Credit Score in Brooklyn>Question Details

Micah Stathis, Renter in Brooklyn, NY

I need to move by November 1, but have bad credit. I just got a big raise, but my credit score will not reflect that yet. Any advice?

Asked by Micah Stathis, Brooklyn, NY Wed Oct 2, 2013

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Hello;
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.
Good luck.
Kathryn Lilly, Broker
Realty on the Greene, LLC
718-858-7600
KLilly@RealtyontheGreene.com
0 votes Thank Flag Link Thu Oct 3, 2013
As to the credit issue, much will depend on the landlord/building, each is different; however you can consider being upfront regarding your credit; be prepared to show proof of employment/pay stubs; possibly pre-pay some of the rent; possibly offer extra security; have some reference letters handy; consider a guarantor, etc. Also consider working with an agent of your own...
0 votes Thank Flag Link Wed Oct 2, 2013
Also, you may want to write a letter of explanation to explain to the landlord what extenuating circumstances might have led to your credit woes. In addition to offering pre paid rent (say the last few months of the lease) or additional security deposit, I find that just knowing what happened to cause your credit issues is often of great help.

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.

Good Luck
0 votes Thank Flag Link Wed Oct 2, 2013
Management companies can be tough on tenants with bad credit. Some companies are a little lenient depending on what's on your credit report. Some will accept additional security or several months in advance. Some will accept you with a guarantor making 80x the rent and good credit. All you can do is explore your options depending on what you're looking for.

If you need any further assistance feel free to give me a call.

Chauncey Palmer
Oxford Property Group
347-409-7970
0 votes Thank Flag Link Wed Oct 2, 2013
Dear Micah,

Please contact me direct 917 306 0163 Kayvan Mcs Mortgage Bankers
I can help you get your credit score up. Thank you
0 votes Thank Flag Link Wed Oct 2, 2013
Dear Micah:

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.

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales/ e-Pro Realtor
Fillmore Real Estate
Office: (718) 252-2000/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Wed Oct 2, 2013
Credit score, no matter how much money you make still take a large consideration. I would suggest speaking to the landlord and seeing if they are willing to forgo, the credit score in return for something extra. I am not sure about the regulations in your state but maybe a few months rent upfront?
0 votes Thank Flag Link Wed Oct 2, 2013
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