I’ve heard the scenario a thousand times and I’ll hear it a thousand more: “I want to move out of my crummy apartment but my bad credit is stopping me!” In Chicago, rental companies tie credit to rental eligibility. Young people end up staying at home longer because they don’t have the credit to move! However, the age of the client doesn’t matter. Young, old and older still will find themselves in this cach-22. It’s a frustrating knot to untangle; however, here are a few suggestions that might help!
Know the Score
Generally, landlords are looking for scores over 620. Understand that there are many companies that produce credit scores. It would be a good idea to know which agency is scoring you the highest and direct the credit check toward the high-scoring company. Generally, the scores are about the same; however, the difference between a few points might just the difference that you need. In addition, limit the amount of inquiries. Don’t allow just anyone to run your credit. Every time credit is run, the score is affected. Of course, moving as soon as possible is important; however, be serious and choosey when it comes to running credit. Also, be wary of outrageous fees to run credit. There may be some fees, but watch out for $300 or even $500 fees.
Be Ready With the Paychecks
Rentals move quickly. Often, a leasing agent will ask for paperwork. If it’s not produced in days, often times, the rental unit will be gone. Before starting the search, find out from your employer how to access paystubs on-line. Then, make sure to have the leasing agent’s e-mail so that you can send it over immediately. A little preparation will show that you are more than your credit score.
There are two major ways to involve other, more qualified people into your relationship:
1) Recommendations: While not always necessary, a good recommendation from a pillar of the community, like an Alderman or local religious organizer, may tip the scales in your favor. Generally, a leasing agent will at least allow you to include these types of recommendations in your application;
2) Co-signer: This is much more dramatic than a recommendation and puts the signer on the hook if you don’t pay rent. Leasing agents may be more willing to rent to you if there is someone else that can foot the bill if you fall through on your obligation. Make sure that your co-signer understands the liability that he or she is getting into before entering the contract or it could cause a lot of tension later.
For more ways, form letters, call SLF today at (312) 620-6499
The Shimotake Law Firm, LLC is willing to talk more about ways to help keep Chicago renting. We’re also willing to provide free evaluations. WE ARE NOT GOING TO CO-SIGN FOR YOU, SO DON’T ASK! But call today for your free evaluation at (312) 620-6499 or text “HELP.“