Can't rent because of a charge-off...what can I do?

[Anonymous]

Anonymous wrote:The big buildings run by management companies are really stringent and ridiculous. Can you find someone who rents his family home or apartment? They won’t turn you down on an old charge off.

+1 LL who make the decision are best for this kind of situation vs big companies.

[Anonymous]

Anonymous wrote:We've been denied 3 leases now because I have a charge-off just old enough it hasn't dropped off yet. It should drop off during the lease, but as this is a one-year move, that doesn't help. It was an issue buying our current house, but DH has a high enough salary that we dropped me from the mortgage application and just used his. Unfortunately that doesn't work for rentals which want the credit history of every adult.

My credit score is 815+, but the charge-off has rendered the score moot.

Is there any solution? DH is going to have to move alone if we can't come up with one.

You rent in a much less desirable area until it is off your record. That’s what we did. I had medical bankruptcy.

Also, corporate landlords will take a chance on tenants that individual landlords won’t.

[Anonymous]

If you paid, can’t you contact the company to either remove it or update it to paid? It you paid the ones it’s not a charge off.

[Anonymous]

**if you paid it then it’s not a charge off

[Anonymous]

So you can afford everything except paying off the less than 2k debt that they gave up collecting from you? I mean credit cards accept very minimal payments (works better for them) so you didn't even attempt to pay it off?

Call the company and pay it off or wait the few months until it is off your credit. In the mean time offer to pay extra rent to a private landlord to see if that works.

[Anonymous]

Will they let you prepay for the year?

[Anonymous]

What the hell is a charge off?

[Anonymous]

Anonymous wrote:What the hell is a charge off?

When a credit chard company shuts down your card and considers the money you owe them to be a total loss. They don't bother with trying to collect from you anymore. They usually then sell the debt to a collection agency. The debt is still a charge off even if you pay the collection agency.

[Anonymous]

Anonymous wrote:The big buildings run by management companies are really stringent and ridiculous. Can you find someone who rents his family home or apartment? They won’t turn you down on an old charge off.

This. I don’t even check credit history for my tenants (oops). Only ask for offer letters with salary.

[Anonymous]

Why can’t your husband sign the lease and add you as an authorized occupant? If he has sufficient income to qualify for the lease you shouldn’t need to be a party to it.

[Anonymous]

Anonymous wrote:Will they let you prepay for the year?

The corporate management companies typically don’t allow it. But usually if you have that money in an account they will rent to you. They all have their different rules.

[Anonymous]

Anonymous wrote:Why can’t your husband sign the lease and add you as an authorized occupant? If he has sufficient income to qualify for the lease you shouldn’t need to be a party to it.

Landlord here. This. I've had tenants (a couple) where one had bad credit. The other person made enough income to qualify on their own, so only they were listed on the lease.

[Anonymous]

Anonymous wrote:Why can’t your husband sign the lease and add you as an authorized occupant? If he has sufficient income to qualify for the lease you shouldn’t need to be a party to it.

That’s too logical. They want a credit report and background check on everyone over 18 in the apartment. I’m surprised one old issue was enough to deny them.

Before I put in a formal application I would tell them my salary, credit score and the 1 mismanaged issue and ask if that’s going to be a problem. I’m not sure if future potential landlords can see the previous denials but better safe.

[Anonymous]

Anonymous wrote:Why can’t your husband sign the lease and add you as an authorized occupant? If he has sufficient income to qualify for the lease you shouldn’t need to be a party to it.

Another landlord here. All adult tenants get credit checks and they are all on the lease, which contains language that if one leaves, the other is still responsible for rent. That said, if I had applicants like OP and her husband, I would probably rent to them (both on the lease). Stuff happens and most of us have things on our "records" that we've outgrown and would never do again.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Why can’t your husband sign the lease and add you as an authorized occupant? If he has sufficient income to qualify for the lease you shouldn’t need to be a party to it.

Another landlord here. All adult tenants get credit checks and they are all on the lease, which contains language that if one leaves, the other is still responsible for rent. That said, if I had applicants like OP and her husband, I would probably rent to them (both on the lease). Stuff happens and most of us have things on our "records" that we've outgrown and would never do again.

This.