Why do apartment complexes do credit checks?
I am a single parent who has to live on one income I am not going to be without some bumps along the way. I want to rent from an apartment complex who charges 505 dollars a month for what I now pay 800 dollars for. I do not want to waste my money applying and getting turned down. If I do get turned down, how can I get around the credit check.
Comments
They check your credit because they know that your housing expense is the single most expensive item you have to pay for every month. They want to know how you pay for all of your present bills because they have the most to lose if you usually don't pay for things on time.
Show them that you want to have good credit (even though it's not so great now), and that you want to move so that you can reduce your bills by $295/month. Show them that although you've struggled with other bills sometimes, you have always paid your rent on time. Tell them this upfront, and see how they react to this. They may say "Don't bother applying...we only take A1 credit", or they may say that they understand, and to go ahead and fill out the application.
In any event, most all landlords need a detailed application from you in the event that you rent a property they own. Sometimes the application has nothing at all to do with if they rent to you or not.
Good Luck.
Landlords do credit checks so we don't wind up with deadbeat tenants. Most of the time we focus on how people handle their housing expenses.
Some credit card or other late payments aren't too big of a deal as long as there are no recent foreclosures, evictions, or judgements for other landlords.
I've rented to a few people with shaky credit but who always took care of the roof over their head first and didn't have any serious problems with them. Actually, they were pretty good tenants. In fact, the best tenant I every had had horrible credit with one exception: He ALWAYS paid his rent on time. I took a chance on him and he was never late with me in over 10 years.
If you don't want to waste a bunch of application fees, just ask what their criteria is; most will be happy to tell you and you probably want to avoid one who won't reveal that. We usually require a certain income level and a modest credit score as well as no recent evictions or landlord judgements. If you're close, negotiate. Most landlords aren't ogres -- and you don't want to rent from one who is -- so just ask around.
If you have had an eviction, tell us up front. The reason may be something that we're willing to risk. For example, if you had to break a lease on an expensive property due to a job loss but are otherwise in good shape financially with a good rental history you may very well be just the tenant we'd like to have. It's when you get edgy and start beating around the bush and trying to hide things that we get suspicious.
Most apartment complexes now require a credit check before they'll accept a lease agreement with a new renter. Although some individuals who sublet homes. Your credit score, along with your gross income and employment history, are the main things a landlord will check when deciding whether to rent to you..... landlord credit check
To make sure you can pay your rent and that you have a good record on payment.Its very hard to get an apartment ready for rental.Alot of people leave them very messy.So they want someone that is dependable and will pay their rent.Some apartments want do a credit check if you pay a high deposit but well Im not sure I would want to live in one..The neighborhood usually goes down real quick.. and its sad but true.You get what you pay for.. but im sure you can find one that will let you get in with out a credit check..but I would look for a house to rent from a family not a corporation
The main thing they're looking for is bad credit (bankruptcy, unpaid bills) As long as you have the deposit money there shouldn't be a problem. I had zero credit when I moved into my first 2 or 3 apartments and had no trouble being accepted.
Tell them you want a copy of the credit check. This way you pay for it only one time, and you take it with you to every place you apply.
<>They do credit checks to get an idea if the prospective tenant is stable, able to pay, and will be a good risk. They do not necessarily use that as their only criteria. If you have a good renting history, give them references to check and they will probably be happy with those.
They want to see if you pay your bills and if you have any judgements for past due rents.
Most of them do not expect your credit to be perfect (if it was you would buy, not rent). But they want to see that you pay the major things, housing and maybe car.
I am certain that may apartments have had problems collecting the rent from some people, that is why.
they want to make sure they are going to get the rent money from you