. I will be relocating to a different state (Oregon)

When I move to Oregon, I will have an offer to start my brand-new full-time job, but I will not have started it by the time I’m out there apartment hunting. So I have no full-time employment history to give them yet.

I’m afraid it will be impossible to rent with my situation. However, I do have a nest egg to move up there with, and I am willing to pay a higher security deposit plus six months of rent….is that good?
Here’s my credit scores from The Evil Trinity (credit bureaus):)

Transunion–598 (ouch!)

Pretty bad

Administrator answers:

That is actually an average score, not so bad. You probably have no or little credit versus bad credit. Don’t worry you should be just fine. If by some odd chance the score does hurt you just look for owners that don’t pull credit or be upfront about the fact that you have little credit, most people get that you’ve gotta start somewhere. Hope you find something great!

Robert asks…

Do you need credit to rent an apartment?

I’ve never rented an apartment before but keep reading about credit checks. Can you explain how this works? Do you need credit to get an apartment? Why do they check?

and what if you’re a young recent college grad with no credit at all.

Administrator answers:

Yes you do need credit to rent an apartment. They do a credit check to get a better picture of your finances. A recent college grad with no credit will need a cosigner with good credit. One other option might be to pay 6 months up front. A tenant with good credit who knows how to manage his/her finances is preferred over someone with no credit.

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