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Unsure, Other/Just Looking in New York, NY

Would it be hard to find an apartment with a credit score of 565 with no evictions?

Asked by Unsure, New York, NY Fri Aug 10, 2012

I was recently laid off and had a little issue with having my student loans deferred which set, my credit score back and I also don't have credit cards to help build it, which can be a good and bad thing.

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You can also pre-pay rent or put down a larger security deposit. There is always a way to find an apartment even in Manhattan. Start building your credit ASAP!
1 vote Thank Flag Link Fri Aug 10, 2012
Much will depend on the individual landlord; therefore consider being upfront; be prepared to show proof of employment/pay stubs; possibly have some reference letters handy; consider a guarantor.
1 vote Thank Flag Link Fri Aug 10, 2012
The good news is that, if you've paid everything off, your credit probably isn't as bad as you think it is. So the first step is to acquire a copy of your credit report. (This is a handy thing to know, anyway, and at least you'd be prepared for whatever the report reveals.) You can get a copy of your credit report from Equifax (or, better yet, a friend of Ask Gothamist recommends getting a free credit report from a place like Consumer Info).

If it turns out that your credit rating is still not so good, you aren't out of options. We'd recommend trying to find an apartment directly from an owner of a small building, as opposed to going through a broker or management company. Small-time owners are more likely to be flexible. Check out the apartments listed by owners on craigslist to start out.

But you probably won't have too many problems. If you're upfront with your future landlord, your husband has decent credit, you have a good history of paying rent on time at your previous apartment, and you've got your in-laws on deck to co-sign if needed, you'll be fine. People with poor credit do get NYC apartments; their landlords just need assurance that rent will be paid on time.

If this proves to be too difficult, it is possible for just your husband's name to be on the lease. As the spouse of the lessee, you would have all the same legal rights as he would. (If you weren't married, though, you would have a much more difficult time; roommates who aren't on the lease have few rights.)

So, really, it's your decision: if it is important for you to be on the lease, we're sure you can still find an apartment even with the bad credit history. If not, you can easily rent an apartment in just your husband's name.


--

Thank you!



DOM PASCUAL, J.D., ESQ.

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Demsker Realty

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0 votes Thank Flag Link Fri Aug 10, 2012
How soon are you looking to move, or are you just checking your options right now? I know of some landlords who are willing to work with people in tight situations. Give me a call at 914-595-2634 at your convenience.
0 votes Thank Flag Link Fri Aug 10, 2012
From both a sale and a rental perspective yes, it will be difficult. It is best that you straighten out your credit, get it at least into the 600's and then look for a property. Manhattan will be much more difficult than the boroughs who tend to be a tad more flexible. You also need to consider that they will ask you for 6 months or a full year of rent up front. Not ideal, but it will get you around the financial issues. Please also be very upfront with all agents and all landlords. No one likes a surprise, and no one likes to have your time wasted on applications that they know the landlord will not approve if they have the information.

Kelly
0 votes Thank Flag Link Fri Aug 10, 2012
Why do you have to move??? If you don't have to move wait it out, reason being you have two strikes against you, 1st it's your credit and the 2nd you have no job. Honestly, no landlord would be willing to rent to someone who couldn't pay there rent especially if they were laid off. You're in a tough situation and I feel bad for you, You know the saying "when it rains it pours" and unfortunately its been pouring for you. Don't be discouraged with time things will change for the good but in the meantime take your lemons and make lemonade. In these times of life when we go through something like this is when the Best of us comes out. Look for your hidden talents, in the stinkiness of life can the diamonds be seen. (also if you have to move consider a roommate)...I hope my answer was your best answer! Wish you the best!
0 votes Thank Flag Link Fri Aug 10, 2012
Much will depend on the individual landlord; therefore consider being upfront; be prepared to show proof of employment/pay stubs; possibly have some reference letters handy; consider a guarantor.
0 votes Thank Flag Link Fri Aug 10, 2012
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