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

[Anonymous]

A lot of people who have bad credit from the pandemic are sub-leasing or permanently AirBnBing.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If dh has a high enough income why didn't you all just pay the bill?

We didn't have a high income back then, and it was a pre-marriage personal card I didn't pay. I got in over my head with my baby expenses, then developed PPD and was overwhelmed by everything. Big mistake that I'm trying to rectify.

How much money was it?

Under 2k. I just didn't have it.

So they just write it off? Doesn't that take years to happen? Aren't you supposed to make tiny payments until paying it off. I'm not sure how you instantly got this debt written off.

If you miss payments for X amount of time (usually between 90-180 days), a creditor can sell your debt to a debt collection company, usually for pennies on the dollar. They get a partial payment and they close the debt as a loss. The debt collector then assumes responsibility for collecting the debt. If that happens, typically the original creditor will close the credit vehicle, and file with the credit agencies that there was a delinquency and charge off.

Yes, this debt is written off by the original creditor, but assumed by the debt collector.

And the delinquency and charge-off take 7 years to fall off. So, this is not old, but relatively recent (as far as credit goes). If you can't pay off a credit loss, then it is assumed you are a credit risk for at the next 7 years and this is referred to the credit agencies to warn anyone new, like new landlords or property management companies as a warning that the person is a credit risk. Despite OP's objections, she has to estabish and prove credit reliability for 7 years to get it cleared. So, until that time, you'll have to find someone who does not use the standard credit agencies and credit checks to establish financial risk.

[Anonymous]

OP here. The late payments don't even show - the last 8 months on my report show "ok." But because the card shows the creditor closed it, it's negative.

I can't stop crying. I don't want to live alone for who knows how many years. My life is destroyed.

[Anonymous]

Anonymous wrote:OP here. The late payments don't even show - the last 8 months on my report show "ok." But because the card shows the creditor closed it, it's negative.

I can't stop crying. I don't want to live alone for who knows how many years. My life is destroyed.

What?

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP here. The late payments don't even show - the last 8 months on my report show "ok." But because the card shows the creditor closed it, it's negative.

I can't stop crying. I don't want to live alone for who knows how many years. My life is destroyed.

What?

I can't move with my husband, because we can't find anywhere to live. I have to stay here, alone. All because I was stupid and irresponsible. I hate myself. I hate my life. I hate how stupid and awful I am for what I did, and I know he's going to divorce me over this. I deserve it. I deserve even more.

[Anonymous]

Anonymous wrote:OP here. The late payments don't even show - the last 8 months on my report show "ok." But because the card shows the creditor closed it, it's negative.

I can't stop crying. I don't want to live alone for who knows how many years. My life is destroyed.

There is no way that you won’t find somewhere to rent. Only one charge off does not negate everything else you did right.

[Anonymous]

Anonymous wrote:OP here. The late payments don't even show - the last 8 months on my report show "ok." But because the card shows the creditor closed it, it's negative.

I can't stop crying. I don't want to live alone for who knows how many years. My life is destroyed.

What ??? If it shows closed that's not negative on you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP here. The late payments don't even show - the last 8 months on my report show "ok." But because the card shows the creditor closed it, it's negative.

I can't stop crying. I don't want to live alone for who knows how many years. My life is destroyed.

What ??? If it shows closed that's not negative on you.

NP. Unless you are a credit expert or have been in this situation, please don’t add add to the conversation.

OP, I am sorry. Did you husband say you’re not moving with him???

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here. The late payments don't even show - the last 8 months on my report show "ok." But because the card shows the creditor closed it, it's negative.

I can't stop crying. I don't want to live alone for who knows how many years. My life is destroyed.

What ??? If it shows closed that's not negative on you.

NP. Unless you are a credit expert or have been in this situation, please don’t add add to the conversation.

OP, I am sorry. Did you husband say you’re not moving with him???

Lol I literally am. Hilarious you are pissed at some random post this stinks like an angry op. This story makes no sense at all. There's something else going on here. But you go to bat for a troll all you want.

You sound unhinged. Deal with your issues.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here. The late payments don't even show - the last 8 months on my report show "ok." But because the card shows the creditor closed it, it's negative.

I can't stop crying. I don't want to live alone for who knows how many years. My life is destroyed.

What?

I can't move with my husband, because we can't find anywhere to live. I have to stay here, alone. All because I was stupid and irresponsible. I hate myself. I hate my life. I hate how stupid and awful I am for what I did, and I know he's going to divorce me over this. I deserve it. I deserve even more.

OMG, what a bizarre post.

[Anonymous]

I’m sorry, but there is absolutely no way you have a 815+ credit score with a charge-off on your record.

[Anonymous]

Anonymous wrote:I’m sorry, but there is absolutely no way you have a 815+ credit score with a charge-off on your record.

This whole post is bs.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You cannot rent from a property management company or large building until the charge-off drops from your credit history.

But you can rent from homes that are rented directly by landlords. Just avoid the larger buildings. Look for local listings in condo communities. There are many private landlords that do not use property management companies that will not have this criteria.

I had the opposite experience. We were able to rent from two complexes in downtown Silver Spring with no issues while being rejected by private individuals. Both apartments were nicer than the homes and one was 250 sq feet bigger. The trade off was privacy, of course but it was worth it for 24/7 maintenance. (DH can fix most stuff, but some landlords are funny about tenants repairing big issues plus it’s out of pocket if you fix it yourself.)

A complex isn’t going to go under because one tenant doesn’t pay the rent. A private landlord might be relying on each month’s rent to pay the mortgage on the property.

I agree. Big management companies are much less stringent. They can afford the risk. Individual landlords cannot.

[Anonymous]

If you’re dealing with a mom and pop landlord you husband can just apply and add the kids as occupants. You can move in. There’s no way they’re going to know.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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 have your own answer right here. He rents it and moves in for some period of time, it could even be a few months, then you move in. In the meantime you visit a lot. As long as he's paying the rent nobody will care. Stay with a friend for awhile.

With my 3 kids? People don't do that. Our house is already sold, so I have literally nowhere to go. A hotel, maybe?

Your three kids can live with him, you can be the nanny, they don't have to be on the lease even if they live in.