apartment credit part 2!?
Ok, so I emailed the apartment complex about my credit score …so here is what they emailed me …by the way my credit score is avg of 581 -600 on my fico…what do you think my odds are of getting a smal ldeposit ? this is their response " credit score of 600, which
you have, is generally considered an average credit score. You can
expect to be approved under either a Minimal Deposit or a Half Months
deposit if you have good credit history. When credit is ran we only go
back up to 3 years to see established credit history. With you being a
student with a credit card and a car, you should have plenty of
established credit to qualify on your own. However, when we run our
credit checks we don’t get back a score, we just get back a grade
stating what credit level tier you will qualify under. The tiers range
from Reject, Full Deposit, Half Deposit, and Minimal Deposit. If
everything goes as planned you can expect to qualify under a Half
Months deposit or a Minimal d
sorry a little bit about me…I’m 21 a student ..don’t have to pay back loans till i graduate, one full time job (bank), one part time (security)..i make about 1840 a month…one month late on a car loan payment and I owe still on the credit card…nothing else
little bit more about me lol…my monthly income is 1840…I have a car payment of 328 and a cc payment of 65 a month that’s it …oh and the rent will be 449 a month!
one more thing sorry people but the more detail the better your answer will be…I forgot that they want gross so that before tax…my monthly income will avg about 2100 a month
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October 9th, 2010 at 11:28 am
You will probably be required to put down at least a minimal deposit, but does not sound like you would be rejected based on your credit rating.
However, Credit Rating is only one part. The second part is your income and ability to pay for the apartment. For this they use a Debt To Income ratio. This is your total monthly obligations compared to your monthly income, and they generally do not want more than a 45-50% DTI Ratio.
Not knowing your exact situation, so as an Example if you have a Car Payment for $300 and CC Payments(Minimum) of $100. With $1840 income, if your apartment is more than $520 a month there is a good chance you will be declined, or have a higher deposit required based on your income.
Calculation:
($1840 * 0.5) = $920 – $400 = $520
October 9th, 2010 at 11:28 am
I would expect to get a full deposit of $450.00 since you would be a risk of not being able to pay in their eyes. Car payment, Credit Card, Student, and your credit score isnt the highest.
October 9th, 2010 at 11:28 am
So whats the problem, you either want the apartment or not. If you don’t have enough I suggest you get a quick partime job or a loan after you move in you can pay it back whenever. sorry i didn’t read the part 1