Post # 1
My husband and I don’t have the best credit and we have paid our rent late maybe four or five times in the four years we have lived in our current apartment. About six months ago we financed a new car though (through a reputable lender) so I don’t think our credit is TOO terrible (our interest rate is still kind of high). He’s been at his job for almost two years, I’ve been at mine almost four. When we first moved into the apartment we live in now, we couldn’t even get approved for an auto loan at all, but we worked on some things.
I’m worried we won’t be able to get approved for a new apartment…should I be worried? It’s mostly the late rent payments that make me wonder, but we have been here a long time and have a good job history.
Post # 3
Get your free credit reports to see what is on your credit history. It might be worth paying for the credit score as well.
Then you will have a better idea. When you look to rent bring them with you so you dont have to pay them to check it. You can give them a copy.
Every complex/owner will be different. Larger orgs check it, some independent landlords dont. Most will want your past landlords reference.
Post # 4
All you can do it try – Each apartment complex has different rules and different scores they accept – you may be able to ask them what that number is before you pay for application fees and things like that. They will most likey take his score and your score and average the two to get the score they use.
Have you checked your credit scores lately? another option might be having someone with good credit who would be willing to cosign if necessary?
Post # 5
It’s not so much our actual scores that I’m worried about because we were approved on worse credit for apartments. It’s more or less the late rent payments we made. It had more to do with just lack of communication on our part and we always paid it…it was just late a couple times because one of us would forget to deposit the rent money into our rent account and it would bounce out.
Post # 6
It’s really hard to say since every complex and lardlord is going to view the situation differently. Some might reject you due to the history of late payments and not the greatest credit, some might be willing to accept you with a letter fomr your previously landlord, and some might just not care. You never know until you try!
Post # 7
I subscribe to freecreditreport.com and pay $7.47/month to have access to my credit scores. Recently, they have let me see all 3 of my credit bureau scores for free. If anything changes on my credit, I get an alert (like if someone took out a credit card in my name or something) That’s the only way I know what my credit is. It fluctuates almost monthly depending on new balances on my credit cards or a new student loan that has shown up, but you need to keep track!
When we moved into our apartment, I was still in school and didn’t have a job…FI father co-signed the loan for us. Could anyone do that for you?
Also, a late rent payment shouldn’t affect your credit score. Generally, late payments of any kind (loan, credit card) are not reported until they are 30 days post-due at least.
Post # 8
@Miss Orchard: I don’t think anyone will cosign, but it might be worth getting our credit reports to check those out.
Post # 9
Yes! I think you can even get a free 30-day trial. You never know…but make sure to look at all 3 reports…they can be REALLY different from one another and when someone checks your credit they may only be looking at one report versus all 3, so hopefully all your scores are roughly the same. It also gives really great info on why your score is what it is…like, if you have a high debt-to-credit ratio or have had too many “hard inquiries” on your credit, etc.
If your credit is low because you have too much debt, opening a new credit card to increase your credit while lowering your amount of debt-to-credit may be a somewhat quick fix to give it a little boost.
Post # 10
My last landlord (before I purchased) only checked my credit and my salary. He didn’t check to see if I had made all my rent payments on time with my previous landlord. Thank goodness he didn’t because I used to mail my rent late because I was lazy. Never thought about what consequences it would have on me in the future, otherwise I would have been much better about it!