I have heard many people say that they have bad credit & a low credit score and then when their credit is run it is for minor issues, or that they do not have any credit.
Many landlords want to run a tenants credit for other reasons other than if you have good credit, many people have great credit but they are living pay check to pay check because they a living on a tight rope above their means, they owe so much money, that they could not afford the rent.
First do not try renting an apartment to the full amount that you feel you can afford with your "big raise". Start saving and pay off your credit issues. Landlords want tenants that can comfortably afford to pay their rent, not live above it. Show that you are working on your credit issues, pay off the nickel & dime cell phone charges that take more time to dispute than the time is worth etc.
If you have major issues on your credit report like unpaid child support, non paying student loans etc. Many landlords will see that as a character flaw....
The best thing to do at this stage, be realistic with yourself, be honest to potential landlords and do not look at rents above your means to get your bills under control.
Kathryn Lilly, Broker
Realty on the Greene, LLC
In this economy, many landlords are a bit more lenient just knowing that you are making an effort to repair your credit as well - having proof of any arrangements you have made to pay past due debts is extremely helpful as well.
Just remember to put your best foot forward when applying and keep in mind that you are not the only one with credit issues in this economy. Many landlords will be more understanding than you would think.
If you need any further assistance feel free to give me a call.
Oxford Property Group
Speak to several different mortgage bankers and have them pre-qualify you to see if you can get a loan. If you want, contact me direct and I can refer you to some good mortgage bankers.
Mitchell S. Feldman
Associate Broker/ Director of Sales/ e-Pro Realtor
Fillmore Real Estate
Office: (718) 252-2000/ Cell: (917) 805-0783