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Renting with bad credit?

Has anyone been denied the ability to rent a home/apartment due to bad credit? How bad was it before you got denied? And anyone know what property management companies look for when evaluating your credit to determine your eligibility to rent with them? We have been in our place now for 5 years, made every payment on time, I have been employed at my job for 6 years, my husband at his for 5. Neither of us have ever been evicted from a place. However, my credit score is 548 and his is 537. That is what I am worried about. I have multiple paid/closed accounts that have not dropped off my credit yet and then two open in good standing accounts. My husband only has one open account in good standing, and 2 closed accounts. Thanks

Answer Question

Asked by Anonymous at 9:32 PM on Jan. 28, 2010 in Money & Work

Answers (5)
  • I was told my credit score had to be over 550, or I would need a co-signer on the rental agreement in order to be approved.

    Answer by Anonymous at 9:36 PM on Jan. 28, 2010

  • They look to see if you pay on time for rent and other bills.
    If it is super bad you may not be able to get a really nice place.

    Answer by Anonymous at 9:37 PM on Jan. 28, 2010

  • Since you can get a good reference from where you've been living for so long, you might be able to get a lease somewhere and just have to pay a hefty security deposit (as much as a month's rent). I would imagine the rent history would be most important in making a decision like that.

    Answer by DragonRiderMD at 9:39 PM on Jan. 28, 2010

  • Most places in my town just check it for bankruptcy, and will still rent to you if you have good references!! To rent from a place based on income around here you have to have two positive accts for every bad acct on your credit!! I had a score not to far from yours but havent had a problem renting any place in a good neighborhood! Ive never had to have a co-signer either. They just ask for income verification!!!

    Answer by sweetstkissez22 at 10:10 PM on Jan. 28, 2010

  • Thanks ladies for your help. We got a call today from the property management company and we got the place! SO excited! Thanks again ladies.

    Answer by Anonymous at 3:33 PM on Jan. 29, 2010

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