If you have bad credit, but a good rental history is it possible to rent from a management company?
Feb 09, 2009 in
Financial and Loan Tips
dwaipayan c
We are moving in June and I’m worried that our bad credit will make it really hard to find a nice rental house.
We are moving in June and I’m worried that our bad credit will make it really hard to find a nice rental house.
Like this post? Subscribe to my RSS feed and get loads more!
4 comments
Sue B on February 10, 2009 at 2:17 am
It will have an affect on you. They go by credit first, income, length on job. Maybe if you are upfront with them and show them a copy of your rental history with the on time payments maybe they will take an increased security deposit.
kemperk on February 12, 2009 at 11:43 pm
u can climb the ladder with bad credit.
I had it too, 3x over 25 yrs.
when you have a 520 score, about as low as you can go and you start
paying everyone perfectly,
within 90 days, your score will go up 15 points. Every 90 days it will
increase. IF you pay perfectly
for 5 yrs, you will have a perfect
score!!!
if you had a bk, it is 7 yrs to climb back.
chatsplas@sbcglobal.net on February 14, 2009 at 4:30 pm
Consequences of your poor choices will likely haunt you. Your good rental history may carry some weight with some management companies, particularly in less desirable complexes which are harder to rent. Personally I’d not go for it, but some will consider you. A letter from your current landlord would be good to get before you leave, stating that you kept the place up, did no damage and paid the rent on time and in full.
Suggest once you move that you work on improving your credit. Step by step you can improve it by making good choices and following through.
HelpMeEscrowStuff on February 16, 2009 at 11:49 am
This depends on the property management company and the landlord who hired them. I was such a landlord. I ended up renting my house through a property management company to a nice family who had major credit issues but a very clean rental history. This is because the property management company should be running all prospective applicants with the landlord.
However, if given the choice to do it over, i would not rent to someone with bad credit because they are more likely to default on rent (even if they’ve never default on rent before). It happened to me and I almost lost my house over 3 months of unpaid rent (took me that long to evict them!). I suggest cleaning up your credit report by disputing any inaccuracies on your report.
But, like i said, it depends entirely on the landlord who hired the property management company.