Rentals in Chesapeake>Question Details

staystrong, Renter in Chesapeake, VA

why is it so hard to find a house for rent with bad credit?

Asked by staystrong, Chesapeake, VA Sun Feb 17, 2013

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Answers

16
Yes it is Tim! However my location in Spotsylvania County has a Fredericksburg zip code. If you're the ever in the area give me a call I would love to show you around.
1 vote Thank Flag Link Sun Feb 17, 2013
Wow Tim, customer service is not your forte. In answer to your question, credit shows your history of bills and how you paid them. Bad credit shows that you either owe too much money or that you are not paying the bills you have. This is a risk for a landlord because it means you may not be able to afford your rent or pay
it even if you could. Good credit shows regular payments and a habit if living within your means.

Misty Mount
Long and Foster Realtors
540 903 6686
1 vote Thank Flag Link Sun Feb 17, 2013
Hi Staystrong

I haven't list of homes in several areas that we place people in with your situation. We help people with bad credit/credit issues. We understand what people are facing in these times and want to help as much as we can. Please feel free to email me privately at love2listyou@yahoo.com or call me at the number below.

Have a great day!
Jamie Hennessey
Re/Max Champions
(909)816-4766
0 votes Thank Flag Link Mon Mar 25, 2013
Dear Staystrong,
You may have success renting from an individual in lieu of a managed property. While both should check your references and job/income source, an individual may not have access to credit reporting bureaus. As others have mentioned, some credit blemishes can be explained: divorce, reduction of hours, loss of job, medical reasons, etc. If you have a verifiable income and good payment history, consideration may be given.

You may want to reach out to your circle of friends. See if they know of anyone with a home to rent. A personal reference could be in your favor.

Get your free credit report and check for accuracy.

Best of luck!
0 votes Thank Flag Link Mon Mar 25, 2013
If you go to annualcreditreport.com you can get free credit reports for all 3 credit companies every year. Do not use freecreditreport.com as its not really free in the end...you can see exactly what is on it and contact the bureau if something is incorrect.

Misty Mount
Long and Foster Realtors
540 903 6686
0 votes Thank Flag Link Tue Feb 19, 2013
Staystrong, you may try looking at other sites such as ahrn or rent by owner sites to find some additional rental resources. Be careful of scams. Anyone telling you that they are out of the area and you need to mail a deposit check to them is likely ripping you off.

If you find a private rental, you may have better luck. I hate to say it, but sometimes people renting privately and not through a broker are not as diligent about doing credit checks. Maybe a letter of explaination will help when meeting with the landlord.

As stated below, the landlord is taking a risk that they will get paid each month. They want to be sure that they are getting credit worthy tenants. Good luck
0 votes Thank Flag Link Mon Feb 18, 2013
Thank you! I was getting discourage!
Flag Tue Feb 26, 2013
I would also recommend that you make it a goal this year to get a copy of your credit report, review it for error, resolve problems with the report, and make it a goal to improve your credit score. There a companies that can assist you with this process.

Your credit score / report not only impacts your ability to rent but also the rates you pay for car loans, credit cards, and insurance.

Good Luck.
0 votes Thank Flag Link Sun Feb 17, 2013
Sorry for the frustration "staystrong", many people have hit rough times and have seen their credit rating get hit.

Unfortunately, a persons credit rating impacts more than just their loan rate or being approved for a credit card. Credit ratings are used as an indicator, or to predict, future behavior. Many academics have provided research that does not support this theory, but for many it is a fast and easy way to "approve" or "decline" someone, even when renting. In most states banks are even allowed to refuse to open a savings account for a person with questionable credit.

I agree with what others have said, if you can explain the "why" there is a problem with credit a landlord or owner may be willing to over look the actual score. Was there health problems? Loss of job? Over extended but now on track? The worst thing you can do is apply and say nothing.

Wishing you the Best!

Angela Holt
0 votes Thank Flag Link Sun Feb 17, 2013
Managers and landlords look to the credit report and the score as an indication of the person's discipline and ability to pay the rent, and pay it on time. There is an old saying that past performance is the best indicator of future performance. Your credit score is derived from paying on time vs. paying late, amount of debt, no credit, etc. It is one of the factors used to make a decision. Property Managers and Landlords review several pieces of information to make their decision - in addition to credit - income, rental history, (evictions, payments, condition of property, positive referral from previous landlord).

If there are reasons for the poor credit - short-sales, foreclosure, divorce, loss of employment, loss of income, medical, then perhaps an explanation will help offset the poor credit. Be sure to include what steps have been taken to resolve the issue and can you show that you are back on track. Some times an additional security deposit or a guarantor may help you obtain a positive decision in applying for a place to rent.
0 votes Thank Flag Link Sun Feb 17, 2013
There may be quite a difference between "bad" credit as opposed to an explanation(divorce, short sale, temporary loss of income. Use references and try to bring out any positive reasons to get your rental.
0 votes Thank Flag Link Sun Feb 17, 2013
There are many reasons folks have bad credit. Some have a foreclosure or short sale in their recent past. Some have lost their jobs, reduced hours or illness that contributed to their bad credit, BUT these conditions were temporary and may no longer exist.
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However, if the bad credit stems from failure to use credit with discipline and refusal to save or limit expenses, you are indeed a high risk candidate and very likely will not pay your obligations in the future.
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When I'm renting one of my apartments, I like to meet the potential tenant in the parking lot to review the condition of the car. If you don't take care of your car there is very likely other things in their life they are not going to take care of. But my purpose for meeting in the parking lot is say, "That car looks really comfortable. That's where you will be sleeping if you are late with your payment."
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If the wrong person ends up in the apartment and must be booted to the curb, the owner must pay the legal costs for the eviction, refurbish the unit, clean and paint, make repairs and lose the income from the rent. This is not an insignificant cost. One bad tenant can cost YEARS of potential profit.
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As a potential renter with bad credit you may consider providing a deposit of sufficient size to offset the cost the owner must incur if you fail to perform in accordance to the rental agreement. If the cause of your bad credit no longer exists, be certain to communicate to the owner what caused the problem, how it was corrected and that you are well on your way towards a good credit profile.
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The answer to 'Why is it so hard.." is your credit history suggests you are a bad investment. People wanting to make money on their real estate investment will lose money if they invite bad investments into their property.
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Depending on your situation, there are at least two steps you can take.
However, the most important one is to get your expenses under control. use credit sparingly, budget frugally, live beneath your means, and SAVE.
.
0 votes Thank Flag Link Sun Feb 17, 2013
I agree with Tim. Put yourself in the landlords shoes. The worst thing in the world is having a tenant who can't or won't pay. Your credit is a clue to the landlord or anyone else of your ability or willingness to pay. A bad tenant means a bad rental property. I would take less rent for a good tenant.
0 votes Thank Flag Link Sun Feb 17, 2013
Thanks Misty, Drew it's my credit, Tim WOW!
0 votes Thank Flag Link Sun Feb 17, 2013
Rentals is not my expertise, but I would see what is bad on your credit, and work on getting it corrected some how,
Flag Sun Feb 17, 2013
Hey Misty, Fredericksburg is not a county in Virginia, it's a city. Honesty is my forte.
0 votes Thank Flag Link Sun Feb 17, 2013
Can you please tell me if it is your credit or is there an issue with being late with payments? Or prior issues with a rental. thanks
Drew Brooks
Licensed in VA
William E Wood & Associates
Great Bridge
757-774-5868
drewbrooks@williamewood.com
0 votes Thank Flag Link Sun Feb 17, 2013
Are you seriously asking this question? Really? People are hunting for rentals and having a hard time finding enough of them, so a landlord can be picky and pick the best renter they can find. If you have bad credit history why would a landlord want to take the chance you won't pay them?
0 votes Thank Flag Link Sun Feb 17, 2013
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