Credit Score affect my ability to rent?

[southerngal8]

Hello,
I am moving to another city in a few weeks and am looking for an apartment to rent.
I am worried that my low credit score will affect my ability to rent an apartment.
My credit score is 619-TransUnion, 624 Experian, and 603 Equifax.

I just found this forum today and it is great! I have many questions on how to improve my credit score.

thanks in advance for your help!
M

[parafly]

Originally Posted by southerngal8

Hello,
I am moving to another city in a few weeks and am looking for an apartment to rent.
I am worried that my low credit score will affect my ability to rent an apartment.
My credit score is 619-TransUnion, 624 Experian, and 603 Equifax.

I just found this forum today and it is great! I have many questions on how to improve my credit score.

thanks in advance for your help!
M

It could. Some places check your score, some places don't.

[autoxer]

Originally Posted by southerngal8

I have many questions on how to improve my credit score.

Do you know why your score is low? That will help you figure out how to improve it.

[humandraydel]

I think it depends on why the score is so low and how much of a positive history you have. If you are currently 90 days late on rent, car payment, electricity, and credit card, for example, I don't think they will rent to you. If, on the other hand, you've had 1 account go to collections 1-2 years ago and have been on time with everything else since then and show stable employment, they will probably rent to you.

[southerngal8]

I just checked my FICO score and it was 599....earlier today I checked my score from all 3 credit bureaus and it was 619, 624 and 603.

why is my FICO score 599?? I am very upset, I have been trying to improve my credit score since last Sept.- ( it was 575 then), and I have increased it a little but not enough.
The FICO score I got was with 1 credit bureau. Do I need to get my FICO score with the other 2 as well?

I am determined and ready to improve my score today, and appreciate any advice!!

Here are the negative items affecting my score:

1) I have 2 collections on my report, which I realized today is the main reason I have a low score. 1 is a medial bill for $100 and the other is for $199. These are from 3-4 years ago. I was stupid with my finances back then, and can't remember exactly what happened and why I didn't pay-( I do remember that I didn't aggree with the charges for $199 bill).
Regardless of what they were for, I should have paid them and have now learned an important lesson about my credit.
I would like to pay these two collections off, however I know it will still be on my credit report for the next 4-5 years.

I have 7 accounts/credit cards on my report, which is the only other thing my credit is based on. I have no student loans, no mortages and no car payments. I have no accounts past due, no acounts opened in the past 3 years, no recent inquires and a 9 year credit history.

My total credit limit is $6,000- $7,000
Which is not very high, I think I need to get more credit.
My total balance is $3,000-$3,500 ( I just paid almost $400 towards my CC's the past 2 weeks, so hopefully my score will go up a little shortly?!)
I have also not used any of my credit cards in the past 6-8 months, and don't plan to use them, just keep them open to help my credit.

Another negative factor affecting my score is my past payment history.
I have been much better about making my payments on time, so hopefully this will continue to help raise my score.

One other thing I wanted to mention- I have some money in a money market account and want to pay off my credit card debit with part of the money, instead of investing it all.
Any suggestions, advice?
Thanks in advance your help!

[jamai]

i didn't think they check your credit score for a rented house, i thought a good reference and deposit is all you needed

[sweeps]

Smart landlords check credit scores. It's a good predictor of how reliable the tenant will be with paying the rent.

[southerngal8]

Hi,

I just found out today that my credit check cleared and my credit was fine- so I got the apartment I wanted to rent!!
I am very relieved, I was so worried I wouldn't be able to find a place to rent.

I still have to work on improving my credit, so any advice from my post from last night would be wonderful!

Thank you to all who responded to my posts, I appreciate your advice!
M

[sweeps]

Grats. If it were me, I would pay off the 2 items in collections on your report. Then just let stay current on your other bills, your score will be up before you know it.

[southerngal8]

Yes I plan to pay the collection items first.

I also have a good sum of money in a money market account that my employer gave me this past year as a bonus/ money to invest.
I have not yet determined how I want to invest it, however I want to use half of it to pay off my credit card debit. Do you think this is a good idea or invest it all?

thanks

[krayziebone33]

Originally Posted by humandraydel

I think it depends on why the score is so low and how much of a positive history you have. If you are currently 90 days late on rent, car payment, electricity, and credit card, for example, I don't think they will rent to you. If, on the other hand, you've had 1 account go to collections 1-2 years ago and have been on time with everything else since then and show stable employment, they will probably rent to you.

Yup. This is correct.

[Denvergirlie]

Originally Posted by southerngal8

I also have a good sum of money in a money market account that my employer gave me this past year as a bonus/ money to invest.
I have not yet determined how I want to invest it, however I want to use half of it to pay off my credit card debit. Do you think this is a good idea or invest it all?

thanks

If you are paying more in interested on your credit card debt than you are earning in the money market account, then yes I would pay off those credit cards. Just be sure that you factor in paying taxes on this "income" come tax season.

[Snodog]

Originally Posted by southerngal8

I also have a good sum of money in a money market account that my employer gave me this past year as a bonus/ money to invest.
I have not yet determined how I want to invest it, however I want to use half of it to pay off my credit card debit. Do you think this is a good idea or invest it all?

thanks

I would personally pay down as much credit card debt as possible, even if that meant not having any left over to invest. Credit card interest rates are typically higher than you can make in investments and with no risk. Even if your rates are low now, that doesnt mean the CC companys wont increase them in the future if they feel like it. And the more you pay down the credit cards the higher your credit score will be.

[BCHGRL]

When I had a collection against my credit, I was told not to pay it or it would make my score WORSE. The reason that I had a collection was by no fault of my own, my identity was stolen. After YEARS of hard work (police affidavits, notarized statements, more phone calls than you can imagine), I got the collection company to remove the fraudulent account that had collections against it.