Can someone please explain why credit check is must do, and also I need more explanation on security deposit if secure an apartment.?

Asked by Timothy Oyewole, Staten Island, NY Tue Apr 23, 2013

Timmy

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9
Terry Farnsw…, Agent, Lisle, IL
Tue Jun 11, 2013
A credit check is a must do because it shows the full picture of your bill payment history. If you are running from creditors, and have been evicted from the last 3 places you've lived for non-payment of rent - the potential landlord will be able to see this and make a decision accordingly.

A security deposit is simply money you let the landlord hold throughout the duration of your lease. Assuming no damage, it is typically refundable when you move out. By giving them a security deposit, you essentially have some "skin in the game" and something to lose if you decide, heaven forbid, to destroy the place or let your dog chew up the carpeting and walls.

Offering to give the landlord a higher security deposit, or a few month's prepaid rent, can sometimes "offset" any minor credit issues. It depends on how risk averse the landlord is and the situation.

Hope that helps!
0 votes
Joseph Runfo…, Agent, Staten Island, NY
Tue Jun 11, 2013
Regarding the security deposit portion of your question; for a market-rate apartment, a landlord can ask for as large of a security deposit as he or she likes. A large security deposit is often used to help qualify an otherwise unqualified applicant. If the prospective tenant doesn’t meet the income requirement (typically annual income needs to meet or exceed 40x the monthly rent), has poor credit, or may have some other indicator of risk to the landlord, the prospective tenant may be able to provide a larger security deposit to offset the perceived risk of their tenancy. Unlike market-rate apartments, security deposits for rent-stabilized apartments are regulated. The landlord may not ask for more than one month’s rent as security. To determine if an apartment you're considering is rent stabilized, check the lease, as rent stabilized apartments are required to use a specific lease indicating the rent stabilization.
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Jill Subes, Agent, Staten Island, NY
Mon Jun 10, 2013
I am a landlord and definitely would ask for a credit check. If you don't have good credit youmight not be able to pay he rentA. s far as security deposits most landlords ask for 1 month, some ask for more. If the apt. is destroyed or damaged that money is used for repairs when you move out. If everything is well -maintained you should get your security ack when you move out.
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Fred Herman, Agent, Staten Island, NY
Sat Jun 1, 2013
Landlords want to know who you are and not only your ability to pay the rent, your likelihood of paying the rent.

security deposit -- well:

1) it's somewhat like insurance for the landlord. if thing are broken/damaged when you leave, they'll have the money, your money, not theirs, to make the repairs.

2) if you know your money is being held and my not be returned to you if you do not leave the apartment in the condition it was given to you, you are more likely to return the property in the condition you received it.

good luck

http://gettingthebestprice.com/buyers.php
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Joseph Runfo…, Agent, Staten Island, NY
Wed Apr 24, 2013
Landlords and management companies use tenant screening for two main purposes: to verify that the information provided by a potential renter is true and accurate and to help make the determination of entering a lease agreement with a potential renter. A lease agreement entitles the renter to certain benefits and rights, and likewise retains some rights and benefits held by the landlord or management company. Once a renter has moved into an apartment, it can be difficult to evict even for issues of non-payment or illegal behavior and there are a whole slew of legal processions that have to occur before eviction can be enforced. So, what most landlords and management companies tend to do is screen their potential tenants prior to entering into a lease agreement with them.
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Anna M Brocco, Agent, Williston Park, NY
Tue Apr 23, 2013
Most landlords do require credit checks; it's a method that is used to assess if one will be paying the rent on time, can one afford to pay, is the person(s) reliable, etc. A security deposit is generally returned at the end of the lease, provided that the apartment is in the same condition as to when one moved in, with reasonable wear and tear, the tenant is current with the rent, etc.
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Felix A. Gar…, Agent, staten island, NY
Tue Apr 23, 2013
Yes credit check is a must all landlords want a credit check these days it shows the history and reliability of a tenant, also security deposit is usually equal to one months rent and it's held by the landlord until the tenant moves out at end of lease providing there's no damage to the apartment. If there's damage to the apartment the landlord can deduct amounts that it will cost to repair damages and return the difference.

Felix Garcia
(917)692-7702
0 votes
Timothy Oyew…, Renter, Staten Island, NY
Tue Apr 23, 2013
Thank you for a quickly answer. But what if my checking score is low or average, can I still qualify for apartment applying?
0 votes
Mirza Shafiq…, Agent, New York, NY
Tue Apr 23, 2013
A credit check is a must, because landlords/management usually gauge a tenant's reliability based on credit score and history. They want to see if you will reliably pay your rent, and whether or not you have prior landlord/tenant issues.
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