Credit Score in Philadelphia>Question Details

Ccdweller, Renter in Philadelphia, PA

Can I rent with good income but poor credit?

Asked by Ccdweller, Philadelphia, PA Tue Jan 10, 2012

My husband and I currently make close to $90K/yr, combined. But two years ago I didn't make close to what I make now (I just finished my Masters) and I ran into some credit problems. I also became pregnant was put on bedrest for a few months on short term disability. My credit went to the pits.

We currently live in center city and I've been renting with the same mgmt company for 2 years. I have no problems with them. But we want a bigger place, preferably between $1200-1300/mo and with parking! The lack of center city parking, that what's killing us. Pet friendly would be nice too as I have a 5lb pomeranian. I am too scared to apply to random landlords because I know my score is so low and I am intimidated. We're finally getting things together to pay back our bills (mostly credit card bills) but our lease is up in June and I have to give notice by April.

Any help will be appreciated, thank you!

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Answers

15
Give EZ Lease Rentals a try, they helped me find a leasing property that allow pets to stay. A few requirements and a clean criminal background history are important when the company checks on their applicants. You can even get them as your co-signer/guarantor.
0 votes Thank Flag Link Tue Jun 11, 2013
OH YES YOU CAN! I suggest that you go for EZ Lease Rentals, a company that helps people rent even with bad credit. They are amazing! If you have good income and make at least $4000 individually or combined and with no criminal record, then you'll get approved. They will ask you for your home or apartment of yoru choice and they will be the one to talk to them and sign with them. They will get you approved for sure!
0 votes Thank Flag Link Mon May 6, 2013
Landlords will require a credit search, but some landlords will overlook bad history over 12 months old. If the inventory of rental property is high in your area you will have a better chance to rent without much scrutiny of your credit report.
Keep trying, look for the local newspaper listings and rent directly form the home owner.

Good Luck
0 votes Thank Flag Link Tue Mar 20, 2012
I find tenants for landlords in my area and always encourage them to give people a second chance if landlord reference is good and the credit issues are explained satisfactorily. Work with an agent or management company.
Web Reference: http://www.gitabantwal.com
0 votes Thank Flag Link Tue Feb 7, 2012
Ccdweller

It depends by landlord. I look at credit reports, background checks, income, job history, talk with the current and previous landlord, talk with current employers, etc.

Below are some things that will offset your poor credit:
• In these current economic times having a steady job with good income
• Having money in a checking or savings account
• Can provide a co-signer who owns Real estate
• Rent amount is between 20% to 35% of monthly income (varies by Landlord)
• Can pre-pay rent a few months in advance
• No judgments from other landlords

Good luck
0 votes Thank Flag Link Thu Jan 19, 2012
Every landlord is different and has different rules/standards when it comes to credit, but what I have found is that as long as you have the income and a stead job, you can rent without too much difficulty. Some places simply ask for a higher security deposit if you have credit issues. Your specific situation sounds like its pretty good because you have income to support the rent amount you are going for. One situation I encountered, as a landlord, was the tenants had a great income and great jobs, just had too many bills and bad credit. So, I required 2 months security deposit, which they were happy to pay. Best of luck to you.
0 votes Thank Flag Link Thu Jan 12, 2012
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0 votes Thank Flag Link Thu Jan 12, 2012
It's very simple You can work on your credit and still look for a property that will meet your needs. Step 1 find a Realtor that is willing to work with you over the next 30 days to locate properties in an area that will meet YOUR needs at a price you can afford. This will allow you to look and find properties that will work with your credit history, while still doing credit repair and collecting the required letters and references. most landlords will work with persons that can provide a co-signer. Please feel free to contact me at 267-934-1971

Philip J. Cunningham Sr
REALTOR
V.I.P.Realty Corporation
7942 Bustleton Ave
Philadelphia,PA 19152
Web Reference: http://www.GreatPaRE.com
0 votes Thank Flag Link Wed Jan 11, 2012
Hello, it is still possible to rent, but there may be some compensating factors as every landlord/management company is different. This could mean income, rental history, and/or higher security deposits, etc... I'd be willing to assist you with any additional questions that you may have so feel free to give me a call.

Regards,


Alexander M. Daniels, agent
Keller Williams Real Estate
215-646-2900 office
267-971-2825 cell
al@movewithal.net
Web Reference: http://www.movewithal.net
0 votes Thank Flag Link Wed Jan 11, 2012
Hi, Ccdweller.

To answer your question, it will really depend on the landlord/landlady. Compensating factors (i.e. solid income, references, etc.) can definitely help your cause, but usually something is needed in return for the added risk to him/her (i.e. higher rent, larger deposit, etc.).

Your best bet is to find an agent who will work with you by negotiating with the other side. If you need any help, just let me know.

Best,
Tim

Timothy Garrity | Realtor & Consultant
Licensed Real Estate Salesperson - #RS314897
215-829-8850 Office
267-879-2716 Mobile
tim@usspaces.com
0 votes Thank Flag Link Tue Jan 10, 2012
Hello CcDweller,

yes but all landlords/management companies have their own ideas, and rights in the law, for applicant credit
if your credit really is that bad, be ready and willing to prepay rent.

it may not be that bad, but in any case, you are well out in front of the time, which may clear things up anway

1. go on free credit report.com and get an accurate take on your situation. it may not be AS grim as you think.
2. pay everything, every month, every payment ON TIME. which you've prob. been doing
3. this itself, will help you. and establish support for your story, which is true, but now supportable.
4. you are EARLY in the new place process. get serious in March/April. nothing open now worth renting will
be availalbe in June when you need to move. think about it. who would hold something empty and/or
who would know for sure a current tennant will vacate in June, now, in early January.
5. have a letter from your current landlord - and the one before better still.

i susepct you are probably in ok shape. good luck

john leonard
long & foster real estate
john.leonard@lnf.com
Web Reference: http://nicepahomes.com
0 votes Thank Flag Link Tue Jan 10, 2012
Hi

I believe the best approach in a situation such as this is a straightforward one. Run a copy of your credit report, get a letter of good standing from your current property management group, have in hand proof of your current income. That being said, you could also work with a realtor who may have more leverage in helping you find an approachable landlord. A private house would be a good place to start, QV, BV or Passy would be approachable areas in your price point, and QV has parking available under 95 near Christian, excellent nursery schools and a very community centric vibe.

Good luck,
Ana Barlow
Coldwell Banker Preferred
anabarlow@gmail.com
0 votes Thank Flag Link Tue Jan 10, 2012
Ccdweller,
Every landlord has their own requirements for what they look for in renters. The MOST important thing is that you have verification of current income - they just want to know that you'll be able to pay your rent on time every month. Having previous landlord references definitely helps as well. Sometimes owners might have certain credit score numbers they look for, but I've found that most aren't that specific and are looking at an overall package.
E-mail me, gwen@jg-realestate.com and I can try to help you. We're about to take on a listing that has dedicated parking in the graduate hospital area, but we could show you any other listed property as well.
Don't let the fear or embarrassment of bad credit stop you from even applying... an application is looked at on a whole, if all other factors are in good standing, you shouldn't have too many problems

Hope to hear from you,
Gwen

JG Real Estate LLC
535 East Girard Ave.
Phila, PA 19125
215-467-4100
0 votes Thank Flag Link Tue Jan 10, 2012
Hi CC Dweller,

I would be willing to help you. Give me a call or email me to go over the next steps. My office is on Rittenhouse Square.

Eric Axelson, Associate Broker
Kurfiss Sotheby's International Realty
215.735.2225
axelson@kurfiss.com
Web Reference: http://kurfiss.com
0 votes Thank Flag Link Tue Jan 10, 2012
Hi there - just posted but my answer didn't seem to take - so I'll try again, excuse if a duplicate.

It sounds to me as though you have established a good payment record with your current landlord, that will go along way. Be prepared to provide an explanation if your credit score is suboptimal, and provide verification of consistent and timely payment to current landlord. Add to that employment verification and some recommendations and you should be off to a good start.

Good luck to you,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
0 votes Thank Flag Link Tue Jan 10, 2012
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