Rentals in Chicago>Question Details

Sandra8312001, Home Buyer in Chicago, IL

How difficult will it be for a couple to get approved if one person has good credit and the other has a low score (500's) ?

Asked by Sandra8312001, Chicago, IL Wed Jun 12, 2013

My fiancé and I are looking for a rental on the Northside. Our combined income is about $200,000 and our budget is $2000/ month max for a rental. He has good credit and my score is low. I have a good rental history with my current landlord. Will we have trouble getting approved because of my low credit score?

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Ruth and Perry Mistry’s answer
Hi sandra

Prudent for one of you with the best credit score to Apply for the loan.
Based on your details provided there should be no issue.

If there is one, then you found the wrong loan agent or lender.

Good luck

0 votes Thank Flag Link Sat Jun 15, 2013
One person can apply and the other person can be listed as living in the unit with the lessee. If they see a low score, the landlord may require more of a deposit, more rent or reject outright. You can work to improve your score by getting negatives deleted from all 3 depositories.
0 votes Thank Flag Link Sat Jun 15, 2013
The person with the good credit should complete the application. If both names are on the application then owner will have to make the decision.
0 votes Thank Flag Link Fri Jun 14, 2013
If the person with good credit can qualify for a loan on home that fits your needs, it will be easy.
0 votes Thank Flag Link Fri Jun 14, 2013

Speak with a mortgage professional to receive a firm answer. Judging from your income and situation it seems that you can be approved to buy.

Sohail A. Salahuddin | Founder and Team Leader

Innovative Property Consultants Group | Sales and Leasing

Jameson Sotheby’s International Realty

425 W. North Ave. | Chicago, IL 60610 

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0 votes Thank Flag Link Fri Jun 14, 2013
Hello Sandra,

Your history stated here doesn't seem to be an issue.

I'm pretty confident that if you are forthright with the landlord and explain why your credit is low, they will take it into consideration. Remenber, always put your best foot forward!

Plus as long as you can prove what you stated here you should be fine.

Good luck!
0 votes Thank Flag Link Thu Jun 13, 2013
I have an amazing credit repair expert!! He has helped a few of my clients come out of the 500's and into the high 600-700 range in less than 3- 6 months!! They do credit repair in all 50 states!!! His name is Curtis Luckett III and his number is 614-657-1659
0 votes Thank Flag Link Thu Jun 13, 2013
Hi Molly
Thanks for your response. I would like to know more about this credit repair. It is my understanding that you cannot repair credit only dispute information that may not be correct.
Flag Fri Jun 14, 2013
You should be fine. As stated below you'll want to be prepared to explain the circumstances driving your low score. With your fiances good credit and income to rent ratio, you shouldn't have much of a problem securing a rental.


Terry Farnsworth

Licensed Broker, Prospect Equities Premier
0 votes Thank Flag Link Thu Jun 13, 2013
Should be fine with combined income and good credit on your side.

A solid previous landlord recommendation should help along with a willingness to provide a larger security deposit or more favorable terms for landlord if needed.

I've gotten a few clients approved at scores in the mid-400's and low 500's and landlords have had no issues.
0 votes Thank Flag Link Thu Jun 13, 2013
You should have no problem. Your over all profile is decent. Be prepared to provide an explanation regarding your credit - however your Fiances credit and your positive rental history will work in your favor.
Good luck.
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
0 votes Thank Flag Link Thu Jun 13, 2013
Buying and Renting are two different animals.

Although some similar criteria may be used by landlords, as long as you can provide excellent ratios in regards to your income, you may be able to overcome your low credit score.

$24k (Rental Expense) / $200k (Income) = Excellent Ratios

Be truthful on your Application
Provide Proof Of Income
Prove Proof of Assets (If you have healthy bank/retirement accounts)
Provide a Letter of Explanation

Feel free to contact me should you need any assistance.
Web Reference:
0 votes Thank Flag Link Wed Jun 12, 2013
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