Rent vs Buy in Myrtle Beach>Question Details

Timara Burge…, Renter in Myrtle Beach, SC

Is there hope for a renter with a low 500 credit score?

Asked by Timara Burgess, Myrtle Beach, SC Fri Feb 8, 2013

Rent is becoming almost as difficult as buying!

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Debra (Debbie) Rose’s answer
Have you paid your rent on time?
Every month?

Don't know why your credit is so low, and I hope you're working on improving it - but a landlord will, hopefully, concentrate on whether you have enough income to afford the rent, and whether you have paid your previous landlord on time!
That kind of reference will be very important!

If you have a reasonable explanation for your low scores, I agree with Keith - I'd write a letter explaining it - also highlighting your positive qualities.

Individual landlords can make their own decisions..............larger management ocmpanies may not be so forgiving.

Best wishes.....
1 vote Thank Flag Link Fri Feb 8, 2013
Management companies want to see steady income & a good credit score. But that does not always mean its impossible. Honesty is always the best policy when talking to management companies. Sometimes you can negotiate a larger security deposit to show good faith.
Christine House
Century 21 Broadhurst & Associates
843-215-6831 Direct
609-339-0916 Mobile
Web Reference:
0 votes Thank Flag Link Sat Feb 9, 2013

A last resort option, IF your state law allows it (NJ does not) is to offer several months of pre-paid rent as an incentive, assuming you have the ability to do so.
0 votes Thank Flag Link Sat Feb 9, 2013
Yeah, there's hope, but you can't expect to get the same treatment as someone who has been able to keep their credit in the sevens.
0 votes Thank Flag Link Fri Feb 8, 2013
Dear Tara:

There is hope but it will not go without a hard effort. I would suggest trying to appeal to individual landlords and not rental communities. Also I would suggest you write a letter to each property owner that you apply to explaining why your credit is so low and how much you would love to live in their property. Also try looking on Craigslist for rentals, you will have a good variety there. Best of luck!
0 votes Thank Flag Link Fri Feb 8, 2013
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