Philadelphia property management â€“ rental application credit checks
tipsÂ on applyingÂ for philadelphia apartments with poor credit
â€œCan I still rent an apartment in Philadelphia with bad credit?â€ We hear this a lot, and the answer is not so straightforward.
are reviewed as a whole. This means that your income, employment, prior
rental history, references and yes, your credit are all taken into
careful consideration. The final decision on whether or not to approve
the application comes from the property owner. Different owners have
their own minimum qualifications that they look for. Some have very
specific minimum credit score requirements; most donâ€™t. So can you rent
an apartment if your credit isnâ€™t great? Yes, itâ€™s possible, but here
are some suggestions for improving your overall rental application:
- if you know you have poor credit, donâ€™t lie about it. Being upfront
about something you know might be an issue will not only show that
youâ€™re honest, butÂ also that youâ€™re aware and concerned about the
situation. Someone who is actively monitoring their credit is probably
also someone who is actively trying to fix it.
- Get references from prior landlords. AÂ responsibleÂ owner or Philadelphia property management
company will call prior landlords anyway, but it doesnâ€™t hurt for you
to already have a written reference letter in hand. Did you pay your
rent on time each month? Were any utilities included in the rent? How
many people were you living with? In what condition was the apartment
left when you moved out? These are all important questions, and the
answers could be the deciding factor on approval.
- Prove that you can pay. This is probablyÂ more important than credit
â€“ a property owner wants to be sure that you can afford the apartment
for which youâ€™re applying. Submit multiple paystubs, print out a bank
statement showing that you have a substantial amount in savings â€“ the
more evidence you can provide in your favor, the better. According to
the U.S. Department of Housing and Urban Development,Â as listed on
Trulia, you should be paying no more than 30% of your gross income for housing and utilities.
- Offer to pay an extra month for security deposit. This might be a requirement for tenants with low credit scores anyway.
Philadelphia ApartmentsÂ - Why Credit Matters
But why does credit score matter? The landlord doesnâ€™t know you. Your credit report is
your financial fingerprint. Sure, you might be a very responsible
person who made some mistakes in the past and has since learned from
them. Unfortunately, thereâ€™s really no way to prove it. Would you lend
someone money who was known for never paying people back? I would be
hesitant to do so, even if that person was a friend.
Philadelphia landlords â€“ Do you have minimum scores that you look for? Have you ever accepted an applicant with bad credit?
Philadelphia tenants -Â If you have found itÂ very difficult to rent an
apartment in philly, weâ€™d love to hear your point of view andÂ ways
youâ€™veÂ tried to getÂ through a strict application process.
Make sure to keep tabs on Jg Real Estate's blog for more tenant and landlord tips.