We Want To Lease A Home, Should We Expect A Credit Check? Real Estate Home Page Real Estate Notes

15
Jul

We Want To Lease A Home, Should We Expect A Credit Check?

Thanks!Anonymous, Dallas, TX

A: Expect a credit check, on my experience as a property management I will not concern about your credit score,but your rental history,if that is the case that you short sale your property or filed a bankruptcy, landlords know about the financial crisis and they will asked for two or three references. Do not fell like this is going to be difficult just let the landlord know your situation and they will work with you.

A: Yes you can expect a credit check. The score is subjective, but it should be good. The Realtor (and landlord) are looking at your ability to pay the rent. So if you have references, an explanation for why your score might not be good i.e. temporary setback due to job loss that is now behind you.

A: People lease for various reasons, but one of the most common is that they cannot get a loan because of credit, insufficient income and too much debt. All of these are indicators that could have trouble paying the lease.

Credit is tight and even if they cannot get a home loan, they may still be fine to make your lease payments. I recommend you have them get a pre-qualification from a lender with the agreement from the prospective tenants that you can speak to the loan officer. They can help you determine the risk as its the entire financial picture that is important. Their finances can be insufficient to get a mortgage loan, but they could be in fairly decent financial condition overall and just need time to recover from a job loss or other issue.

A: You can expect that the credit will be checked, and most people just want to see that there are no current collections or derrogatory claims on your credit.i doubt the score even matters that much in the big scheme of things. Take care and best of luck!

A: Yes normally owners or landlords do pull your credit, criminal, and eviction history. I saw one set of requirements yesterday that said they wanted to see a 650 credit score and if it was lower they would ask for a bigger deposit. So instead of one month rent deposit they might want 2 or 3 months.

These days the rental market is very tight. I suggest you have your application filled out and application fee and deposit ready to go before you ever even look. Make it easy for the landlord to check your application. Have phone numbers and email addresses filled in. Have all the blanks filled in. Give them a copy of your last two pay checks and a blow up copy of your drivers license. If there is any other information they should consider to support your application that would be great. You want them to take you and you want to show them you will be responsible for paying rent and honoring your lease.

A: Most rentals do pull your credit, and a criminal background check. The score we use is 600, but if it is lower, we may still be able to get you into the rental. This is done by collecting more rent up front. Good luck.

A: Yes, youll need to have your credit score checked for leasing too. If you are worried about the score being too low then you may be required to give two security deposits. They look at your current outstanding debts and how you keep up with your payments more so than an actual score . If you have a great score you should buy rather than lease any way.

I hope this helps. Sincerely Leah Augusta, GA

A: Yes you can pretty much expect a credit check, the credit score varies by owner, you can always ask ahead of time before submitting application if they have a set minimum. I for instance dont rely soley on credit score but on the entire package of rental history and job history and income.

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