When do landlords generally stop caring about Chapter 7 on your credit report?

[krissmith33]

My current lease is not up until August this year, and by then it will be close to three years since filing my Chapter 7 and full discharge. Been hustling to get my credit score up to just about 700, have low credit usage, on time payments, still have no evictions, and have never been late on rent. Have had stable income with the same employer for 7 years. My current landlord is turning into a slumlord and on top of all the other issues with them in the last four years, I have found black mold in the hallway that shares a wall with my kitchen. It has been making me sick and my landlord has ignored my multiple complaints about my illness and the odor [in fact, it was growing out of an electrical outlet in the hallway and they had someone paint over the mold a couple weeks ago]. Obviously no plans to renew my lease; I would sooner live in my car than to renew my lease with this company because I'm tired of being sick 24/7.

When do good landlords generally stop caring about Chapter 7 on your Credit Report if you are upfront with them about it when applying for an apartment?

[justbroke]

From my observations based on applying (and approved) by more than 6 large residential management companies...

• Most management companies will want at least a 600-620 credit score.
• Most management companies will want 2 years from the date of discharge.
• Most management companies will give an automatic denial for any eviction.

From my personal experience...

• Most management companies, while they talk about 2-years from discharge, actually seem to use 2-years from the filing date.
• I was able to rent from a major national management company at an expensive apartment/townhome complex while in an active Chapter 13. I also had a minimum deposit required ($350 rather than the $2,220/month normally charged).
• I was able to rent from another major national management company at an expensive apartment complex just 2 days after discharge of a Chapter 13. Again, minimum deposit of less than $300!
• Every single place that I applied (I applied to 4 of the more expensive apartment companies and paid the application fee), just to see who would approve me! Yes, this was while I was in an active Chapter 13! They were all approved with minimum deposit ($350) on a $3K/month apartment.
• Income is the BIGGEST factor, if not the second major after credit score.
• Length of employment is a major factor.
• Credit score gets you "in the door" (so a 620+ would do the trick).
• (I was a landlord that used this service...) These companies use services like Trans Union's MySmartMove and Corelogic's MyRent to screen potential renters. It returns a "grade" (and score) as to what the landlord should do.

I never told any of my potential landlords about my bankruptcy. Not one of them asked about my bankruptcy. I have never been late on a payment to any apartment rental company... not even by a day (I've rented several over the last 10 years and was the guarantor on 2 apartments also in that period... and at the same time). Did I mention that I was in an active bankruptcy from 2014-2019?

My bottom line: your score matters but your income and job stability are the real kicker. While most landlords want income of 2.5X the rent... let me tell you that making 4X, 5X, and even 6.5X (me) the monthly rent goes a long way. Most landlords -- at least management companies -- will want at least 2.5X the rent and some may require 3X the rent.

During my little experiment, I also learned that most of these companies will rent if you have "significant" reserves (or 6 months of rent + your expenses). A friend was able to be approved without a job because she had $60,000 in the bank (she also had an 825+ FICO).

[shipo]

My experience sort of mirrors that of justbroke, I've applied for two different rentals within the two years following my discharge; the first was only a few months after the discharge and I broached the issue with the property owner. She asked a few questions and said, I feel you and your wife would be ideal tenants; the place is yours for the asking. In the end we opted to not rent the place, more's the pity.

This year we were unexpectedly asked to move from the apartment we'd had for nearly nine years and had to find a place, pack, move, and unpack in about a month. Once again, the new property manager didn't blink at the bankruptcy and expressed his opinion we were the exact types of tenants he was looking for.