Home Buying in Queens>Question Details

mrsbarnes8, Renter in Queens, NY

I am have poor credit but make a good salary that exceeds usual requirements. How difficult will it be for me to find an apartment?

Asked by mrsbarnes8, Queens, NY Fri May 24, 2013

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Depends, each landlord 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.
1 vote Thank Flag Link Fri May 24, 2013
The are many factors they take under consideration. Definitely, consult a professional guidance.
2 votes Thank Flag Link Fri May 24, 2013
Thanks for your answer!!
Flag Wed Jul 17, 2013
Are you looking to rent or buy? If you’re looking to rent you would most likely have to provide 2 months security.
0 votes Thank Flag Link Wed Jun 5, 2013
A credit number is not necessarily what landlords look for. It's about the credit history itself. How many late payments, bankruptcies, short sales, forclosures, etc. It will come down to individual landlords decisions on whether or not to have you as a tenant. Some may require 6 months rent in advance to show good faith.
0 votes Thank Flag Link Tue May 28, 2013
Thanks for everyone's feedback. I actually am looking to rent so I will also post this is the rent section. Thanks for all your help.
0 votes Thank Flag Link Sun May 26, 2013
I think your question appears under "Home Buying", so it's not rent. You are looking for an apartment, meaning Co-op or Condo. First, you need to understand how and which way your credit is "poor". Just having a low score is not necessarily poor credit. But, Bankcruptcy, Judgement, Collection, Delinquency etc. will hurt your chances. If you want to buy a Co-op, try bypassing the Board and go for Sponsor units. Condo owners may also want to see a pre-approval. In both cases, you will need a lender who will be willing to take you. An experienced Credit Counselor, Loan Officer or Real Estate Agent can help you analyze you credit. Credit repair companies can not "repair" your credit if all your damages are legitimate. They can help you remove errors and use methods to improve your score over time. Be careful as not to run your report by too many people, that will lower your score. Run your own report from any reputable online sources. Good luck!
0 votes Thank Flag Link Sun May 26, 2013
Check with a credit repair company. I am familiar with one here in South Florida but they cover the entire country. Search LBS Legitimate Business Solutions.
0 votes Thank Flag Link Sun May 26, 2013
Sometimes you can give a larger amount as a deposit & this will satisfy the owner of the property if they have a problem with your credit score.
0 votes Thank Flag Link Sat May 25, 2013
Might be very difficult depending on what your definition of poor credit is. I strongly suggest that you meet face-to-face with a Loan Officer and allow him/her to review your 2011 & 2012 tax returns, 4 most recent paystubs, 2 most recent bank statements along with your credit report. This would allow us to determine exactly what you qualify for, or in your case, if the credit falls short of what you need to qualify, we would be able to determine exactly what you can do now to improve it enough to qualify for a mortgage.

Sometimes it's a matter of lowering the balances on some of your credit cards, or paying collections off, etc. You make your payments and it literally takes days to get the new report with the updates. Other times it's more than just lowering balances, it takes maybe a couple months, maybe a year. It really depends. But you won't know what your situation is until you allow a Loan officer to check your situation out. This is just an appointment with a Loan Officer and it should be of no cost to you.

I am always available to meet in one of our Queens offices if you're in need of a reliable Loan Officer to help you. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Fri May 24, 2013
people who are checking your credit to make a decision are looking not only had how much money you make, but also how you handle it. My advise, sign up for a credit counseling class and learn how to handlle your money. It can even make a difference on getting the job you want.
0 votes Thank Flag Link Fri May 24, 2013
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