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Vince Guerre…, Renter in Frisco, TX

can i rent if i have a BK?

Asked by Vince Guerrero, Frisco, TX Wed Sep 5, 2012

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You would be required more than likely pay double to triple deposits lease. Apartments are much "kinder on your wallet for a family with low credit scores"

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0 votes Thank Flag Link Thu Sep 6, 2012
Hi Vince

There are always landlords and property management companies that want to rent for a price.
You should be fine, they may take a higher security deposit or you may sign a commercial business agreement that waives your rights on eviction etc. if you were to default.

Best regards
Perry
0 votes Thank Flag Link Wed Sep 5, 2012
Hello Vince,

Yes.
It's easier to rent a house or a townhouse (that's not a condo).
Condominiums are the hardest to get into.
Many don't even check the credit history anymore - because of what happened with the economy
and how it effected millions of people.
What they check now is the criminal/background history.

There are great books written about recovering your credit history after BK.
As you gradually re-establish your credit history, your ability to rent will improve, regardless if you had a bk or not.

There are also many credit cards that love working with the post-BK customers.
The reason is that they have annual fees and some monthly fees also - so they make more money off of post-BK clients. It takes 2 years of paying on time on 4 lines of credit to re-establish your credit.
Try to open one card per 90 days window (if you open them more often - it will reduce your credit rating), and don't give your social for credit check, unless you really have to (it reduces your credit score). Also, there are secured credit lines that do report your payment history to the credit agencies - it's like you borrow from yourself, then pay back to yourself. It's good to tell your bk story to the prospective landlord/apartment building manager upfront, without letting them to find out.
In most cases, it creates an atmosphere of trust and you'll see people being willing to help you out.

When your credit is not so great, it's good to have some "compensating" factors - like savings,
pension funds, stable employment history and establishing good rental history.

Some landlords will also work with you if you get a co-signer also.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Wed Sep 5, 2012
As long as you have a good rental history, you should be fine. Do you have any broken leases or evictions?
0 votes Thank Flag Link Wed Sep 5, 2012
Yes, it is actually even possible to purchase with a BK however its very tough. If your looking to rent make sure you speak w/ the Landlord and giving them a brief rundown before they run your credit, no point in wasting application fees when you already know the answer. If you would like some assistance in locating a rental I'll be more than happy to assist.

Brandon Calhoun
Realtor-CDPE
Coldwell Banker
(832)741-9194
realtorcalhoun@gmail.com
0 votes Thank Flag Link Wed Sep 5, 2012
If a BK is bankruptcy, it depends on the landlord. The landlord could choose to go with someone else.
0 votes Thank Flag Link Wed Sep 5, 2012
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