Rental Basics 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

8
Sarah Ziehr’s answer
Your best bet is to put down a double security deposit, show proof of income (copies of paystubs) with any application you submit, show proof that you have paid your rent timely in the past, letters of recommendation, and a letter of explanation detailing your debt. Good luck! Where there is a will there is a way.
2 votes Thank Flag Link Mon Jul 2, 2012
You might need to pay a higher security deposit and might need a bank statement showing that you have $$$ in the bank so the landlord does not think you are living pay check to pay check. If your income is solid that will help. You also might need to explain why your girlfried does not have any credit. you also might need to offer to pay the first 3-6 months upfront as a sign of good faith, Usually they look at your entire financial/past rental history to evaluate your position. Put it all together as best you can in anticipation of questions. Pretend you are a landlord and be prepared to answer the questions that you come up with.
1 vote Thank Flag Link Sun Jul 1, 2012
Be honest about your credit situation. The landlord does make the final decision and if from your history they can decipher that you can afford the home and need a chance to become responsible that landlord may give you a chance. You can also offer additional security as a show of good faith that you will meet you rent obligation timely.
0 votes Thank Flag Link Sun Jul 1, 2012
pay 20% more than market and beg
0 votes Thank Flag Link Sun Jul 1, 2012
I would just sit down with the landlord and explain the situation. There are good people out there willing to help you out when your in a tough spot.
0 votes Thank Flag Link Sun Jul 1, 2012
Great response from Philip.
I would add you may choose to work with a mulit-dimensional real estate professional who has extensive connection with the investor market. Securing a home before it is advertised for rent has real benefits.

These agents will not seek you, but you will need to pick up the phone and call them.
They have resources that may prove incredibly beneficial to you in the long term.

Now, your note clearly indicates you recognize the need to have a good credit history. Today is a good day to start on that.
Identify a bank near you who has a history of investing locally through home mortgages and small business loans. Meet with the lending officer and enroll in their credit recovery program. When you have completed the process, be loyal and get your mortgage through them.
Find an "A" or "B" graded bank near you on:
http://www.BankingGrades.com

Best of success to you.
EZrealEstate.us
0 votes Thank Flag Link Sun Jul 1, 2012
Letter of explanation or offer extra security are two forseeable options
0 votes Thank Flag Link Sun Jul 1, 2012
Write a Letter of Explanation as to why your credit is bad and what you plan on doing to fix it. Also to improve your chances provide more money up front in either additional rent payments or increased security deposit.
0 votes Thank Flag Link Sun Jul 1, 2012
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