Rentals in New York>Question Details

Mal4pip, Home Buyer in New York, NY

I will be moving to New York next year 2014 but i am worried about credit score .

Asked by Mal4pip, New York, NY Tue Dec 17, 2013

Although i have an excellent credit rating here in the uk i believe it means nothing in the states. Any help would be appreciated.

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11
Hi,
I am very familiar with the process as I also moved here from the UK and
have assisted many referrals through their transition.
You can either rent a furnished accommodation where the owners usually do not require a credit check but usually require references and work status information as well as the usual security deposit. For unfurnished owners usually require 80x the rent or guarantors along with a letter of employment from your employer. Although your credit from the UK does not really count here it helps to show a potential landlord your credit history back home.
If you have any questions please do not hesitate to ask me.

Karen Younge
Licensed associate broker
Keller Williams NYC
425 Park Avenue 6th floor
NYC NY 10022

kyounge@kwnyc.com
917 297 5704
kyounge@kwnyc.com
0 votes Thank Flag Link Thu Jan 16, 2014
If you don't have a guarantor, some landlords would still considering you paying the whole year rent upfront.
0 votes Thank Flag Link Thu Jan 16, 2014
Check us out we specialized in short term furnished rental and manage more than 450 apartments. You may visit our website http://www.nycshortlease.com?truliarocks for more information or contact us with your dates of moving, preferred locations and budget.
We have no fee an fee apartments available.
0 votes Thank Flag Link Thu Jan 16, 2014
Management companies are used to working with foreigners. You have a few options 1) Provide a personal/company guarantor (they will need to make 80x the monthly the rent).
2) Insurent (a company that acts as a guarantor). You can research them at http://www.insurent.com. They work with specific management companies and landlords. They charge a fee, which usually is the equivalent of one month's rent. 3) pre-pay a portion of the rent or offer extra security.

Other documents needed: 2 recent bank statements, 2 recent pay stubs, 2 years of tax returns, letter of employment, recent copy of your UK credit report, and copy of your passport.

I want to recommend an amazing company that helps build your credit profile. Many of my clients have used this company. Please contact Anthony Davenport at Regal Financial located at 481 8th Ave., Ste 524 • New York, NY 10001
O. 646 450 0153 • F. 877 529 2684

I would love to help you find an apartment, help you get your paperwork in order and submit an application. I know some lenient landlords.

Please contact me at your earliest convenience so we can get the process started.

Best,

Candis S. Ransom
Licensed Real Estate Salesperson
Keller Williams-NYC
425 Park Avenue, 6 Floor
New York, NY 10022
M: 214-405-2020
cransom@kwnyc.com
0 votes Thank Flag Link Sun Jan 12, 2014
Will you be working for the same employer? Every situation is different. You may have to pay 12 months up front or a few months. You may be able to get someone to guarantee the lease. I have found homes for many people who have moved here from other countries. Every situation is different and not impossible. Email me if you need help hleskin@KWNYC.com
0 votes Thank Flag Link Mon Dec 23, 2013
If you have job security plus cash to pre-pay rent few months in advance you should be ok.
0 votes Thank Flag Link Wed Dec 18, 2013
A New York City landlord will in most cases, without credit, they will ask you to prepay a year in advance plus possibly extra security deposit. One way around this If you are renting in New York, OR if you have a corporate guarantor because you are moving here for a job, they will ask that someone at the company act as guarantor. In New York, not all landlords accept out of tri-state area guarantors, i.e., New York, New Jersey, CT., so you have to be careful when apply to a building that they do. If indeed the guarantor is out of the tri-state area, that guarantor has to make 80's the rent whereas the tenant has to make 40-50x's the rent, depending on the building.

Another option for foreigners is to use Insurent, which is a company that acts as guarantor, and which works with designated landlords. There is a fee attached, which usually amounts to the equivalent of one month's rent. They work with qualified foreigners who have to substantiate their application with documentation.

If you need any further help you may contact me at Metropolitan Property Group,
646 484-5111 in New York or Jackie@metropolitanpropertygroup.com and I can try my best to help you, were you to require help in New York City. Thank you and good luck.
0 votes Thank Flag Link Tue Dec 17, 2013
My thought is bring a recent copy of you UK credit report, and use that along with proof of employment, A good credit rating can be indicative of your character or how responsible your are with your finances and it may help; it depends on the individual landlord.
0 votes Thank Flag Link Tue Dec 17, 2013
Yes, you are (unfortunately) correct. I moved from Ireland some years ago and experienced the same thing. Having someone to co-sign will help - some employers will do that. Proof of employment is critical. A copy of your CV will also help. Good luck.
0 votes Thank Flag Link Tue Dec 17, 2013
I recently did a blog on credit scores. There are a lot of people from out of the country who have little to zero credit history, which is more common than you would think. As Annika said, having a guarantor being able to provide the 80xrent in income or getting Insurent (which is an excellent program) are both alternatives. What are you looking to spend and where in NY? Every building is different, and every landlord has their own qualifications for potential tenants. If you need any help, send me an email and I can help you get started.

Best,

Eric Rohe
Real Estate Salesperson
CITI HABITATS
400 E 84 St
201-328-2758
erohe@citihabitats.com
0 votes Thank Flag Link Tue Dec 17, 2013
In New York building managements are use to working with foreigners with no credit history. This shouldn't be a problem for you because you can provide a personal guarantor (who needs to make 80 - 85 percent of the rent) or get Insurent, which is a rental guarantor - http://www.insurent.com/ . A guarantor along with income verification and few other paperwork will help you rent an apartment.
0 votes Thank Flag Link Tue Dec 17, 2013
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