Credit Score in Atco>Question Details

Daniel And J…, Renter in Atco, NJ

My credit not that great. But my husband and I can afford this house to rent for 970m in Atco. Will this hurt us for not having really good credit?

Asked by Daniel And Jacquelyn Mejia, Atco, NJ Sat Nov 5, 2011

We are looking to rent a house in Atco NJ. I have to stay in Atco because my mom and dad live there and I can have the bus drop my kids off to them when I am at work. Our credit score if like 550 or so. We have consolidated a lot down. I need a place to live we can not stay where we are at much longer. The house we are looking at we can afford the rent. My husband brings home around 1400 biweekly. I only bring home 200
and child support about 200 both biweekly. Can someone please tell me our chances of getting this house? And could this credit score really hurt us?

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5
I had an answer planned out in my head but it looks like Diane covered everything already . Excellent answer. Best of luck to you in getting the rental property !
0 votes Thank Flag Link Mon Nov 7, 2011
Your score is low for most landlords' consideration. However, the chances you will have on getting the house will be based upon whether or not the landlord is working with an agent and will actually run your credit score.
These days, everyone has a story. If you can show that your credit problems were in the past, you might have a chance. If not, and you have funds available to pay the first and last plus a security deposit, you might want to make an offer like that to the landlord.
The biggest fear a landlord has is that the tenant won't be able to pay and will need to be evicted. In most instances, the landlord will be out money even with the quickest eviction and a security deposit. The extra months' rent might be enough to persuade the landlord to take you on.
Don't give up easily. Try to negotiate with the landlord so you both come out feeling comfortable with the lease.
If this landlord won't go for it, try someone else. Especially a for rent by owner. Those people don't usually have the means to run a credit check.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Sun Nov 6, 2011
Hi Daniel. Everybodys financial situation is different. My team is very experienced at matching you with the best rental home. Call or email us asap. We will make it happen!
-Robert Greenblatt
Keller Williams Realty
Web Reference: http://www.MyHomeRenter.com
0 votes Thank Flag Link Sun Nov 6, 2011
Hello Daniel,
Thanks for your question.
The best thing to do is have your Realtor submit the offer to rent attached with employer's letter, bank statement with account number deleted so the landlord knows you have the funds to pay him. He may ask to see your credit report but send attached a letter of explanation so he/she knows the reason for the low score.
You have to let the Landlord respond after that.
Good Luck!
Ines De La Cruz, Realtor, ABR
RE/MAX Connection
Web Reference: http://www.inesdelacruz.com
0 votes Thank Flag Link Sat Nov 5, 2011
There are many other factors that come into play when applying to rent a house. We have always told our landlord clients that they shouldn't focus on credit scores as much as they should on those other factors. They should be looking at the rental history of the prospective tenants, their job history, and the current situation of the prospective tenants. You mention the income you and your husband bring home, but one of the important things is how long has your husband been employed at his present job? Another question that we ask prospective tenants - why are you looking to move? Are you making the move because you have to or because you want to? Basically, is the move your choice? If you were renting, how is your rental payment history? Have you been on time with your rent? Landlords are looking for tenants that are timely payers, take pride in where they live, and show responsibility. So, basically, it comes down to more then just your credit score. Many apartment complexes use the credit score to establish the security deposit your are required to submit, but they review the other factors to make their decisions.
If you want a more detailed discussion of your situation, give me a call at 609-417-1086.
Web Reference: http://www.terryiwaniw.com
0 votes Thank Flag Link Sat Nov 5, 2011
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