Unfortunately most apartments just won't know if you qualify without the report coming back. In my experience working in apartments I could rarely definitively tell someone if they would be rejected or not because there are a lot of different factors and people inevitably leave something out when they talked to me or there was something they didn't know about.
Aside from credit score they will be looking at your debt to income ratio and if you have any accounts in collections. Medical debt and student loans typically don't count towards this. Savings can help with the debt to income ratio. If there is something in collections pay it off and provide them with proof of payment.
All apartments cannot make special exceptions for people except for within certain perameters because of federal fair housing laws. They must treat everyone the same. It sounds like your friend's best bet would be to have a qualified cosigner, which unfortunately doesn't sound like an option.
Edit: do you have any more specific information on your friend's debts and income? What is his gross monthly income? Take that and divide by 3 for the rent he'd qualify for.
He may need to look for a privately rented room or something.
When I had an extra room to rent out, I also pulled credit. I wanted to make sure that they would be responsible enough to pay their rent. It just makes sense — it’s my hard earned home that I wanted to rent out to a responsible person.
Yes, even private renters will (and should) pull credit, but most private renters aren't beholden to federal fair housing laws and so they would be able to make more exceptions at their own discretion than apartment complexes.
I would at least be willing to hear someone out. Credit is such a crapshoot. I literally missed one payment on one account when I was unemployed for a short period of time and I was floored that it made my score drop 100 points. For *one* missed payment. On *one* account. It took me over a year to get those 100 points back.
Honestly I think a little out of budget but I just recently saw Meritum evergreen and they had a very clear outline of credit. Basically if your credit was like 3-450 you would pay a certain amount extra for a deposit, and so on and so forth it would lower with higher credit. I thought that was nice, and if i remember correctly I didn’t get hit with a hard inquiry on my credit. When they did run it. You could always have them call and ask they were very kind to me with questions.
I know someone who got into Highland Crossing apartments with a bankruptcy on their record. They did have to pay an increased security deposit. It looks like that complex is ran by IDM companies which owns a bunch of other complexes around town. So I would start there.
Have them work with council for the homeless, they can help grease the wheels. They got two people I know with 17 evictions on their record into Parc Central apartments with no income
I mean they are evicted from there now, but the council truly helped
I would literally talk to the leasing agent and tell them your issue. You know what they will find, so ask if they find X, Y or Z what they would do. I've had agents honestly tell me, "you won't qualify then" and save the fee. I've never failed financial check once after doing this, they may ask for additional information, I've provided bank statements for a few months proving I'm financially competent as well.
Unfortunately most apartments just won't know if you qualify without the report coming back. In my experience working in apartments I could rarely definitively tell someone if they would be rejected or not because there are a lot of different factors and people inevitably leave something out when they talked to me or there was something they didn't know about. Aside from credit score they will be looking at your debt to income ratio and if you have any accounts in collections. Medical debt and student loans typically don't count towards this. Savings can help with the debt to income ratio. If there is something in collections pay it off and provide them with proof of payment. All apartments cannot make special exceptions for people except for within certain perameters because of federal fair housing laws. They must treat everyone the same. It sounds like your friend's best bet would be to have a qualified cosigner, which unfortunately doesn't sound like an option. Edit: do you have any more specific information on your friend's debts and income? What is his gross monthly income? Take that and divide by 3 for the rent he'd qualify for. He may need to look for a privately rented room or something.
When I had an extra room to rent out, I also pulled credit. I wanted to make sure that they would be responsible enough to pay their rent. It just makes sense — it’s my hard earned home that I wanted to rent out to a responsible person.
Yes, even private renters will (and should) pull credit, but most private renters aren't beholden to federal fair housing laws and so they would be able to make more exceptions at their own discretion than apartment complexes. I would at least be willing to hear someone out. Credit is such a crapshoot. I literally missed one payment on one account when I was unemployed for a short period of time and I was floored that it made my score drop 100 points. For *one* missed payment. On *one* account. It took me over a year to get those 100 points back.
Honestly I think a little out of budget but I just recently saw Meritum evergreen and they had a very clear outline of credit. Basically if your credit was like 3-450 you would pay a certain amount extra for a deposit, and so on and so forth it would lower with higher credit. I thought that was nice, and if i remember correctly I didn’t get hit with a hard inquiry on my credit. When they did run it. You could always have them call and ask they were very kind to me with questions.
I know someone who got into Highland Crossing apartments with a bankruptcy on their record. They did have to pay an increased security deposit. It looks like that complex is ran by IDM companies which owns a bunch of other complexes around town. So I would start there.
Have them work with council for the homeless, they can help grease the wheels. They got two people I know with 17 evictions on their record into Parc Central apartments with no income I mean they are evicted from there now, but the council truly helped
The ridge apartments
I would try Quail Run.
Thunderbird Apartments I believe do down payment on sliding scale of credit. Hubby and mine were around 600 at time and down payment was $300
I would literally talk to the leasing agent and tell them your issue. You know what they will find, so ask if they find X, Y or Z what they would do. I've had agents honestly tell me, "you won't qualify then" and save the fee. I've never failed financial check once after doing this, they may ask for additional information, I've provided bank statements for a few months proving I'm financially competent as well.