Apartments for Low Income

Questions and Answers

Your Questions About Renting An Apartment With No Credit

July 19, 2013

Maria asks…

Will a I qualify for renting an apartment for the 1st time with…?

a 624 credit score with 1 collection account for about a $1,000 and no renting history? I just got offered a job in a city 50 miles away from me and I grabbed it right away because its in an industry I’ll really enjoy working in plus it pays pretty good. My income will be about 2,700 before tax and the rent for the place is 665 including utilities. Its just a small bachelor apartment. The reason I have somewhat poor credit and no renting history is because I was going to college overseas. The collection account is a gym membership I couldn’t use. Since I got back I’ve been hoping part time jobs to survive the past 5 months, but this one I’m sure I’m going to go far in. So I really want to get this apartment so I don’t have to drive 100 miles a day. Any ideas on helping me get approved?
The gym membership was not my only bill. I actually successfully completed a new 3 year car lease never having a late payment and I have a paid off nordstrom card with a 5000 limit and I’m never late with my cell phone bill. Are my odds really that bad? Can I just get someone to cosign now I guess? I knew that was an option but I just hope I can do it on my own. If i stay put for 6 months I’m going to put 12,000 miles on my car and that won’t be fun.

Administrator answers:

If you only have one bill and you are refusing to pay that bill your odds are not good. You feel entitled not to pay your expenses and you do not have a steady work history.

It will be better after you have had the job 6 months, and you will likely need a co-signer since you are so entitled.

George asks…

What’s it like renting an apartment in the Rockford or Aurora Illinois area? Is it hard to find a place if you

have bad credit, or an unverifiable job/income history? I live in Chicago, and I am ready to go just about anywhere now. I’m being evicted, and I have no job. I don’t think I would have good luck luck in the suburbs of Chicago with landlords, and I don’t like the idea of looking in bad neighborhoods of Chicago.

Administrator answers:

You might try Plano.
It’s near Aurora.

. . . Ah, those were the days.

Steven asks…

Credit check for all renters when renting apartment?

My boyfriend and I are looking at renting an apartment. He has excellent credit, but mine isn’t very good. How much of an issue will that be? Will landlords likely accept our application based on his credit? I can get my dad to cosign and/or pay a larger deposit — any other tips for dealing with this? Although my credit is bad, I have excellent renter references as I’ve never missed or been late for a payment at my current place — but I’m worried landlords won’t bother looking at that after they see a bad credit score.
Also: I know fixing my credit is the long-term answer to this problem, which I am doing now. But we need to rent a place in the next couple of months, and I don’t think my credit score will signifcantly improve in that time… Thanks!

Administrator answers:

Most of the time, landlords will run the credit of anyone/everyone over 18.

If your credit is an issue, simply discuss it before agreeing to the credit check, they should be able to tell you if it will be worth your time to apply.

You should pull your own copy of your credit report to see what’s on there so you know what to expect. It may not be as bad as you think, and you will have your own copy to show prospective landlords. Some landlords will even accept your copy so you don’t get dinged for the inquiry (as long as it is w/in 30 days), but most want to pull there own before finalizing anything.

Sandra asks…

Would anyone give me some advice about moving next year to NYC for my master degree?

Hi, I´m an International student who´s planning to study next year at NYC. I´d like to get a master degree in Graphics, Branding or Packaging. As an international student, the only clue that i´ve had about living rentals and accommodations is living in Brooklyn or New Jersey. I like the Hoboken area. I´m a self-sufficient guy on my middle thirties who can afford probably 2,000 or 2,500 for a studio or a 1bd/1bath apartment. I´ve read that for international students is a problem renting an apartment without credit history; however, i could afford to pay one full year of rent if is necessary. Could someone share with me some experiences, advices or warnings about my situation?

I´ll really appreciate that :)

Administrator answers:

You will be fine, just go for a sublet. You will find something easily either through Craigslist or the university. No need to pay a year up front! NY is full of students many of whom have no credit history, all of them find somewhere to live.

Ruth asks…

What other factors besides credit cards and house payments are factored into credit scores?

Do phone bills, student loans, renting an apartment, etc. factor into credit scores? If I have never had a credit card or a house, could I still have a credit score based on other things?

Administrator answers:

In order for you to have a credit score, someone had to extend you credit, to be repaid. Like a car loan, house note, credit card or personal loan. Your student loans will build your credit.

Phone bills , renting an apartment, utility bills do not build credit, as no credit was extended. These are not reported to the credit bureaus, unless you fail to pay.

What makes up a credit score is:

The five are

•Payment history – 35%
•Amounts owed – 30%
•Length of credit history – 15%
•New credit – 10%
•Types of credit used – 10%

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