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Minneapolis' very own Fair Isaac is the father-mother of the FICO score. This score is used to determine you worth by banks, insurers, employers, and landlords (among countless others). So what happens if your score isn't good enough? You get denied an apartment, a job, etc.
What I am most curious about, though, is apartments. Has anyone here ever been denied an apartment based on your credit score, despite having a reputably solid rental history and a decent annual income?
Steven's Community will deny you a lease if you have outstanding bad debt.
alie, that almost happened to me (from Stevens) when I moved here. A cable bill from when I was in college and an overdue library book almost kept me from getting the apartment. Paid the library fine and convinced them a $20 cable bill from ten years ago shouldn't keep me out.
I have never been denied, but I used to work in the industry.
The criteria varies, which it shouldn't, but each property management company is different. "Solid rental history & a decent annual income" is vague. If your rental history is only 6 months to a year with an income that doesn't support the monthly rent (30-35% of income is the typical range of income towards housing) and a crappy credit score, you'll probably be denied as it can mean that you're strapped.
Some companies will ask for a higher deposit, but not always. Best bet is to find an individual or a small company who is more likely to work with you.
... or a co-signer.
That bad debt is outstanding!
CINF, yeah, they almost denied me because of a sprint bill that wasn't paid in college, but I had taken care of it, yet the collections agency hadn't updated my record. Nice.
Haven't moved going on 6 years; if I owned a building I'd insist.
I make $45k a year and have never paid rent late in the 5 years I have been renting, but some medical problems led to bankruptcy which toasted my score. I will stick with the individual landlords and people I can trust with which to have a real, personal conversation about my past. The larger companies seem to have more institutional policies.
I haven't heard of someone being denied due to a bankruptcy if they have a good income, they seem to only have a real problem with bad debt. Also, my ex almost was denied from Point of America in BP due to no credit history. What they failed to realize is that it's Point of America, not The Calhoun Beach Club.
It all boggles me. When I had loads of debt, but a perfect credit score (this can be maintained when you are paying debts on time, even if you are using one card to pay another), I could get into apartments no problem. Now, with almost no debt (and thus more money in hand to actually pay rent), it's a rough road.
I'm not a bad person.
Point of America... is that near the MOA?
diosamo: That sucks. And you're right, large property management companies typically have properties nationwide or have a grade range of properties so there isn't a lot of movement on policy.
Fortunately, there are a number of good smaller, local companies and indviduals who will work with you.
Good luck in your search.
Thank you, Cat.
Point of America... is that near the MOA?
Heh, no, it's in Brooklyn Park on Zane Ave. Kinda sketch.
Good luck in your search and, no, you are not a bad person.
Yeah, unfortunately, diosamo, most large companies see a bankruptcy and it's an automatic denial. My guess is that you have been trying to rent at larger communities?
I found my current place through craigslist if you haven't used it. A lot of good listings by individuals. Apartments.com is another resource, although it's mostly larger communities.
I would look into the Buckingham Apts(they have three buildings--two downtown, one in NE). Lisa, the building owner, was super understanding when I went through something similar a few years back. I was supposed to pay a double security deposit, even allowing me to pay it in two payments, but they "forgot" about the 2nd half after I moved in.
i'm pretty convinced that no one has ever checked my credit when it comes to renting...both here and in MA. i just scored a sweet apartment in the lyn-lake neighborhood and my credit is shit. it might help that the landlord wanted to rent it ASAP. it's that or my awesome personality and charm which won her over.
i dunno.
I'm thinking you should also familiarize yourself with tenant's rights and equal housing laws. I keep getting this feeling that if you're debt free with a good job and previous rental history, landlords shouldn't have any reason to deny your application for tenancy. Hell, one of my ex-boyfriends got a car loan 6 months after he filed for bankruptcy.
I've never been denied, but I've suspected that I would be because the rent would have made up more than 30% of my income, so I didn't apply to most of the apartments that I looked at. I have a kinda ok credit score in the low 700s.
The places I have rented from either didn't have an application process (and was as sketchy as you could've expected) or took an application and money, but never did a background check.
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