Bad Credit Rating hurts Apartment Hunt

Hi Terry,
My husband and I have our home in short sale, we are looking for an apartment. My husband will be retiring and receiving $4,000.00 per month, I do not work at this time. Unfortunately our credit has suffered the score is between 490-584. My question is what website can I go to to find apartments that will be a little kinder with the credit check and willing to work with us so that we don’t become homeless? Thank you for your help

Terry Says:  Well, the first important thing to know is that you’re not alone in this situation.  Many people came out of the credit crisis with damaged credit scores.  I think you should just go apartment hunting in the area and price range that make sense for you  — and be prepared in advance to tell the prospective landlord that this could be an issue — BUT that your life situation has changed.

You’ll want to be able to demonstrate proof of income –that monthly pension check, which will continue. And second, you should come with money in a savings account, so that if necessary you could pay not only the first month’s rent and a one-month security deposit – but offer to give TWO month’s security deposit.  That will give the landlord definite proof that you are a good tenant.   Finally, it might be easier to work with a landlord that is not a big real estate company, but an individual owner, who might be more inclined to make exceptions to his/her hard-and-fast credit score rules.

But try both large and small landlords and see what happens.  Please do write back and let me know what happens.