Whats my best course of action

[ANGEL]

I am currently looking to move to another apartment when my lease expires in august.

Last year in november I got behind on all my bills. I worked out a payment plan with most of my creditors and they are showing current but with recent lates that show as 90+,and 120+ on all my acccounts except 1. I have goodwilled 2 company and they said no.

I have 3 charges off accounts that I have not been able to work with. I plan to settle with 1 before I go apartment hunting. I also have 2 recent collections. I am current on most of my accounts except the lates are hurting me the most my score is now 398.

There is a company called second chance leasing that is a company that will cosign on an apartment(Corporate leasing) with you but with lots of fees

45 application fee

100 consultation fee

service charge- 50 percent of rent

monthly fee-20 percent of rent

plus your going to have to pay the security deposit.

Being that my score is low do you think I should try my luck work on my credit and apply for apartments with out the service. I would hope my score would be higher someone in august of I can somehow get the collections of my credit report.

Or forget credit repair and utilize the service and save my money for all the fees I am going to be charged. The problem I have with the service is that they charge alot of fees and the monthly fee is high as I am trying to save and pay off my debt. but I feel like I have know other choice.

[Kevin20]

I am currently looking to move to another apartment when my lease expires in august.

Last year in november I got behind on all my bills. I worked out a payment plan with most of my creditors and they are showing current but with recent lates that show as 90+,and 120+ on all my acccounts except 1. I have goodwilled 2 company and they said no.

I have 3 charges off accounts that I have not been able to work with. I plan to settle with 1 before I go apartment hunting. I also have 2 recent collections. I am current on most of my accounts except the lates are hurting me the most my score is now 398.

 

First, that co-signing service sounds like an outrageous ripoff.

 

I can assure you that generally you can rent an apartment even with terrible credit, without a cosigner. God knows I have. That's who apartments are built for. But admittedly I don't think I've heard of a credit score in the 300s ... is that a real FICO score from myfico.com?

 

There MAY be certain apartments that are more picky, but you'll probably have no trouble finding something you like.

 

In any case, I'd go ahead and TRY at some place, even if only as a test, before handing over your firstborn to that co-signing service.

[Operation_Home_Ownership]

Whoa, that sounds like a major ripoff!

 

Have you put your feelers out there & already been turn down for renting?

How do you know for sure no one will rent to you? If you have experienced rejection, many have rented from landlords that dont run credit checks, 1000s on craigslist.

 

Worth a search, I had a friend who stayed w/ his family WAY past being financially able just because he was terrified no one would rent to him with his horrible credit...today he is renting a two-bedrm apt in a brownstone from a sweet old lady [who didnt pull his credit] that he found on craigslist.

Edited May 15, 2008 by Operation_Home_Ownership

[powers64]

Whoa, that sounds like a major ripoff!

 

Have you put your feelers out there & already been turn down for renting?

How do you know for sure no one will rent to you? If you have experienced rejection, many have rented from landlords that dont run credit checks, 1000s on craigslist.

 

Worth a search, I had a friend who stayed w/ his family WAY past being financially able just because he was terrified no one would rent to him with his horrible credit...today he is renting a two-bedrm apt in a brownstone from a sweet old lady [who didnt pull his credit] that he found on craigslist.

 

My experience with renting/bad credit is that they may want to either check with your previous landlord. Have you been late on your current place at all?

 

I also had to put down an extra month deposit.

 

Otherwise, i haven't had any trouble.

 

Have you had either a BK or Foreclosure?

[Circus]

Rent from an individual. They (typically) don't pull.

[CactusWill]

service charge- 50 percent of rent

monthly fee-20 percent of rent

 

[ANGEL]

I have good rental history. Alot of landlords are picky. I noticed on ads on craigslist they state good credit as a requirement. In DC metro area rentals are in high demand so land lord can be picky.

I wont be ready to move till august so I have to start planning and saving money. The real thing is I dont want to have to keep applying to place wasting an application fee to get turned down.

I will try craiglist and hopefully I will find something.

[powers64]

I have good rental history. Alot of landlords are picky. I noticed on ads on craigslist they state good credit as a requirement. In DC metro area rentals are in high demand so land lord can be picky.

I wont be ready to move till august so I have to start planning and saving money. The real thing is I dont want to have to keep applying to place wasting an application fee to get turned down.

I will try craiglist and hopefully I will find something.

 

Also...just be upfront with people when you are submitting an application. Let them know you have good references, but that your credit has taken a hit, and let them know that you would rather know upfront.

 

You may want to have copies of your reports that you can show them - which might save you a hard pull.

[laura_doox]

I agree that it is very possible for you to find a place that will work with you. Being up front with them about your situation is very good advice. Especially if you have VERY good rental history that you can provide references of for X years of perfect or almost perfect rental payment history. Many places I have seen in different states will accept bad credit if previous rental history is good and you can provide a larger down payment.

 

Also, why are you moving from the apt you are in? If you can stay for another year and fix up your credit-- show a year of perfect history and work on those baddies, you avoid the headache now (along with moving costs, another deposit, etc) and have some breathing room to grow your score so you have a shot at a really nice place next year. But I don't know your situation, so . . . just a thought!

 

Oh yeah, and NO DON'T USE THAT PLACE for the co-signing deal. If anything, see if someone else will cosign (you could even offer THEM dough, and it would leave you ahead).

 

good luck! my best friend is going through the same thing right now, and she has just as bad of credit as you.

[ANGEL]

I am moving because rent and utilities are too high its would be impossible to continue and save and pay down debt. It would take me half the time to pay of my debt if i moved into a cheaper apartment. The people upstairs are making all kinds of noise. I can hear them every time they walk around in the apartment and they walk around all day and night. They are always making some noises. I have written to management 3 times but they have done nothing about it.

Right now my budget is tight and there are better and cheaper apartments in the area that I can live in.

I will not use the service and hopefully i will find something and continue to work on my credit

Edited May 16, 2008 by ANGEL

[54regcab]

I'm with the see whats on CL bandwagon, rent from an individual who won't pull credit.

 

As an individual landlord I call the previous 2 landlords and employer. You find out REAL QUICK if they are a worthy tenant or not Pulling credit reports is expensive for people who don't do tons of them.

[snowpuppy]

The service sounds like a total rip. Even when my credit was awful, I paid my rent on time to keep a roof over our heads.

 

Shop around now and see what requirements people are asking for. If you have stable job & rental history, it should overcome your scores. You can offer a landlord extra $ for the security deposit if & when necessary.

[dang]

The last time I rented, I was told by the leasing company that they actually have some time of rental history score thingamajig that they use and it would weigh more than FICO scores. I haven't had time to check on that, maybe I'll do that this weekend simply b/c if there are some records out there about my rental history I WANNA SEE!

[travelgrl]

Yeah I think a lot of the larger ones use Saferent. I do a lot of mystery shopping for apartments and most use Saferent which also checks background/criminal history. THey say anyone that qualifies can rent there.

If you are concerned I would be upfront in asking what they look for so you don't waste money on app fees. CL and private rentals will be your best bet IMHO.

 

Good Luck!

[Kevin20]

The last time I rented, I was told by the leasing company that they actually have some time of rental history score thingamajig that they use and it would weigh more than FICO scores. I haven't had time to check on that, maybe I'll do that this weekend simply b/c if there are some records out there about my rental history I WANNA SEE!

 

Yes, come to think of it, when I applied for my current apartment, my credit reports show that a company called Saferent checked my credit. They appear to be a service that specializes in doing risk-screening for apartments. That fact suggests that apartments use a service that mostly looks for rent-related delinquencies and possibly criminal history or something, more so than unrelated credit issues (or else my landlord firm would've just pulled a credit report directly).

 

Also it's possible landlords exaggerate their claims of demanding good credit in ads, just to minimize the riff-raff that comes in.

Edited May 16, 2008 by Kevin20

[dang]

So now I'm feeling nosey. I wonder if one could get copies of this. If so, it might be a good move for the OP to do that! I know I wanna see what they are saying about me!!!

[dang]

http://www.fadvsaferent.com/consumer_relations/index.php

[ANGEL]

http://www.fadvsaferent.com/consumer_relations/index.php

 

OMG!! I was looking for the link. There is also a company called scorex

[dang]

http://creditboards.com/forums/index.php?s...amp;hl=saferent

[powers64]

The last time I rented, I was told by the leasing company that they actually have some time of rental history score thingamajig that they use and it would weigh more than FICO scores. I haven't had time to check on that, maybe I'll do that this weekend simply b/c if there are some records out there about my rental history I WANNA SEE!

 

Yes, come to think of it, when I applied for my current apartment, my credit reports show that a company called Saferent checked my credit. They appear to be a service that specializes in doing risk-screening for apartments. That fact suggests that apartments use a service that mostly looks for rent-related delinquencies and possibly criminal history or something, more so than unrelated credit issues (or else my landlord firm would've just pulled a credit report directly).

 

Also it's possible landlords exaggerate their claims of demanding good credit in ads, just to minimize the riff-raff that comes in.

 

+1 Saferent checked mine too. I am not sure what my scores were, but the were pretty bad. Probably low 500s. I just had to put down an extra month rent.

[tman]

The last time I rented, I was told by the leasing company that they actually have some time of rental history score thingamajig that they use and it would weigh more than FICO scores. I haven't had time to check on that, maybe I'll do that this weekend simply b/c if there are some records out there about my rental history I WANNA SEE!

 

Yes, come to think of it, when I applied for my current apartment, my credit reports show that a company called Saferent checked my credit. They appear to be a service that specializes in doing risk-screening for apartments. That fact suggests that apartments use a service that mostly looks for rent-related delinquencies and possibly criminal history or something, more so than unrelated credit issues (or else my landlord firm would've just pulled a credit report directly).

 

Also it's possible landlords exaggerate their claims of demanding good credit in ads, just to minimize the riff-raff that comes in.

 

+1 Saferent checked mine too. I am not sure what my scores were, but the were pretty bad. Probably low 500s. I just had to put down an extra month rent.

I was recently approved for an apartment, and they used saferent for me to, and my scores werent all that great. I agree with everybody here.

[nesh1120]

I am currently looking to move to another apartment when my lease expires in august.

Last year in november I got behind on all my bills. I worked out a payment plan with most of my creditors and they are showing current but with recent lates that show as 90+,and 120+ on all my acccounts except 1. I have goodwilled 2 company and they said no.

I have 3 charges off accounts that I have not been able to work with. I plan to settle with 1 before I go apartment hunting. I also have 2 recent collections. I am current on most of my accounts except the lates are hurting me the most my score is now 398.

There is a company called second chance leasing that is a company that will cosign on an apartment(Corporate leasing) with you but with lots of fees

45 application fee

100 consultation fee

service charge- 50 percent of rent

monthly fee-20 percent of rent

plus your going to have to pay the security deposit.

Being that my score is low do you think I should try my luck work on my credit and apply for apartments with out the service. I would hope my score would be higher someone in august of I can somehow get the collections of my credit report.

Or forget credit repair and utilize the service and save my money for all the fees I am going to be charged. The problem I have with the service is that they charge alot of fees and the monthly fee is high as I am trying to save and pay off my debt. but I feel like I have know other choice.

 

 

This is exactly what I'm going through right now. My EQ score was 508 the last time I checked about 3 weeks ago (I haven't checked the other 2 but I'm sure they are just as bad). I have an excellent rental history, 9 years at my previous apartment until I relocated 10 months ago. I've filled out all of my application paperwork and everything sounds good. I was upfront with the manager and told her I fell on hard times the past few months and that my credit reflects that. She told me everything should be OK as long as there a no BKs, tax liens, judgements or REPOS. I have a repo that doesn't show on my reports yet (I pulled today). I received an "explanation letter" from the bank today, I'm scared that the repo will post before next week when I return all of my paperwork.

 

Do you think they will accept the 3-in-1 report that I pulled today? The rental agent works on commission and she is really trying to get me in, she's even told me certain things to put on my app to boost my chances.

[Kevin20]

Do you think they will accept the 3-in-1 report that I pulled today? The rental agent works on commission and she is really trying to get me in, she's even told me certain things to put on my app to boost my chances.

 

Give it a try...

[powers64]

This is exactly what I'm going through right now. My EQ score was 508 the last time I checked about 3 weeks ago (I haven't checked the other 2 but I'm sure they are just as bad). I have an excellent rental history, 9 years at my previous apartment until I relocated 10 months ago. I've filled out all of my application paperwork and everything sounds good. I was upfront with the manager and told her I fell on hard times the past few months and that my credit reflects that. She told me everything should be OK as long as there a no BKs, tax liens, judgements or REPOS. I have a repo that doesn't show on my reports yet (I pulled today). I received an "explanation letter" from the bank today, I'm scared that the repo will post before next week when I return all of my paperwork.

 

Do you think they will accept the 3-in-1 report that I pulled today? The rental agent works on commission and she is really trying to get me in, she's even told me certain things to put on my app to boost my chances.

 

I would get your app in ASAP. I think you can probably use your 3-in-1 to get a kind of unofficial pre-approval, but they will likely do a hard pull once you put in your app. They usually process them very quickly (within 24 hours), so just try to do it before the repo is reporting.

[Cactus Flower]

First, that co-signing service sounds like an outrageous ripoff.

 

I can assure you that generally you can rent an apartment even with terrible credit, without a cosigner. God knows I have. That's who apartments are built for. But admittedly I don't think I've heard of a credit score in the 300s ... is that a real FICO score from myfico.com?

 

There MAY be certain apartments that are more picky, but you'll probably have no trouble finding something you like.

 

In any case, I'd go ahead and TRY at some place, even if only as a test, before handing over your firstborn to that co-signing service.

 

 

Boy do I ever agree with THIS... I have never had any trouble renting an apartment.

 

In fact, I have a BK (from 2002) still reporting and I moved into my current complex with nothing more than a normal $200 deposit. The place before this one (fresh out of a discharged Ch 7 BK) wanted a mere half a month's rent as a deposit ( for me that was $375 , rent is cheap here).

 

They are sometimes more concerned with whether or not you've been evicted anywhere or not -- and even if your issues were THAT serious .. as long as you meet income requirements, they may want an extra 1/2 or full month's rent as a deposit, but that's about it.

 

Hope that helps.

Edited May 18, 2008 by Cactus Flower