Home Buying in 60612>Question Details

Balois Flores…, Other/Just Looking in Chicago, IL

what can i do if i want to rent a home but i have bad credit (527 score) and my girlfriend has no credit history?

Asked by Balois Flores Jr and Staci Marcia, Chicago, IL Sat Jun 30, 2012

we are having a baby soon and we want to live somewhere nice to raise our child, i want a place near the zipcode 60612

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Answers

11
Hello,

You can have a conversation with the landlord, offer to pay 2-3 months rent upfront or additional security deposit. I've had clients submit a resume.

You can also submit a recommendation letter from your employer, testimonials/references from friends/family/business acquaintances, etc...

Every little bit helps.

Good luck!
1 vote Thank Flag Link Sun Jul 1, 2012
Credit is just one piece to the puzzle - it really depends on the individual owner and how heavily they weigh the credit score. Some just want to see that you make enough to afford the rent - others are more risk-averse and consider the credit score to be the most important predictor of whether or not you are going to ultimately default on the agreement.

Also - you'll want to explain what is "driving" your score. Are the negative items an unexpected medical expense that can be explained, and is the rest of your payment history good? Do you have evictions? Are the negative items old, but everything else is the last few years in good standing? Did you max out 3 credit cards 2 months ago and are now running from creditors? Be prepared to explain the negative items affecting your score. Depending on what they are, the landlord may not factor them into your decision as critically.

In lieu of good credit, some options include:

1. Pre-paying a few months of rent in advance

2. Increasing the security deposit

3. Getting a co-signer

Hope this helps!
0 votes Thank Flag Link Thu Jun 20, 2013
Good afternoon Balois and Staci,

We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.
http://www.consumer-action.org/

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.
http://www.consumer.ftc.gov/articles/0058-credit-repair-how-…

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Thu Jun 20, 2013
Evelyn hit this one on the head!
0 votes Thank Flag Link Wed Jun 19, 2013
It's possible, you can still rent even if you have a bad credit history. The EZ Lease Rentals company specializes in helping people with such issues like yours and they can help you get the house that you want at your preferred zipcode. They will just need to know your VOE (Verification of Employment), income and if your criminal background history is clean.
0 votes Thank Flag Link Fri Jun 14, 2013
I work with a landlord in that zip code who might work with you. Please contact me at 773.598.9309
0 votes Thank Flag Link Thu Jun 6, 2013
An option is always to offer more months rent upfront if you have the means to do so. Takes the risk any landlord might see out of the equation.
0 votes Thank Flag Link Wed May 8, 2013
You can still rent a place and since you're in a difficult situation right now, as your girlfriend is pregnant, you can ask the help of a company. EZ Lease Rentals is a great choice as I have personally tried it. All you have to is present a proof of income of at least $4000 a month and make sure that you have no criminal record. Through this, EZ Lease will definitely help you out here in a very reasonable fee and you can have the place of YOUR CHOICE before the baby arrives. =)
0 votes Thank Flag Link Wed May 8, 2013
Do you have a good rental history ? I would also work on coming up with 2 months security deposit as many landlords will require this . There are a few more variables if you like you can email me and we can discuss your situation in detail
0 votes Thank Flag Link Sun Jul 1, 2012
Just let your future landlords know this. Someone will want to give you a shot. Also try writing a letter to the landlord if they wont sit down and talk with you.
0 votes Thank Flag Link Sun Jul 1, 2012
Be honest and upfront w/ your future landlords and provide all documentation that they request.
0 votes Thank Flag Link Sun Jul 1, 2012
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