Sunday, November 21, 2010

What would two 18 year olds need to do to rent an apartment with no credit history? Is it possible?

What would we have to do to get an apartment? How do we get credit? If our credit isn't bad because we haven't used it, can we still be approved? Would we have to co-sign with a person with credit?What would two 18 year olds need to do to rent an apartment with no credit history? Is it possible?
Just because you don't have credit yet doesn't mean that you can't get an apartment. They'll require references, as well as proof of sufficient income to pay the rent. You'll have to put up the usual security deposit and first month's rent. Some states allow landlords to collect first and last month's rent in advance so you may have to come up with that.

I used to rent some properties out and never accepted or asked for a cosignor. More hassle than it was worth.

Especially with younger prospective tenants, their look and behavior (clean and neat, well spoken, etc. NOT race!) would usually factor in. For the most part they didn't meet my standard qualifications so saying no was entirely defensible.

Once you do get accepted, be a good tenant! That will help you well into the future. Pay your rent on time, stick to the terms of your lease, keep things neat and orderly, keep the parties to a minimum and the noise to zero.What would two 18 year olds need to do to rent an apartment with no credit history? Is it possible?
If you are two chicks, just double up on the landlord.
You would have to get someone to co-sign for you.

If you make more than 2.5x the rent a month at your job, there's a chance that you can cos-gni yourself, evne with no credit.
You probably will get approved. If you have no credit, apartments will probably ask for some references and a down payment. If you have bad credit, you might need a co-signer. Apartments tend to be pretty open-minded about credit problems.
Oh yeah, some places claim they run credit but alot of them don't. You might have to shop around some but you'll find somewhere that'll rent to ya. Also keep in mind renting a house, those are generally done by John and Jane Doe who go by gut feeling. The big disadvantage for you comes from your age. Two 18 year olds means parties and destruction etc. Just shop around.
Make sure you rent from an old man that is a foreigner (Italian, german, russian, or ukraine usually). He will accept you as long as you aren't ethinic (alot of these guys are racist). Im serious it works!
I would just talk to land lords about your situation. A lot of places will rent without a co-signer as long as your honest about stuff and have a steady job.
You would need a co-signer, like a parent, with a credit history.

The issue is that since you have no credit history, you basically can't be trusted to pay the rent or put down a security deposit.
Well here in La. there are plenty of apt.'s you can get without a credit check. And even without credit you may still be approved.You just have to try but tell them you have no credit b4 and see what they say if they say that you will probably not be able to get one without credit then dont let them pull up your credit record.
Typically apartments will rent to you with bad/no credit, but they might require more money up front. A larger damage deposit, and more than 2 months rent, to move in. With my credit established, most apartments I've lived in (5 to date) usually asked for first, last, and security deposit, and they were often flexible on having to get it all before I moved in.

If you can show them pay stubs with sufficient income, you can often get them to lower their requirements.
Ya gotta live in an inexpensive complex, with several vacancies, and catch them when they need to fill empty apartments. If the place you're looking for is $600 or less you might be able to get it without a co-signer, if you've got a good work history and are currently employed and appear stable.

The nicer the apartment complex, the more financial questions they'll ask. Nice places DO check references, bank accounts, and how long you've been working at your current job. I live in a gated community and they sweated me for my checking, money market account, and stock portfolio.
The decision is made by the manager or landlord .No credit is seen better than bad credit .Her I do request a co signer , usually a parent . Work history a big plus ! I ask that only one be on lease to stop the my lease not yours . They can both move in but I look at a lot police record ? Last living place , work history , savings , etc.,. But our rule is under 21 years = co signer . And almost every situation they weren't here the full lease .Now becomes neg. renter listing , that landlord association has available here .Making it very hard to get a nice place to rent .And if one of you were ever neg. on my back round checks ,I would considered if all first / last / security paid up front . To protect property for so many changes.

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