Rentals in Loop>Question Details

Nick Thompson, Renter in Chicago, IL

South Loop/Loop/Gold Coast/River North Options for Excellent Income with Challenged Credit?

Asked by Nick Thompson, Chicago, IL Wed Aug 28, 2013

Does anyone know of any buildings available that don't place much emphasis on credit and more on income? I make 6-7 times the rent of the properties I'm looking at, but cannot find a place that will accept my application as my credit score is in the below average range. What options do I have? I'm willing to put down a large security deposit if necessary. Looking for a 1BR/1Bath with modern finishes.

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you are not telling the truth.. put dpown 6 months deposit and everyone will rent to you
1 vote Thank Flag Link Sun Sep 1, 2013
Nick,

Look for a private landlord and be honest with them. With all of the building run by property management companies you will be denied. They have hold the same standards for each and everyone.

In the meantime clean up your credit.
0 votes Thank Flag Link Fri Aug 30, 2013
Prepare a Letter of Explanation and work with a Realtor.

Be prepared to give them more money up front - Increased Security Deposit and/or several month's rent up front.

Feel free to contact me should you need any assistance.
0 votes Thank Flag Link Thu Aug 29, 2013
One thing I have also had my clients with credit challenges do is offer to pay several months rent upfront, in addition to double the security deposit. Then they would start paying the monthly rent as if they did not prepay and the end of the lease would be rent free since they prepaid it.
0 votes Thank Flag Link Wed Aug 28, 2013
I knew a few buildings personally that take marginal credit. A larger deposit works in your favor as well.

Please contact me at 312-285-7772 to discuss. My name is Toskanelia Palmer.
0 votes Thank Flag Link Wed Aug 28, 2013
Sorry, I know.
Flag Wed Aug 28, 2013
I knew a few buildings personally that take marginal credit. A larger deposit works in your favor as well.

Please contact me at 312-285-7772 to discuss. My name is Toskanelia Palmer.
0 votes Thank Flag Link Wed Aug 28, 2013
I would go directly to the landlords with explanations and higher deposits
0 votes Thank Flag Link Wed Aug 28, 2013
Its tough, but what you can offer is a higher security deposit.
0 votes Thank Flag Link Wed Aug 28, 2013
Write a letter of explanation regarding your situation and include it with all applications.

Call unpaid collections and arrange to pay them off if they remove them. Companies want their money more than the want to lower your credit. Go online to all 3 credit reporting bureaus and dispute all negatives, even it you did them. They have 30 days to verify negative disputes or it falls off. Many of your old creditors may be out of business and will not respond. Get a few things off and you are back in the average range.

Work with a real estate agent. They serve as a buffer between you and the landlord and can ease the way. We have all worked with client's with credit challenges.
0 votes Thank Flag Link Wed Aug 28, 2013
Hi Nick,

Your best bet is to work with a Realtor to sell you and your situation to an independent owner. Large buildings have policies, not compassion.

Best regards,

Ivan Sagel
312.515.7823
ivan@atproperties.com
0 votes Thank Flag Link Wed Aug 28, 2013
You can do this. Work with a Realtor, who can tell your story, and knows how to find the type of landlord you need right now.
Fell free to email or call me if you want a hand.

Dave
0 votes Thank Flag Link Wed Aug 28, 2013
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