Rentals in Tacoma>Question Details

Ramona Eng, Renter in Tacoma, WA

Does my credit affect my qualifications for rental?

Asked by Ramona Eng, Tacoma, WA Thu Jan 10, 2013

I have great rental history, no evictions, and I always make sure I could afford the rent 3x's . My credit however isn't so great. I have a few old collections that I am paying off, including a student loan. I lost my job a few years back and it hurt my credit score badly. Now I have worked for the same company for 3 years and I am pretty stable. It wasn't a challenge to rent in an apartment home, but I am wondering will it be different with a rental home. Please let me know. I am hoping to move in as soon as February due to the ending of a lease . Thank you!

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It really depends on the homeowner. I find that with renting it is best to be honest about you situation. A lot of people lost their jobs and it hurt their credit so a landlord can understand that. You are also doing good by trying to pay off your credit and have good references from your job and current landlord. Character can go a long way. Good luck!
1 vote Thank Flag Link Thu Jan 10, 2013
I am always optimistic. You have to work with a realtor and be upfront. Honesty is the best policy.
Best wishes.
1 vote Thank Flag Link Thu Jan 10, 2013
It will depend on the landlord/ rental management company. The best thing is to be upfront and especially if the late payments and collections aren't recent you will have a better shot. Explain why and how it's different now.

Good luck!
0 votes Thank Flag Link Fri Jan 18, 2013
It depends on the landlord. Some may weigh heavily on credit scores while other care more on the rental history and that you took care of where you now (and previously)live(d) and got along with the landlord(s) you had. Some want perfect everything. So depends on what their criteria is. Now with more people getting foreclosed on left and right they seemed to manage to find a rental to stay in while rebuilding their wealth and credit score to start over with. A foreclosure on one's credit score can be more detrimental than a collection action on a way past due credit card bill.
0 votes Thank Flag Link Fri Jan 18, 2013
Good job keeping your rent history clean. Any prospective landlord will be encouraged to see this. As others have said, each landlord sets their own standards for what they deem acceptable credit. There are many renters out there with difficulties in their past, so you should be able to find some options. Your credit is one area a landlord is allowed to use to be picky, so do what you can to clean it up. Credit repair/rehab is not as logical as it may seem. Do some research as to the best steps and apply them to your situation. Once you get your past credit issues resolved along with a clean rental history, you may want to look into qualifying for a mortgage, but first things first.
0 votes Thank Flag Link Thu Jan 10, 2013
If I had to guess, it would probably be easier to rent a house than an apartment, because someone renting a house is probably less likely to have professional management, and thus less likely to run a credit check. It will though depend on the individual landlord as to whether they run a credit check.

If they do run a credit check, it will also depend on how they assess the data. Give the same credit report to two different landlords and you could easily get two different decisions.
0 votes Thank Flag Link Thu Jan 10, 2013
Much will depend on the individual landlor, therefore consider being upfront; be prepared to provide proof of employment/stubs, possibly reference letters, etc., or consider a guarantor...
0 votes Thank Flag Link Thu Jan 10, 2013
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