Will i get approved for this apartment?
Answers:
You have a good shot at getting approved, but nothing is 100% guaranteed.
The PROS:
1) You guys definitely make a decent enough income to afford the place. Landlords typically look for weekly income that is nearly equivalent to the price of rent. So that means that the landlords will seek an income of $810 x 4.5 = $3645. Your income of $4250-4550 exceeds that baseline amount nicely.
2) Although your credit history is probably small, it is in good standing and definitely better than no credit history at all.
3) You stated that although your roommate has had past apartment problems, his credit is decent.
The CONS:
1) Insufficient good rental history. While you show payment history for your credit card, you lack rental history. The only member that does have rental history is your roommate's, but his is tainted. If your roommate had any GOOD rental experiences(I'm hoping his bad experience wasn't his only one?), then he should use THAT landlord as a reference and nix using the "bad rental" landlord as a reference.
2) Unless your roommate's bad rental problems occured 7+ yrs ago, odds are they are still apparent on his credit report. Evictions(mainly for not being able to pay rent) usually result in a Public Judgment(where the tenant gets sued), and that stays on one's credit report for 7yrs from the court date(possibly more, depending on the state). If the Public Judgment wasn't paid very soon after, it might have resulted in the judgment amount being sent to a collections agency, which essentially does "double jeopardy" to one's credit. The good thing is that the past apartment problem was paid off and it's a few years in the past by now. So your roommate's credit score has probably rebounded(at least part way) in spite of the Public Judgment still being on his credit reports(assuming the judgment is <7yrs old).
I've definitely heard of cases where having ANY Public Judgment associated with unpaid apartment rent was a deal breaker. I'd recommend that your roommate obtains a copy of his credit reports to check and see if the judgment is anywhere on there. Judgments generally only show up on credit reports from Experian. If it's on there, then I'd recommend seeking an apartment that does not use Experian for tenant screenings. Or, I'd recommend seeking a cheaper apartment or negotiating with the landlord by paying an extra month's rent upfront as part of the deposit. Another thing that works, is to talk to the landlord prior to the landlord running your roommate's credit. Explain the situation, any unfortunate events beyond one's control that led to the rental problem, how your roommate has changed for the better(evidenced by his decent credit; he must have maintained good money behavior if his credit is still decent in spite of the Public Judgment), etc. Sometimes that can work wonders. Good luck!
I don't see a problem there. The roomates bad experience years ago won't play a part in the decision unless you use that landlord as a reference.which I'm sure you won't.
I honestly think that the whole "getting approved" thing for apartments is very overrated. And anyway, you guys make PLENTY enough to afford an apartment of that price.
My dad has rented rooms for 30 years and has never checked credit or rejected anyone as long as they could come up with a securty deposit and seemed like they would be a safe tenent.
There are way too many desperate landlords out there. You guys will be fine. And if for some reason the first place rejects, the next wont.
I think you have a good chance at this apatment. Your suppose to make three times the rent which both of you combined exceed. Neither one of you has bad credit so I think it will be ok. They are mainly looking at if you had any bankruptcies or if you don't make payments on time. Good luck.
Yeah you'll probably get it, but just make sure if for some reason your friend decides to leave, that you can manage it yourself.
Yes I believe you should. One of the major things where I live is that you make roughly 3x the rental amount for your monthly income. The rental history shouldn't affect you or your roommate if it has been cleared. You can also have poor to ok credit and rent. ie: college students that have never had a credit card, loan, or some means to improve their credit score. So, I believe you sound good. Good luck!
If u have no evictions, then u should be fine.
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