Forum
« original brownstone shutters Renting in Bedstuy »
February 20, 2009
Credit report
Would you rent a apartment to this couple he has a 665 and she got 540 total annual income combine is 68000.00$.
She is got very bad credit.
What should i do ??????
The rent is 1400.00$
Comments
1400/month is a stretch for 68K combined income. Especially in this uncertain times. Would you consider to get guarantor for them with higher income?
Posted by: bobjohn at February 20, 2009 4:19 PM
and you is got very bad grammar. just kidding.. hmmm. id say yeah why not? they meet the income requirement.. i just saw this posted on brooklynian as well. people can have v ery bad credit for many reasons but most people know that first comes rent and a roof over their head no matter what. i wish more landlords were sympathetic to that fact.
*r*
Posted by: PitbullNYC at February 20, 2009 4:19 PM
i'd be worried.
Posted by: pmmtenement at February 20, 2009 4:27 PM
I wouldn't, but I have a friend who is a landlord of a 50+ unit building and he has rented to bankrupts. He says they have the most to prove, wnat the apartment badly and the rent always gets paid first.
Posted by: tiptoe at February 20, 2009 4:28 PM
thank you tiptoe. see!
oh god a guarantor for a 1400 dollar apartment? and they are a couple, and total adult propers. i dont think 1400 is too much of a stretch on 68k really.
*r*
Posted by: PitbullNYC at February 20, 2009 4:39 PM
I don't think it's a problem. An income of $68K should be able to easily cover $1400 in rent. If you get a good feel for them in the interview/meeting, then I would rent it to them. As many people have already noted, rent comes first.
Posted by: bk14 at February 20, 2009 4:57 PM
Yes, I would consider renting to them. Bad credit should not be the only factor. Many people have bad credit and have had problems in the past but are still responsible and pay rent. Can you check their references?
Posted by: nyc87 at February 20, 2009 5:06 PM
Check references, employment and call previous landlords. $68K is enough to cover the rent. If you get a good vibe from them it should be just fine. When you look at the credit report it is not just the score it counts, you have to see the full report and analyze it. Do they pay credit cards on time (even if it is only minimum), student loans, etc. If something 5 years ago ruined their credit maybe they have learned from it.
Posted by: mg1 at February 20, 2009 5:34 PM
I don't put much credence on credit when making a decision on a prospective tenant unless they have a judgment against them from housing court. I had horrible tenant who always paid his rent late but he had good credit. He obviously paid his credit card debt before paying the rent which ensured that his FICO score didn't suffer.
Although you might hear horror stories, most people pay their rent on time if not a couple of days late. The dead beats are few. So get the overall financial picture, meet with them to get a sense if they would be a good fit with your other tenants or your lifestyle and then make your decision.
Posted by: Chosen at February 20, 2009 5:47 PM
You are renting them a lousy apartment, not giving them the hand of your daughter in marriage. Get real. If bad credit mad people bad alot of homeowners would be in debt prisons. Only renters with bad credit are bad. Homeowners with bad credit get government bailouts. What a country we have become!!!!!
Posted by: hannible at February 20, 2009 6:29 PM
I asked them to have a the telephone of the previous landlord and will see how it go.
My feeling said the are Ok ,but will not rent my apartment without information from the las landlord.
My last tenant where from Belgium europe they did not have any credit history , so i had to go with my feeling and i was right and they where great tenant.
Posted by: benoit at February 20, 2009 8:56 PM
I asked them to have a the telephone of the previous landlord and will see how it go.
My feeling said the are Ok ,but will not rent my apartment without information from the las landlord.
My last tenant where from Belgium europe they did not have any credit history , so i had to go with my feeling and i was right and they where great tenant.
Posted by: benoit at February 20, 2009 8:56 PM
I asked them to have a the telephone of the previous landlord and will see how it go.
My feeling said the are Ok ,but will not rent my apartment without information from the las landlord.
My last tenant where from Belgium europe they did not have any credit history , so i had to go with my feeling and i was right and they where great tenant.
Posted by: benoit at February 20, 2009 8:57 PM
Well.......
From my experience those who have bad credit usually pay poorly. I don't just reject a tenant because of bad credit I usually go with my meeting with the person etc, but from experience those with poor credit tend to pay poorly meaning late with the rent.....When I rent next time I'm going to go with the ones with good credit. Get the rent the 1st of the month..
Good luck....
Posted by: PC at February 21, 2009 3:26 PM
My worst tenant had the lowest credit score. Anecdotal, maybe, but trustworthiness is precisely what a credit score is supposed to measure.
Check their references well.
Posted by: corolla at February 23, 2009 4:05 PM
First these tenants should ba able to afford the rent, if you calculate 30% of their income it would be $20,400, in the other hand your rent for a year would be $16,800, which is making this contract a possible solution. Once you checked their credit report and found that it is bad, you should know that the same may happen to you. You should find out more about stability of their income and all major expense in order to make a reliable decision.
Posted by: johnmillerik at May 13, 2009 11:06 PM
Post a comment
Please be patient while your comment is published. It may take a moment.