Rentals in Newark>Question Details

Dmcalister813, Home Buyer in Clifton, NJ

Renting an apartment in Northern New Jersey with good income and bad credit?

Asked by Dmcalister813, Clifton, NJ Fri Jul 11, 2014

My husband & I are trying to rent a 2-bdrm apt in Northern NJ & we exceed the income requirements - about $105K combined & I receive dividends from my family business which added to last yrs income. However 5 yrs ago, I wasn't doing nearly as well as I am now; the business wasn't bringing in any profits & since my job is within this business, my salary was half of what it is now. My husband has an excellent credit score yet we were denied at a place we really liked. Their explanation was my credit score, but there hasn't been anything negative on it for the past 4 yrs. I only have $500 left to pay off on credit cards, I make timely payments on my auto lease and the one CC I left open, & all of my old debt (which was about $10K) has been paid off-it shows up, but shows up as paid. Is it typical to get denied for things dating this far back despite meeting salary requirements, having no criminal backgrounds, my husband having perfect credit, & he has been at his job for 11 years?

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Samantha Yakobchuk’s answer
Some landlords are picky. Some just look at the number and disregard the credit report. Some look at both the credit score and salary and choose to look closer at a report. And some see that you exceed salary requirements and that one of you has great credit, and accept you on the spot.

Is it typical to get denied? I wouldn't say so. I think you just happened to be interested in a place with a landlord who didn't want to take any chances.
Hope you find a place soon!

Samantha
samanthayakobchuk@kw.com
0 votes Thank Flag Link Fri Jul 11, 2014
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