YOU MUST repair credit at all costs. Someone at your bank, a friend in the mortgage business, just someone that reads and determines sales from credit reports MUST review with you. Understand what to do with YOUR current credit as is.
I know having your own place is important, but where are you now? Before obligating for an apartment, FIRST, get direction to "turn" your credit to a "positive" maybe requiring "funds".
Apartment management think two ways in the leasing of same. Why? Percentage of actual apartments in the complex currently rented. Someone will give you an idea and if not fully occupied with tenants they will adjust their requirements/standards and/or, just by asking, offer a better monthly rate. What percentage of apartments are unoccupied is simple to acquire and here is how? Simply state you have others looking as well, WILL you have available apartments for rent through next month, GURANTEED, apartment rep will answer with the percentage of unoccupied.
Second management WILL use and to their advantage, if occupancy is 90% or more they can charge "premium" rate to all and get it. In this case YOU may have to lower your standards to maybe an older complex, NOT as desireable.
In either case, "MONEY" talks. Apartment
management offers standards like, first and last month's rent plus security deposit. This protects their interests to allow a "stranger" (A Renter) to use their property. Renter's have "rights" under the law and time it takes to "evict" a tenant money upfront takes care of loses that may occur. There are "laws" preventing management from collecting specified amount of "funds", therefore, YOU may have enough to pay through a year but these laws may not allow. DO THIS YOURSELF, put this money available into an "interest bearing" account and/or short term CD.
Bad credit WILL limit your ability to do many purchases on credit. BY ALL MEANS, do NOT buy an auto on credit right now, interest and payments WILL eat you up. As far as an apartment, FIRST, let them tell you after they look at your credit. Your answers may vary from "we cannot at this time rent to you", "we will rent only if you have a co-signer with good credit", "we can only offer you a short term lease at this time to build a good rental history" (this maybe 3 to 6 months), LAST, "we will require a higher security deposit and/or extended months paid up front".
Good Luck, stay positive.
Bruce T · 7 years ago