By Admin on May 30, 2009 in Personal Finance
Dena L asked:
I applied for an apartment and I am waiting to hear back from them. Im stressed out beacuse I have really bad credit right now ( my fico is 501 and apparently I have 4 derogatory items on my credit report. (from credit cards and hospital bills) Am i screwed?
http://1mortgagecalculator.info
I applied for an apartment and I am waiting to hear back from them. Im stressed out beacuse I have really bad credit right now ( my fico is 501 and apparently I have 4 derogatory items on my credit report. (from credit cards and hospital bills) Am i screwed?
http://1mortgagecalculator.info
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Well, your credit score is low, but there are things that can mitigate that. First, have a good rental history, or at least good references. Also, show that you have the ability to pay the rent on time. Copies of pay stubs, etc. Try to get the derogatory items on your credit report paid, and then keep the receipts. Also, some landlords will accept additional deposit to offset the bad credit.
Cheyenne | May 31, 2009 | Reply
Most of the times, Apartment communities are looking for bad debt to previous living communities/houses/apartments. They also look for bad debt for utility and cable companies. Most of the time, they will overlook medical debt, etc.
They are moreso looking at the amount of debt, and the amount of income (usually should make 2-3 times the rent amount). Also, years on the job or steady income makes a difference.
Sweet Pea | May 31, 2009 | Reply