Looking to move into your next apartment home with a friend or family member? What happens when one of you has a poor credit score. They are becoming more apart of an approved leasing application in many apartment communities around the country. Some landlords will actually charge you a higher deposit if the credit score doesn’t meet certain criteria. Others will deny your application.
In the end a great credit score will help you get approved fast. And if your score doesn’t meet the minimum requirements, you might be left scrambling to somehow meander through the application process.
But when one of you has a sufficient credit score and the other does not, how does that play into the approval process. In fact it does become a murky situation. So read on to find out what some options and solutions may be.
How is the Application Process Decided?
It really may come down what the landlord/management company use in the approval process. Many just want to see good rental history. As long as both of you have paid your rent on time and don’t have any broken leases or judgements on your credit report, then you may get the all clear signal. One option may be to place the lease in only one person’s name if the community allows it. If this is an option then this is an easy decision. But what if they require both credit scores to meet a minimum?
Pay Off Any Past Judgements!
If one of you does have a black mark from a previous rental community, all it may take is for this “judgement” to be paid off. Future apartment communities just want to see that you have taken care of any disputes with previous landlords.
This may be a scenario when you need to keep searching. The best policy is to be upfront about your credit history and see if they are willing to work with you. If you avoid the situation you might be wasting both your time and the landlords.
Credit Scores Aren’t Altered by Marriage
Some of you may be saying “but my roommate is my spouse”. When you get married your scores aren’t altered. A marriage certificate doesn’t have anything to do with your individual credit scores. However, after you are married, and both of you purchase a vehicle, or other items, that does require a financial agreement, both may affect your scores proceeding further.
It’s always a good idea to discuss your credit score with your significant other before you tie the knot. After marriage both of your credit reports may be impacted with your future financial decision. Your eligible to run your credit report once a year via the credit bureaus.
You can visit annualcreditreport.com and see if you have any discrepancies. There are many companies that will help you repair your credit as well. Although changes might not occur overnight, it can get you started in the right direction.
Henry Hernandez is a blogger, father and veteran. Henry works with an online apartment locator in Houston, TX http://www.houston1apartments.com/. Henry loves to network on social media and if you would like to connect with Henry then check out his Google+ Page.