Hello to everyone and thanks in advance for any responses. Basically, i am about to submit an application on Friday with one of the major management companies here in NY. Now, my broker has assured me i will not have a problem, but i figured i'd ask the forum for their opinion. Basically, i make about 100 times the monthly rent and this will be presented with 2 years personal tax returns as well... [more]
Hello to everyone and thanks in advance for any responses.
Basically, i am about to submit an application on Friday with one of the major management companies here in NY. Now, my broker has assured me i will not have a problem, but i figured i'd ask the forum for their opinion.
Basically, i make about 100 times the monthly rent and this will be presented with 2 years personal tax returns as well as a brief letter from my CPA. I have almost no liability, no criminal record, and a fairly decent bank account. The part of my app that worries me is a credit score of 712 which in itself is good, but i have only two tradelines/revolving credit account in my name. Is this going to be a problem, i ask because a recent credit card application for a simple amex was turned down.
I know i can easily afford this apartment, but will this management company see this as well? Any insight is greatly appreciated.
Thanks,
E.H.P.
[less]
Response by lo888
about 16 years ago
Posts: 566
Member since: Jul 2008
Doesn't look like you'll have a problem to me.
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Response by EZrenter
about 16 years ago
Posts: 106
Member since: Apr 2009
Are THEY good enough for YOU? It's no longer 2005 or even 2007 so stop cowtowing to management agencies and especially brokers. Tell them you need an immediate decision AND another concession/incentive to sign on the line which is dotted or you'll walk.
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Response by alanhart
about 16 years ago
Posts: 12397
Member since: Feb 2007
Send fresh-baked chocolate chip cookies or a cheese board along with your application and the 573 pages of supporting documentation.
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Response by alanhart
about 16 years ago
Posts: 12397
Member since: Feb 2007
Send fresh-baked chocolate chip cookies or a cheese board along with your application and the 573 pages of supporting documentation.
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Response by positivecarry
about 16 years ago
Posts: 704
Member since: Oct 2008
I agree with EZ. Screw 'em. There's plenty of places out there...
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Response by alanhart
about 16 years ago
Posts: 12397
Member since: Feb 2007
Amex is unsecured credit, whereas an apartment rental is partially secured by your security deposit. And alternative arrangements, like a larger security deposit or some prepaid rent, should smoove over any credit weakness you have ... if it even comes down to that.
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Response by Eric310
about 16 years ago
Posts: 3
Member since: Dec 2009
Thanks for the encouragement . . . wish you guys were my brokers instead!!
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Response by MAV
about 16 years ago
Posts: 502
Member since: Sep 2007
(Small time) Landlord here.
Would happily accept you...
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Response by NYCMatt
about 16 years ago
Posts: 7523
Member since: May 2009
You know what? With so many people being unemployed, blowing through their savings, and getting behind on their payments, "650" will soon be the new "750" in terms of "good" credit.
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Response by julia
about 16 years ago
Posts: 2841
Member since: Feb 2007
it's your world now...don't worry about the LL, they'll be thrilled to rent to you or anyone...one no-fee agent told me make an offer.
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Response by front_porch
about 16 years ago
Posts: 5316
Member since: Mar 2008
712 sounds low for you .. you might consider asking one or both of your current credit card issuers to raise your credit limit.
The reason has to do with credit utilization . If you have a $10,000 credit limit, and every month you charge $9,000, and you pay it off right that month ... you probably think you're behaving perfectly.
However, FICO thinks you're at 90% utilization -- didn't you use 90% of your credit limit?
Getting more credit cards (not AMEX) and spreading your spending around on each one will actually help this problem, but you could probably solve it by getting your existing credit limits raised, too.
You want to keep your utilization rate -- that's peak charges -- at under 25% on EACH card.
I write more about credit and credit scores in my CBSMoneywatch column: http://bit.ly/12afCB
Ali "Ask the Agent" Rogers
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Response by jimhones09
about 16 years ago
Posts: 195
Member since: Aug 2009
EZrenter
about 4 hours ago
ignore this person
report abuse Are THEY good enough for YOU? It's no longer 2005 or even 2007 so stop cowtowing to management agencies and especially brokers. Tell them you need an immediate decision AND another concession/incentive to sign on the line which is dotted or you'll walk.
EZ Renter is the type of person who loses out on a great rental because he needs to feel like he is getting a better deal than everyone else, than blames everyone but himself for the process being unfair.
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Response by KeithB
about 16 years ago
Posts: 976
Member since: Aug 2009
You are in....(agent)
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Response by Eric310
about 16 years ago
Posts: 3
Member since: Dec 2009
Thanks once again . . . follow-up, should i submit originals or photocopies? Will they return my documents?
I dont want to risk losing my client copy W2's...!
Thanks,
E.H.P.
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Response by jimhones09
about 16 years ago
Posts: 195
Member since: Aug 2009
Don't give originals, completely unnecessary. As is your concern over your credit worthiness. Good luck.
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Response by KeithB
about 16 years ago
Posts: 976
Member since: Aug 2009
Even though tax returns will be copies make sure they are signed, also front page and signature page should be enough.
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Response by NYCROBOT
about 16 years ago
Posts: 198
Member since: Apr 2009
Wow eric. This management company should be sucking your balls to get you to rent with them. Why in the world are you scared? 100 x monthly rent and you're sweating it? Sheesh. Someone messed with your confidence. I bet you didn't even negotiate rent with them.
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Response by justinbakken
about 16 years ago
Posts: 1
Member since: Dec 2009
I googled "good FICO scores" and if you do that you will probably see that 712 is considered very good
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Response by gaongaon
about 16 years ago
Posts: 282
Member since: Feb 2009
Some of these landlords are psycho. When I first rented 4 years ago, even though I had enough in money market accounts to outlive me by many years, the management company busted my chops because I didn't have a "real job". Needed a letter from the estate/tax lawyer and that seemed to do the trick. The wall street guys with the "real jobs" were moving out in droves by March of 2009. Go figure.
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Doesn't look like you'll have a problem to me.
Are THEY good enough for YOU? It's no longer 2005 or even 2007 so stop cowtowing to management agencies and especially brokers. Tell them you need an immediate decision AND another concession/incentive to sign on the line which is dotted or you'll walk.
Send fresh-baked chocolate chip cookies or a cheese board along with your application and the 573 pages of supporting documentation.
Send fresh-baked chocolate chip cookies or a cheese board along with your application and the 573 pages of supporting documentation.
I agree with EZ. Screw 'em. There's plenty of places out there...
Amex is unsecured credit, whereas an apartment rental is partially secured by your security deposit. And alternative arrangements, like a larger security deposit or some prepaid rent, should smoove over any credit weakness you have ... if it even comes down to that.
Thanks for the encouragement . . . wish you guys were my brokers instead!!
(Small time) Landlord here.
Would happily accept you...
You know what? With so many people being unemployed, blowing through their savings, and getting behind on their payments, "650" will soon be the new "750" in terms of "good" credit.
it's your world now...don't worry about the LL, they'll be thrilled to rent to you or anyone...one no-fee agent told me make an offer.
712 sounds low for you .. you might consider asking one or both of your current credit card issuers to raise your credit limit.
The reason has to do with credit utilization . If you have a $10,000 credit limit, and every month you charge $9,000, and you pay it off right that month ... you probably think you're behaving perfectly.
However, FICO thinks you're at 90% utilization -- didn't you use 90% of your credit limit?
Getting more credit cards (not AMEX) and spreading your spending around on each one will actually help this problem, but you could probably solve it by getting your existing credit limits raised, too.
You want to keep your utilization rate -- that's peak charges -- at under 25% on EACH card.
I write more about credit and credit scores in my CBSMoneywatch column: http://bit.ly/12afCB
Ali "Ask the Agent" Rogers
EZrenter
about 4 hours ago
ignore this person
report abuse Are THEY good enough for YOU? It's no longer 2005 or even 2007 so stop cowtowing to management agencies and especially brokers. Tell them you need an immediate decision AND another concession/incentive to sign on the line which is dotted or you'll walk.
EZ Renter is the type of person who loses out on a great rental because he needs to feel like he is getting a better deal than everyone else, than blames everyone but himself for the process being unfair.
You are in....(agent)
Thanks once again . . . follow-up, should i submit originals or photocopies? Will they return my documents?
I dont want to risk losing my client copy W2's...!
Thanks,
E.H.P.
Don't give originals, completely unnecessary. As is your concern over your credit worthiness. Good luck.
Even though tax returns will be copies make sure they are signed, also front page and signature page should be enough.
Wow eric. This management company should be sucking your balls to get you to rent with them. Why in the world are you scared? 100 x monthly rent and you're sweating it? Sheesh. Someone messed with your confidence. I bet you didn't even negotiate rent with them.
I googled "good FICO scores" and if you do that you will probably see that 712 is considered very good
Some of these landlords are psycho. When I first rented 4 years ago, even though I had enough in money market accounts to outlive me by many years, the management company busted my chops because I didn't have a "real job". Needed a letter from the estate/tax lawyer and that seemed to do the trick. The wall street guys with the "real jobs" were moving out in droves by March of 2009. Go figure.