Renting after CH7 discharge?

[Ekop785]

My CH7 was discharged around 8 months ago and my lease is coming up for renewal. My credit has only gone up 100 points since discharge and is still too low to rent someplace new.

Does anyone have experience renting after BK? My fico is only 604 which I believe is too low to rent. My income is on the low side, too (despite working 2 jobs).

Should I plan on staying at a motel for a few months? I have four pets, too, so I assume a private landlord is out.

I am expecting my new rent to go up 20% given the boom in my area. I can't stay, I can't move.

Any advice?

[justbroke]

I do. From my experience having rented from 2 national property managers, cosigned on another rental apartment, and approved for 3 other national property managers... it's all about the score. The biggest factors are the score, income (higher the multiple the better), and longevity with employer. I have had 0 issues renting after Chapter 7. I have not even paid a traditional deposit. The last apartment charged me $350 refundable deposit on a $2,200/month apartment.

So it can happen.

Most of the national property managers say that they want 1-year from discharge, but I found that it's likely just 1-year from filing. I was approved in an active Chapter 13, and I've been approved the same month in which I was discharged from a Chapter 7.

A 604 in credit score isn't that bad for renting, but a 620+ and higher makes it look better. Some private landlord want a 700+ but a good job with at least 3 times income to rent ratio is likely more persuasive.

[Ekop785]

I won't have time to get my score up to 620 by the time my lease is up (July). I am seeing a lot of this:

Applicants with an active bankruptcy, which is considered open or filed within the last 2 years, will be denied.

I am a bit confused by the wording - do they mean active bankruptcies or does that include discharged BK's filed within 2 years? Or do they just mean active ones up to two years old?

[justbroke]

From my personal experience, the bankruptcy should be closed and they really really really care about a.) income, b.) the score is reasonably over 600, and c.) absolutely positively no evictions. Of course some treat the bankruptcy question differently. The management company that I used still has something that reads (approximately) "no active bankruptcy or any within 2 years"... yet they approved me without a deposit (only a deposit guarantee).

As a former landlord, those were my same criteria.

Shop around. Don't just look at one place. I paid upwards of $75 per application to apply to 4 different major apartment managers in a major Florida city and I was approved by them all... while in an active Chapter 13. I also received reduced deposit offers ($350) as well as other incentives such as a free month. They cared more about my income, stability of employment, and my score (which was 650) than they did the active blaring Chapter 13 on my credit report.

[Ekop785]

I could be in for a rough ride then, as my income is not very high. But at least I have a squeaky-clean background and zero late rent payments.

I assume they do a hard pull, though, for each app I fill out? That could sting my already low score.

[justbroke]

Most of the rental background/credit check companies, like SafeRent or LexisNexis, use a soft pull. You may want to ask in advance.