tazinib1 Posted March 22, 2011 Share Posted March 22, 2011 Been on an apartment search in Burbank/Glendale the past 2 days and have been denied 5 times due to bad credit. Divorce is a bitch...nuff said. And with each check, my score keeps going down. George Foreman Grill man....I should just wear a sign that says "Not Economically Viable". Quote Link to comment Share on other sites More sharing options...
Big John Posted March 22, 2011 Share Posted March 22, 2011 Sorry whomper has a realtors license Quote Link to comment Share on other sites More sharing options...
wiegie Posted March 22, 2011 Share Posted March 22, 2011 And with each check, my score keeps going down. I don't think this is the case. I'm pretty sure that if you have a bunch of credit checks within a short period of time, the credit rating agencies figure that you are shopping around for something and they won't hold it against you. Quote Link to comment Share on other sites More sharing options...
matt770 Posted March 22, 2011 Share Posted March 22, 2011 Been on an apartment search in Burbank/Glendale the past 2 days and have been denied 5 times due to bad credit. Divorce is a bitch...nuff said. And with each check, my score keeps going down. George Foreman Grill man....I should just wear a sign that says "Not Economically Viable". I would think that most places would hear you out and might take into consideration the divorce and whether the credit score was impacted by things out of your control. I know some are stricter than others. I would offer a bigger security deposit if possible. Good luck. Quote Link to comment Share on other sites More sharing options...
Brentastic Posted March 22, 2011 Share Posted March 22, 2011 I don't think this is the case. I'm pretty sure that if you have a bunch of credit checks within a short period of time, the credit rating agencies figure that you are shopping around for something and they won't hold it against you. I think each check deducts 1 point from your score. Quote Link to comment Share on other sites More sharing options...
montster Posted March 22, 2011 Share Posted March 22, 2011 I don't think this is the case. I'm pretty sure that if you have a bunch of credit checks within a short period of time, the credit rating agencies figure that you are shopping around for something and they won't hold it against you. I think each check deducts 1 point from your score. Applications for loans or credit are considered "hard" inquiries and count against your score. If you're shopping for rates, inquiries made in a 45-day period will count as one inquiry so that you're not penalized for trying to get the best rate possible. If you're trying to open a bunch of credit cards at one time, that will drive your score down. If the inquiries are made as part of a rental application, I doubt it would affect your score. http://credit.about.com/od/creditreportsco...editinquiry.htm Quote Link to comment Share on other sites More sharing options...
tazinib1 Posted March 22, 2011 Author Share Posted March 22, 2011 Applications for loans or credit are considered "hard" inquiries and count against your score. If you're shopping for rates, inquiries made in a 45-day period will count as one inquiry so that you're not penalized for trying to get the best rate possible. If you're trying to open a bunch of credit cards at one time, that will drive your score down. If the inquiries are made as part of a rental application, I doubt it would affect your score. http://credit.about.com/od/creditreportsco...editinquiry.htm Well thats good to know but it still doesn't help my awful rating I doubt I could get a gas card if I applied. Quote Link to comment Share on other sites More sharing options...
Hugh B Tool Posted March 22, 2011 Share Posted March 22, 2011 Taz, you need to be up front with the places you are looking at. Tell them your credit is a bit fubared, but your rental history is very good(hopefully it is). Most landlords will work with you if that is the case. If you have walked on a couple of leases etc., then you will need a letter(s) from previous landlords stating even though you are a Charger fan that likes to get his drink on, your rent was on time. If that doesn't work let me know as my sister has a few rentals in and around that area that may be opening up. Quote Link to comment Share on other sites More sharing options...
tazinib1 Posted March 22, 2011 Author Share Posted March 22, 2011 Taz, you need to be up front with the places you are looking at. Tell them your credit is a bit fubared, but your rental history is very good(hopefully it is). Most landlords will work with you if that is the case. If you have walked on a couple of leases etc., then you will need a letter(s) from previous landlords stating even though you are a Charger fan that likes to get his drink on, your rent was on time. If that doesn't work let me know as my sister has a few rentals in and around that area that may be opening up. I tell them and they say "no problem, we'll run it and see what turns up". hahahaha...I cringe at that and yet I fork over the $30 fee each time. My rental history is spotless. Never been evicted, never interrupted a lease etc etc. My recent landlord was my car, so not sure if thats gonna go over too well if I divulge that information Quote Link to comment Share on other sites More sharing options...
Hugh B Tool Posted March 22, 2011 Share Posted March 22, 2011 Get a letter from the one before your car. Also cash up front helps a lot. Also look in the rental papers around town, many places advertise "bad credit?, no problem". Believe me, many a SoCal native are in the same situation as yourself. Quote Link to comment Share on other sites More sharing options...
SEC=UGA Posted March 23, 2011 Share Posted March 23, 2011 Taz, your best bet is to grab an apartment finder book and look for properties managed by AIMCO or a local company (EQR, Equity Residential) may also have some properties who will work with you. Instead of speaking with the leasing agent, ask them if you can speak with the manager and be very upfront with them. Some of them will work with you and others simply will stick to their guns and tell you their is nothing they can do. If you have the cash, offer up a security deposit equivalent to as many months of rent as you can afford at the time while still being able to cover the first months rent. Or you can see if they will adjust the rental rate up by a certain %. Many of these apartments are offering a concession, a special, and see if you can rent for the price that it would be if the concession weren't in force, This helps their economic occupancy and may bea able to get you in the door. The issue you are running into is not unique and I saw issues coming a few years ago. Apartment companies DO NOT want bad debt on their hands, the managers get nailed for bad debt numbers and in many cases they are not going to take a chance with bad credit. That, and in states that have very favorable tenant laws, CA, NJ, NY, etc... these apartment managers are very reticent to rent to those with poor credit. THe reason being is it can take from 90 days to six months to evict a tenant who has not paid their rent. I really expected more of a problem for the Apartment REITS with their policy regarding tenant qualifications when foreclosures started happening, these people need a place to live but can't qualify due to the foreclosure and what it has done to their credit. I'm not certain if any of this will work as I'm not too familiar with how well or poorly apartments are doing in Burbank. I do believe that you can find an apartment, you're just gonna have to do a lot of leg work. Typically you may have better luck finding a place in the not most desirable part of town or an older complex, they are used to dealing with credit issues and are willing to take the risk. Bottom line, you probably aren't going to get into a nicer place in a nicer area unless you are one hell of a salesman when you sit down in front of the manager. One other option would be to check around for a duplex that is held by a private owner. Quote Link to comment Share on other sites More sharing options...
tazinib1 Posted March 23, 2011 Author Share Posted March 23, 2011 One other option would be to check around for a duplex that is held by a private owner. This is next on my hit list. And thanks for all the advice. I have taken it all in and in 2 weeks, I will try again. Quote Link to comment Share on other sites More sharing options...
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