Credit Score in Chicago>Question Details

Mark Murphy, Renter in Chicago, IL

I was living out of the country from a very young age and because of that I really have no credit history. Where will I most likely be approved?

Asked by Mark Murphy, Chicago, IL Tue Nov 1, 2011

I am in desperate need of an apartment in the city as I am a small business owner who works strictly in downtown Chicago.

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8
Evelyn Fred’s answer
Hi Mark,

Can you afford to pay "x" amount of rent in advance to secure the rental? Sometimes a landlord will settle for upfront cash over the credit score provided your reasons are justified, as you stated they are.

Good luck!
0 votes Thank Flag Link Tue Nov 1, 2011
your a renter.. you will get a landlord with appropriate credit and security deposit mixture
Web Reference: http://www.joeschiller.net
0 votes Thank Flag Link Tue Nov 1, 2011
There are creidt reporting companies that can do a reference check for financial history in other countries. So if you have bank accounts or credit cards or even Landlord referrals they can contact them and get information for your future landlord. It takes a few more days and some small additional cost but it can provide support for your application.
Jody Wise
Prudential Rubloff
773.572.6531
0 votes Thank Flag Link Tue Nov 1, 2011
How about your phone bill that you pay every month or the electric and gas bill. Do you have a checking account that shows you pay bills each month. Since you are self employed you would have to show your business records including tax records for the last 2 years. In the meantime open a credit card account
with the least amount of interest and pay on it on time each month. Hopefully this helps you in renting or
maybe yet in buying property. Seek out a good loan officer that can guide you and advise you on the right path. Debbie Bergthold-Smith Classic Real Estate 708-267-5552
0 votes Thank Flag Link Tue Nov 1, 2011
Having no credit history is not a deal breaker. If you have a good income and references and no negatives on your minimal credit report you should be ok. You might need to give a larger than average security deposit. Typical deposit is one month rent so perhaps 1.5 or 2 months deposit might be needed.
0 votes Thank Flag Link Tue Nov 1, 2011
SInce you are looking to rent, proove that you have the ability to pay the rent. Be prepared to provide the future landlord with at least 1 month's rent and 1 month's security deposit. To encourage a future landlord even more, provide an additional month's rent as well. Show the future landlord what your current income is and hopefully it will be enough to cover your rental expenses. In conjunction with this - do you have a bank account? Go to your bank and apply for a credit card. Go to a store that you frequent and apply for a store card. You need to establish credit here and an easy way to start is by obtaining a credit card with and them proving that you have the ability of paying the balance on time. Your goal should be to have at least 3 lines of credit open and show that you can pay them on time for at least 1 year.
0 votes Thank Flag Link Tue Nov 1, 2011
You may get lucky with a rental from an individual party you can explain the situation to, but you need to work on building a credit history.
Your business will soon hit its limits as well, there is no room left in the world we live in here in the US to really succeed without good credit.
You can look into secured credit cards, paying your utility bills on time (especially the gas bill), getting a paid receipt each month for your rent and in 24-36 months you will have some real history and a score you can use.

until then, cash, references, and some luck will be your tools to get a place to live.
0 votes Thank Flag Link Tue Nov 1, 2011
Having no credit history is not as bad as having bad credit history. Show that you have a job and income and you should be ok.
0 votes Thank Flag Link Tue Nov 1, 2011
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