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How much do property owners rely on your credit..

...when considering you as a renter? I don't have the worst credit, but we did have a bankruptcy 7 years ago and a few late payments here and there as of late. I have the money to pay first months rent and deposits that are necessary, pay my rent and am a VERY good tenant...just with not the best credit. What will they say when they look at my credit?

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Asked by Anonymous at 3:02 PM on Oct. 1, 2010 in Home & Garden

Answers (5)
  • That would depend on the person.  We are renting a 3 bedroom house and we just declared bankruptcy last year.  We had a hard time finding someone who would rent to us right after which meant we couldn't move with my husband when he switched his job from Chicago to Milwaukee (he did the 4 hour daily commute instead).  But then he switched his job to Portland, OR and we're now living here.  The only problem he had was the people insisted on a full month's rent for deposit up front instead of the $500 they had put in the add.

    A lot of places required a co-signer for people with bad credit (which we don't have because all our family has just as bad, if not worse, credit than us).


    Answer by justanotherjen at 3:05 PM on Oct. 1, 2010

  • We're just starting to get into investment properties, and we've agreed that we won't rent to someone with bad credit. Late payments, especially recent ones, look the worst, IMO.

    Answer by JulieJacobKyle at 3:08 PM on Oct. 1, 2010

  • Depends solely on the property manager. Some will rent to people with bad credit with certain stipulations, and some will not.

    Answer by xxlilmomma09 at 3:22 PM on Oct. 1, 2010

  • If you go through a private owner not as much as a company.

    Answer by lovinangels at 9:33 PM on Oct. 1, 2010

  • We own several rental properties in different states and pay a percentage of the monthly rent to have a property management company handle all of the details of listing and maintaining the properties, credit and background checks on prospective tenants, collecting rent, security deposits, lease paperwork and arranging for rent payments via Electronic Funds Transfer (EFT). If the funds are not available the bank charges a $40 insufficient funds fee, and our management companies charge an additional penalty.

    I think it comes down to how desirable the property is. Owners of rental properties cannot afford to have people not pay--we have bills to pay on those properties as well as our own that we are counting on!

    Answer by LoriKeet at 8:02 PM on Oct. 2, 2010

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