Hello.. I've been recently looking to rent in Brooklyn Heights and/or Park Slope for 10/1 and have had no luck in terms of finding something I like..until today when I saw a cute Jr. 1 bedroom in Park Slope with only half a months rent as a fee (the apt was 1,850 and my ceiling is 2,100) - But my credit is a problem. My score is 650, but they do not pull the score - only the credit and saw the... [more]
Hello..
I've been recently looking to rent in Brooklyn Heights and/or Park Slope for 10/1 and have had no luck in terms of finding something I like..until today when I saw a cute Jr. 1 bedroom in Park Slope with only half a months rent as a fee (the apt was 1,850 and my ceiling is 2,100) - But my credit is a problem. My score is 650, but they do not pull the score - only the credit and saw the very old crappy stuff on there. Don't judge me! I was once young and stupid!
But now they want me to get a guarantor and it's just not an option. I can see if I can pay more security, etc.. but now I am just really REALLY discouraged and I really would like to move.
Am I screwed? Because I feel like I am. I felt like sh*t in the rental office today after they pulled my credit and mind you - I was VERY up front with the broker ahead of time.
Looking for advice or any words of encouragement!
Also, my work history and my salary are more than enough to cover, etc..
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Response by Goldie
over 15 years ago
Posts: 182
Member since: Apr 2007
As a landlord, I don't think a 650 credit score is that bad, particularly today, and especially at that price range. But you could try and offer 3 or 6 months' advance rent, that could make a big difference. You could also offer to pay $50 or $100 more until your credit score reaches 700. Good luck!
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Response by hofo
over 15 years ago
Posts: 453
Member since: Sep 2008
I think there are places where you pay them to be a guarantor. You can try to find them in streeteasy's discussion or google.
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Response by rb345
over 15 years ago
Posts: 1273
Member since: Jun 2009
As a landlord, I think like an asset-based lender. If a tenant has good income and a good recent
payment record (one year minimum, two years preferable) I disregard old credit blemishes except for
unpaid charge-offs of relatively small acouunts. At least some other landlords think the same,
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Response by NextEra
over 15 years ago
Posts: 114
Member since: Jun 2008
There's a company called Insurent that provides a lease guarantee, for about 75% or so of the cost of one month's rent. Their website is insurent dot com. Many of the major management companies in NYC work with them. I think this is what hofo was referring to.
Good luck.
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Response by lobster
over 15 years ago
Posts: 1147
Member since: May 2009
It's not clear from your description exactly what is the difficulty on your credit report which is of concern to the leasing agent (and of course, it's not our business). I wouldn't think that paying a higher security deposit would serve to satisfy the management company, but the idea of prepaying 3-6 months advance rent is a good suggestion. Also check to see if these items of concern are so old that they should be off your credit report by now.
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Response by switel
over 15 years ago
Posts: 303
Member since: Jan 2007
You don't have to feel bad, all this credit score system is reallly failing anyway. If it was such a smart model, wouldn't it be helping predicting all those that defaulted in the last two years? If they don't take you because of your score and they don't give any weight to your work history and salary, you don't want to have such landlords.
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Response by switel
over 15 years ago
Posts: 303
Member since: Jan 2007
By the way, I am against having guarantor or pay more, expecially in this economy. As my grandma used to say:"don't put an healthy body in a sick bed!". In other words, it's only a rental, don't get into a financial headache for this!
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Response by switel
over 15 years ago
Posts: 303
Member since: Jan 2007
sorry i meant "especially"
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Response by ugm77
over 15 years ago
Posts: 2
Member since: Aug 2010
Thanks everyone, good suggestions all around. I am going to start by investigating my credit report with a fine tooth comb and see what I can tackle there (I should do this without having today as my motivator). And I will probably not offer this landlord the 3-6 months rent as the apartment was cute, but I probably should look around a bit more before I commit + the kitchen was the smallest thing I've ever seen!
As a landlord, I don't think a 650 credit score is that bad, particularly today, and especially at that price range. But you could try and offer 3 or 6 months' advance rent, that could make a big difference. You could also offer to pay $50 or $100 more until your credit score reaches 700. Good luck!
I think there are places where you pay them to be a guarantor. You can try to find them in streeteasy's discussion or google.
As a landlord, I think like an asset-based lender. If a tenant has good income and a good recent
payment record (one year minimum, two years preferable) I disregard old credit blemishes except for
unpaid charge-offs of relatively small acouunts. At least some other landlords think the same,
There's a company called Insurent that provides a lease guarantee, for about 75% or so of the cost of one month's rent. Their website is insurent dot com. Many of the major management companies in NYC work with them. I think this is what hofo was referring to.
Good luck.
It's not clear from your description exactly what is the difficulty on your credit report which is of concern to the leasing agent (and of course, it's not our business). I wouldn't think that paying a higher security deposit would serve to satisfy the management company, but the idea of prepaying 3-6 months advance rent is a good suggestion. Also check to see if these items of concern are so old that they should be off your credit report by now.
You don't have to feel bad, all this credit score system is reallly failing anyway. If it was such a smart model, wouldn't it be helping predicting all those that defaulted in the last two years? If they don't take you because of your score and they don't give any weight to your work history and salary, you don't want to have such landlords.
By the way, I am against having guarantor or pay more, expecially in this economy. As my grandma used to say:"don't put an healthy body in a sick bed!". In other words, it's only a rental, don't get into a financial headache for this!
sorry i meant "especially"
Thanks everyone, good suggestions all around. I am going to start by investigating my credit report with a fine tooth comb and see what I can tackle there (I should do this without having today as my motivator). And I will probably not offer this landlord the 3-6 months rent as the apartment was cute, but I probably should look around a bit more before I commit + the kitchen was the smallest thing I've ever seen!