Home Buying in Lancaster>Question Details

Helen Carter, Both Buyer and Seller in Los Angeles, CA

i have been asked but dont have an answer to: are there any lanlords that will accept poor credit?

Asked by Helen Carter, Los Angeles, CA Fri Aug 24, 2012

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I am a landlord and actually, poor credit can be a good thing. If it is on a mortgage and they are foreclosing or shortselling but everything else is ok I feel like they are just getting out of a bad situation and bankruptcy is good too because in some cases their payments are now better managed now and they actually have the abilty to pay good rent and you know they are renting for atleast 7 years. Just food for thought.

Thanks
0 votes Thank Flag Link Thu Sep 20, 2012
The term poor is relative......If your your credit was stellar......most would buy......with interest rates and prices down....a mortgage is less than rent ! Landlords are concerned with your credit report as in rtegards to your rental history........Did you "stiff" a previous owner on the rent......do you have an unlawful detainer on file at the local court house......is there a judgement filed against you that would impede your paying your rent.
0 votes Thank Flag Link Fri Aug 24, 2012
Of course there are landlords that will accept poor credit. However a lot of property managers have more set guidelines that prohibit them from taking certain tenants based on credit issues. However, what you feel is "poor credit" may actually be perfectly fine in the eyes of a landlord. Some people have very low scores because of high medical bills or the loss of their home to foreclosure, etc. Items such as these are not as much of a concern as an eviction or delinquent credit accounts. The bottom line is the landlord wants to make sure the person renting his property will most likely pay the rent on time. If you do not have any evictions, and you have a history of paying your bills on time, you should be ok. On the flip side, if you have a decent credit score but you have evictions and recent collection accounts you may likely be turned down.

Michael Parks
Broker (CDPE, CSP)
http://www.LasVegasHousingExperts.com
702-818-1700
0 votes Thank Flag Link Fri Aug 24, 2012
Hi Helen,

I am a property manager as well as an agent and I review rental applications daily. Here are a few tips to help get an application approved even if you don't have great credit. I suggest writing a cover letter with an introduction about who you are, why you love the rental you are applying for, and an explanation why you are moving. You should get a letter of recommendation from your current landlord to show your rental record of paying on time.

Many times people with bad credit will have a local boss, friend, or family member act as their guarantor. It makes me feel more comfortable because I make sure the guarantor has ample income and good credit. You can always offer to pay a double security deposit or pay a few additional months of rent in advance as well.

Please also check my blog - Get your rental application to the top of the stack. 4 proven tips to get your rental application approved. http://www.trulia.com/blog/JessicaAcker/2011/09/getting_your…

Sincerely,

Jessica M. Acker
Wellman Realty Company
1415 Stanford St., Suite #4
Santa Monica, CA 90404
Direct (310) 828-3132
DRE License # 01894323
0 votes Thank Flag Link Fri Aug 24, 2012
Hi Helen Carter,

That is a subjective question at best - I know from speaking to Property Managers that they are open to the discussion about credit. With so many people losing their home thru Foreclosure, Short Sale, etc. there are many reasons that these things can occur.

Because of this landlords will listen, and may take someone with bad credit depending on their current repayment circumstances.

I know that this is a bit vague, but its the reality of our current market conditions in the Antelope Valley.

I hope that this helps - if I can be of further assistance, please let me know. If your trying to restore your credit, you may want to check out this site:
https://www.legalshield.com/MS/Multisite?site=idt&assoc=…

Best Wishes,

Tamara Stoebe, REALTOR/Notary
GRI, e-PRO, CHS, QSC
DRE License #01827461
Prudential Troth REALTORS
1801 W. Ave. K
Lancaster, CA 93534
(661) 466-6849
Fax (661) 422-3006
http://www.TamaraStoebe.com
0 votes Thank Flag Link Fri Aug 24, 2012
There are always landlords willing to accept poor or no credit. You just need to be prepared to put down a larger deposit, show more cash available, or pay higher rent.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Fri Aug 24, 2012
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