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Thread: Advice please! Another step closer to moving out!

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    brighteyed88's Avatar
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    #1

    Question Advice please! Another step closer to moving out!

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    Now that I have decided that renting is the way to go, seeing as how it is likely I will not be in this city for more than another 2-3 years, I am starting to make a list of places that I can afford rent wise, seeing what utilities if any are included in rent, making sure large dogs are accepted, and closer to work and campus than my parents' home so all that extra gas money can be figured into the rent or utilities payments.

    I didn't want an apartment before but now that I have done a little more research I have found decent sized apartments that have a good community as far as being able to walk the dog and what have you.

    So my question is if I decide on an apartment, do apartment complex companies check your credit? And if they do, can they deny you or give you an increase in rent depending upon your score?

    My score is not in the critical range, but it's not the absolute best either. I was just wondering if that might factor into the places I would be able to rent, regardless of me being able to afford that particular rent. Sorry if that was a bit jumbled, if you need extra clarification let me know.

    Thanks in advance!
    "Insanity is doing the same thing over and over again and expecting the same results." ~Albert Einstein

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    Every rental I've had, houses included, has ran my credit score. I don't have have the best credit either, and it's never been an issue. Most, in my experiences, were more interested in your monthly salary.

    Would either of your parents be able to 'co-sign' on the lease? My parents did that once when I was 21 and it worked out fine.
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    all rental places run a credit check, its has less to do with the score and more to do if you have late payments or bankruptcy, and length of credit. It is unlikely they would increase rent because of credit, but likely they would just deny you if they don't like what they see.

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    They will almost certainly look. An option might be to have a co-signer, if anyone in your family is willing to do that. It's a risk for them as they are obligated to pay if you don't, but it is basically a back up for the apartment complex.
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    I don't know if they'll increase your rent if you have credit under their desirable score, but I know some of them will increase your deposit amount if you do.
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    Okay very good to know! I do have a couple of family members who would be willing to cosign, so that's good to know it's an option as well. My main concern too is that I know that if a place runs a credit check, it can knock a few points off of your score too right?
    "Insanity is doing the same thing over and over again and expecting the same results." ~Albert Einstein

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    We co-signed for our daughter's apartment several years ago. Of course she decided, with about 3 months left in the lease, that she was just going to move into a house with some friends. That cost us about $1,800! So when I hear co-signing I think "eyes wide open!"
    J.J. Montanaro is a CERTIFIED FINANCIAL PLANNER practicioner with USAA Financial Planning Services one of the USAA family of companies.
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    #8
    Quote Originally Posted by brighteyed88 View Post
    Okay very good to know! I do have a couple of family members who would be willing to cosign, so that's good to know it's an option as well. My main concern too is that I know that if a place runs a credit check, it can knock a few points off of your score too right?
    Repeated credit checks can knock a score down. Like if you applied for an apartment, and a car loan, and a credit card and all 3 ran the reports in the matter of weeks (or even months) of each, that will knock your score down. But one credit check won't.

    There are 10 types of people in the world, those that understand binary and those that don't
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    BTW--despite poor credit score, she's been able to get apartments since WITHOUT our cosigning .
    J.J. Montanaro is a CERTIFIED FINANCIAL PLANNER practicioner with USAA Financial Planning Services one of the USAA family of companies.
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    Thank you so much!! This is all really good to know, I have quite the list of places I am interested in so I just need to start narrowing it down. I also set up to pay off a little of my student loans before I get back into school in the Fall, hope that will help my credit some as well.
    "Insanity is doing the same thing over and over again and expecting the same results." ~Albert Einstein

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