CONCERNED ABOUT BEING APPROVED FOR AN APARTMENT? >>
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GETTING APPROVED FOR A LEASE OR ‘QUALIFYING’
Landlords, rental property owners and apartment complexes use something called ‘Qualifying’ to decide who they will rent to. The process includes looking at key factors that indicate whether you will be a good renter, pay your rent on time and take care of their property while you are renting. Apartment and landlords typically look at the following factors:
$1000 RENT NEEDS BETWEEN $2500 (2.5x) & $3000 (3x)
in verifyable monthly income
To verify your income, an apartment complex will typically request six months to one year of employment history in the form of paystubs, bank statements, or a letter of employment and compenstation from your employer. IMPORTANT NOTE: They will likely be looking at your pay before taxes are taken out (your ‘Gross Income’).
Below 550 – Bad
550 to 649 – Poor
650 to 699 – Fair
700 to 749 – Good
750 & Above – Excellent
Your credit score is meant to be a representation of your likelihood to pay your debts on time and in full. This calculation includes:
- YOUR CREDIT LIMIT: The total amount of money available to you in credit lines or credit cards. The more credit extented to you the better. Even if you don’t plan to use a card or credit line anymore, as long as you aren’t paying any fees on that credit if there is a 0 balance, keep it open to increase your credit score.
- YOUR CREDIT USE %: This refers to how much of your credit limit is currently outstanding. As a simple example, if you have $3000.00 available to you on a credit card and your balance is $1500.00, then you are using 50% of your credit. In terms of credit scores, the lower your credit use %, the better your credit score.
- YOUR PAYMENT HISTORY: Have you made your payments on time and in full to credit cards, landlords and other credit agencies? This one is very important. Late payments, payments that don’t meet the minimum, or being deliquent on payments (not making them at all) can dramatically hurt your credit score.
The best way to build your credit and acheive a high credit score is use your credit cards reponsibly and if possible pay them off each month. This will keep your credit use % low, and you will avoid paying lots of interest, while still showing prospective landlords and creditors that when you borrow money, you pay it back on time and in full!
Don’t have any credit history? You many need a Cosigner.
- You don’t owe money to any properties for unpaid rent, excessive damage, etc.
- Rent was paid on time and in full.
- You gave proper notice to move out.
- There we no issues with your lease.
- You left the property in the same condition you received it in.
The properties will do this by checking your credit and often by asking for previous addresses, so they can contact those properties to confirm your good standing.
First-time renter? You many need a cosigner and references.
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