Good Income but high credit card balances = No Apartment to rent

[NAL123]

OK, this may sound like a whiny rant but what the hell...

I posted here before about my issues with possibly losing my job, filing for BK, & some mental health issues which lead to compulsive shopping & high CC debt.

Well I got a second chance (sort of), I got a new job with a decent raise & a month of free housing (in a motel room), moved out of NYC to the suburbs of Hartford Cty in Connecticut and trying to put my life back together.

The problem facing me is finding a place to live. I am single & make just under $80,000 and over $70,000 for the last 2 years in NYC. But I have too much obscenely high CC debt, and a FICO score of only 620. It is embarrassing that people who are making the same or less probably are buying houses and my credit isn't even good enough to rent a room for $650 a month in someones house. Yes, three people rejected me after running my credit report. Property Managers & management companies won't even consider you unless you in the 700's. It seems to be harder to rent around Hartford CT than than it was to in the NYC metro region.

I am not going to go into 'why & how' I got into this debt. I accept it and have devised a plan to pay it off in under 5.5 years at my current income. And this is without debt consolidation, credit counseling, negotiating with credit card companies, not making payments. As of now, every account has been current since at least 2003

BTW, the average HOUSEHOLD income for Hartford county is just over $60,000 a year. I am also in a professional supervisor position. If I can present myself well to get job offers, I think I can present myself well to a homeowner or property manager.

I can put down first, last, 2 months security, but all the credit card balances (which are completely current with ZERO lates ) & 620 FICO score forces are rejection. There are 2000 square foot houses which rent for $1,600 a month (much less than a total mortgage) & 1400 square foot condos for $1,200 a month but you must have perfect credit. It is amazing considering the rental & sales market are stagnant here with 5% or less appreciation and generally a loss of population.

[CATCHMEIFYOUCAN]

why dont you rent a room from a private owner (i dont think they have the ability to run credit checks). or rent a room with another person/or several people. check out CRAIGSLIST.COM locals from all over advertise rooms for rent or roomates needed etc.

best of luck, catchmeifyoucan

[FilingOnMyOwn]

www.roommates.com is a good place to look, as well as craigslist

[jal1129]

Stay away from the management companies, try to go with a private owner.

[Minnymouth]

I am a homeowner with 2 roommates...... I rent out my 2 spare bedrooms for extra income instead of working a 2nd job.......

So far, in 4 years I have only had one "bad apple" and one "problem child" out of the 6 people I have rented too......

One roommate (male) was with me for almost 3 years till he married - he was 32....an excellent roommate. One roommate (woman - problem child) age 48 was with me off an on for 4 years..... finally had to ask her to move (severe drinking problem that only got worse). One male (32) who thought everybody's groceries was at his disposal - needless to say - he wasn't with us long...... and the newest male (age 42) has been with me almost a year.... another "good guy".....

So my luck with sharing my home has been VERY GOOD and has kept me from working outside my home on a 2nd job...........

We all get along real good, they all respect my home, keep their friends under control and everybody gets along......

Just like "siblings" everybody has their pet-peves but we talk them out and get them out in the open on various occassions......

I am the PEACEMAKER (I'm old enough to be all their mothers) and they respect me and ask my opinion about a lot of things......

I treat them all with respect, welcome their friends (within reason), honor their privacy, and they in return do the same.....

They are all very good about jumping in and helping with housework, mowing, and cooking even though they are just renters......

They call my place "home" and treat it as such......

When I interview a new renter, they understand what I'll put up with, what to expect from me, and what is/is not expected of them....

I do not tolerate "theives" in any shape, form or fashion, nor do I tolerate "drugs".......

And as I tell each one of them - if you don't think I can throw you out - TRY ME!!!!

But we all get along great, lead our own separate lives...... I "mother" none of them but they all call me "Momma Dee".....

And believe me we have all seen each other "down and out", at our worst, and in the buff, lol.....(by accident of course)....

Renting from a private homeowner might be just the thing for you. Many have apartment above garages, side entrances to rooms, etc.....

Check around, it just might be what the doctor ordered for you right now till you can straighten things out in you life.

Sometimes they will rent to married couples, but not usually..... I know I don't.

In the near future, I will be renting out my garage (two apartments) till help my income after I retire.......

Really, this has been the best route for me during the last 3 years and since my bankruptcy.....

And I am someone who lived alone for 25 years with very few roommates during that time...... I liked my solitude....and privacy.

But now, things change, and the extra income keeps me home at night, I don't have to kill myself working 2 jobs to make ends meet, and I enjoy their company also.....

They help keep me "young at heart"......

P.S. when I arrived home yesterday, the yard was mowed, trimmed and raked. One had vacumed and dusted in the main room.And one of my renters was out planting tomatoes etc in the garden.

Yes, they call my house "their home".............

[DeadManCrawling]

Wow, Minny mouth.

I am pleased for you. The people you desribe mostly don't fit into the renter "horror parade" stories that I have experienced somewhat, and seen other people experience.

You must have a sort of "empathy" for picking the right personalities as you rent your home.

dmc

[NAL123]

Wow, Minny mouth.

I am pleased for you. The people you desribe mostly don't fit into the renter "horror parade" stories that I have experienced somewhat, and seen other people experience.

You must have a sort of "empathy" for picking the right personalities as you rent your home.

dmc

That stereotype is completely ridiculous regarding renters. Do you know how much the average house costs anywhere on the east coast (or in the majority of the country). Someone who is making the supposed, alledged median income can't qualify unless they get one of these teaser loans and then refinance & take HELOCS. Total PITI including taxes, insurance, utilities an a modest sized house can be well over $3,500 a month while renting the same house may cost between $1,500 - $2,000 a month.

Sure not everyone looking to rent may be a wealthy yuppie from Manhattan but not everyone is a deadbeat either just because there FICO score isn't that great.

Do you know the financial requirements necessary to rent an apartment in the metro NYC region or even out in the boondox of Hartford county CT?? If your credit score is under 700, you are automatically assumed to be a deadbeat. I wasn't even talking about property managers but renting directly from homeowners or even just renting a room.

[DeadManCrawling]

That stereotype is completely ridiculous regarding renters. Do you know how much the average house costs anywhere on the east coast (or in the majority of the country). Someone who is making the supposed, alledged median income can't qualify unless they get one of these teaser loans and then refinance & take HELOCS. Total PITI including taxes, insurance, utilities an a modest sized house can be well over $3,500 a month while renting the same house may cost between $1,500 - $2,000 a month.
.

No, no , no. I didn't MEAN anything like that, In fact, I agree with you wholeheartedly. I just posted on another thread about the awesome and conscientous renters we have in our son's house. He is 14 and we hold the place in trust for him. His biological father passed away and he inherited the house.

I certainly don't believe renters are evil and dirty. I was just mentioning the stereotype, so please don't think that I MYSELF believe any such thing.

You are right, with the requirements to rent and the security deposits and fees, you pretty much can't rent if you actually ARE the stereotype.

In fact, the local paper ran a series of stories last week describing how it actually makes more sense (In Florida anyway) to rent than own, given the insurance, bad housing market and terrible taxes. Not to mention potential loss in hurricanes, utilites, etc.

best to you, and certainly no intent to upset or anything like that



-dmc

[FilingOnMyOwn]

In fact, the local paper ran a series of stories last week describing how it actually makes more sense (In Florida anyway) to rent than own, given the insurance, bad housing market and terrible taxes. Not to mention potential loss in hurricanes, utilites, etc.

Its so true. Average home prices are about a half million where I live, then on top of that its 300-400$ for hoa, $200-300 property tax, $300 utilities, thats like $1,000 a month not even including the mortgage payment of several thousand dollars. But you can rent a 5 million dollar property for $2,500 a month.

[NAL123]

Its so true. Average home prices are about a half million where I live, then on top of that its 300-400$ for hoa, $200-300 property tax, $300 utilities, thats like $1,000 a month not even including the mortgage payment of several thousand dollars. But you can rent a 5 million dollar property for $2,500 a month.

Yes, but realtors & landlords want to make the process of renting an apartment harder than getting a mortgage. Craigslist actually is a waste of time. In NYC not only do you have to go thru the below rigamarole, but you have to pay the realtor a commission of anywhere from 1 month - 15% of annual rent.

The 'ideal' tenant is supposed to have all of the following -- 720+ FICO score, little or no revolving credit card debt, 6 months of rent payments in their checking account, ability to produce last 2 banks of bank statements, last 2 years of w-2's, at least 2 years in the same job earning at least 40 times the monthly rent. And offering to prepay 6 months of rent only causes suspicion and requires more documentation.

Like I said, I could understand Manhattan being this way but not around Hartford county in CT. I have wasted over $100 on credit check fees where I am denied because my credit score doesn't meet their requirements.

[frankies_mom]

I guess I am glad I am not trying to rent now because I am in the Hartford area and don't ever remember getting an apartment to be so challenging. But the last time I rented was 4+ years ago so maybe things are changing. I remember credit checks but not pay stubs and bank statements. They usually wanted employer info and I remember my supervisor telling me when someone would call for verification. One of my friends had very poor credit and didn't make a whole lot at the time but always seemed to get a nice place if she went in on it with a roommate. Any chance of that? Or maybe try a 2 or 3 family or smaller complex - if you already haven't that is. Good luck in your search. I hope something pops. Unfortunately CT is sky-high. It is so expensive to live in this state, even with a decent income.

[NAL123]

I guess I am glad I am not trying to rent now because I am in the Hartford area and don't ever remember getting an apartment to be so challenging. But the last time I rented was 4+ years ago so maybe things are changing. I remember credit checks but not pay stubs and bank statements. They usually wanted employer info and I remember my supervisor telling me when someone would call for verification. One of my friends had very poor credit and didn't make a whole lot at the time but always seemed to get a nice place if she went in on it with a roommate. Any chance of that? Or maybe try a 2 or 3 family or smaller complex - if you already haven't that is. Good luck in your search. I hope something pops. Unfortunately CT is sky-high. It is so expensive to live in this state, even with a decent income.

Actually, the Hartford metro region is a bargain compared to the NYC metro area, Long Island & Fairfield County.

What is amazing is that even though I backed out at the last minute, I never had any trouble getting approved thru property management companies in Queens for apartments that rented at $1,500 and above.

It just is inconceivable to me that there is just this huge demand around Hartford & in the suburbs 20 and 30 miles away from the city that it is this challenging.

It is also illogical that I make more than the reported 2005 median household income for Hartford County at close to $80,000 a year (along with $3,000 for relocation from my company that no one will accept) and I can't even get approved to rent a room in someones house.

[SinkingFast]

One thing that might help is a letter from your employer. If you received a written job offer that may do. Maybe attach a copy of a pay check/stub as well to show that you indeed are gainfully employed.

When we rented this place we had a house in Foreclosure and were preparing to file BK. We were kinda sorta honest with the Landlord when she showed us the condo. We told her about the house outa State that was in Foreclosure. She's in Real Estate and she was very understanding.

She asked for a letter from Hubby's employer. When we submitted the signed lease, we sent a copy of Hubby's job offer letter along with a copy of the most current pay check statement and she was fine with that.

You could maybe say when you were in the City, you lived fast and hard. And your credit is worse for the wear. But now you have a financial plan. In 5 years, your goal is to be debt free.

Just a thought for you.

[calif]

It is also illogical that I make more than the reported 2005 median household income for Hartford County at close to $80,000 a year (along with $3,000 for relocation from my company that no one will accept) and I can't even get approved to rent a room in someones house.

.
I agree.
There may be something in your appearance or your attitude during your interviews that are troubling to prospective landlords.

[NAL123]

.
I agree.
There may be something in your appearance or your attitude during your interviews that are troubling to prospective landlords.

Well, if that were the case I doubt I would have been offered my current job. They did a full credit & background check. This is for a growing financial company in the Hartford region of CT. I never has this much trouble in NYC when looking for apartments and found the real estate agents, brokers & landlords very eager to rent to me (even with my supposed low credit score). Here it is like I am wasting their time even though some of these apartments have been listed on Craigslist for weeks.

Maybe it is because I am from & was raised in NYC and that I am single with
no rent history or job history in this area. Plus having high credit card debt raises a red flag. They see me as too much of a 'flight risk' who can easy skip town.