I recently ran into some bad luck..

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andy1088
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I recently ran into some bad luck..

Postby andy1088 » Tue Jul 10, 2012 8:19 am

I got a car last month and long story short I used some of my cc's to buy it and the rest cash (I know bad move). Problem was I got into an accident and my car was totaled (the other driver's fault).

Fast forward to today, my utilization is at 74% and I'm working on lowering it. My fico went from high 670's to around 615 and I don't know if I'm even going to get the house I'm trying to rent. The two things on my side are: I've never missed a payment nor have I ever been late and I have enough income to cover the rent by a country mile.

I'm hoping the owner can overlook my horrible utilization and see that I've never missed a payment or been late or anything. I'm also hoping if my score screws me over that I can provide proof that I pay my landlord on time every month (online bill pay) and that would hopefully work. I should also add I've paid off at least $700 since I got the car 3 weeks ago and am slowly but surely working on the three cards with 0% interest and will have them paid off by that period. I'm so nervous right now :confused: :(
My cards
Chase-Sapphire-$5,000 Freedom-$3,000, Amazon rewards-$700, Slate-$600
Citi- Diamond Preferred-$4,000, Thank you-$2,500
Discover IT-$2,500
Bank of America cash rewards-$2,000
Capital one newcomer rewards-$500


sfoboy85
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Don't worry...

Postby sfoboy85 » Tue Jul 10, 2012 9:18 am

Generally, property management companies/landlords care less about your utilization ratio... You should be worried if you are trying to apply for another card/line of credit but for rent, you are good to go.

What they care about
- Payment history (since that's how they determine whether or not you are going to make the monthly rental payments on time)
- Criminal history/background checks (since no landlord wants a criminal in his property)
- Any court cases against you (under negative information in your credit report).
- Financial background

I am in RE so trust me, you are good to go...

Best Regards
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Crashem
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Postby Crashem » Tue Jul 10, 2012 9:38 am

Op, won't insurance cover the costs of car?
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agp
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Postby agp » Tue Jul 10, 2012 11:32 am

Insurance doesn't cover all the cost. One of my friend totalled a near new S5, and the insurance barely gave him enough to buy a used Subaru.

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andy1088
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Postby andy1088 » Tue Jul 10, 2012 12:46 pm

I had an 03 protege only got 2,000 for it from insurance..
My cards
Chase-Sapphire-$5,000 Freedom-$3,000, Amazon rewards-$700, Slate-$600
Citi- Diamond Preferred-$4,000, Thank you-$2,500
Discover IT-$2,500
Bank of America cash rewards-$2,000
Capital one newcomer rewards-$500

NYC_Dweller
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Postby NYC_Dweller » Tue Jul 10, 2012 9:45 pm

sfoboy85 wrote:Generally, property management companies/landlords care less about your utilization ratio... You should be worried if you are trying to apply for another card/line of credit but for rent, you are good to go.

What they care about
- Payment history (since that's how they determine whether or not you are going to make the monthly rental payments on time)
- Criminal history/background checks (since no landlord wants a criminal in his property)
- Any court cases against you (under negative information in your credit report).
- Financial background

I am in RE so trust me, you are good to go...

Best Regards


I agree, I have some investment properties and when I review a report I mainly look for the same thing and my overall impression towards the potential renter.

MemberSince99
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Postby MemberSince99 » Tue Jul 10, 2012 10:02 pm

andy1088 wrote:I had an 03 protege only got 2,000 for it from insurance..


That's how they keep the golf courses green and the exec bonuses high. Different topic I know, but they only have to pay you blue book value I believe, not what you'd pay to replace it. GAP insurance from what I understand will pay off a car loan for you though in that instance I got it when I got my current car just in case. No sense in giving them lots of means to screw me, I figure they'll take every single shot without fail they can get as it is.

andy1088
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Postby andy1088 » Wed Jul 11, 2012 6:30 am

sfoboy85 wrote:Generally, property management companies/landlords care less about your utilization ratio... You should be worried if you are trying to apply for another card/line of credit but for rent, you are good to go.

What they care about
- Payment history (since that's how they determine whether or not you are going to make the monthly rental payments on time)
- Criminal history/background checks (since no landlord wants a criminal in his property)
- Any court cases against you (under negative information in your credit report).
- Financial background

I am in RE so trust me, you are good to go...

Best Regards

Thanks for your support/concern it really made me feel better. Right now my scores are as followed experian 585, transunion 627 and equifax 607 so these are NOT the worst scores, but certainly far from "good" credit. My scores last month were much higher until I ran into the problems. I was looking over my credit report and there are 0 baddies on there, 0 late payments and I've been renting for 2 years now. I told the realtor that if they say no I'd like to fax over proof that I pay my rent on time every time and see if that would change their mind. My scores are low due to utilization, inquiries (the car company took 3), and length of credit (only had credit since 04/11). Do you still think they'll say yes? I've been so nervous since this house is the key to me getting out the apartment I hate and also getting my fiancee to move in with me finally. Also wanted to add what is a "worst trade"? I have a section that says Worst Trade 1.
My cards
Chase-Sapphire-$5,000 Freedom-$3,000, Amazon rewards-$700, Slate-$600
Citi- Diamond Preferred-$4,000, Thank you-$2,500
Discover IT-$2,500
Bank of America cash rewards-$2,000
Capital one newcomer rewards-$500

randeman
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Postby randeman » Fri Jul 13, 2012 9:28 am

I think I would be suing whoever totaled my car. That's ridiculous.
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Escape by Discover (7.75K), Barclay Holland America Visa (7K), Macy's store card (7K), Bloomingdale's store card (2.6K), Citi Custom Credit Line (3.5K), PayPal Smart Connect credit line (2.7K), Chase Freedom Visa (5K), Chase United MileagePlus Visa (5K), Chase Sapphire Preferred Visa (6K), Amazon store card (2.2K), Lord & Taylor store card (550), Nordstrom store card (1500), Gold Delta SkyMiles from American Express (3K), Discover It (6.5K), PayPal Credit Line (1K).

andy1088
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Postby andy1088 » Sat Jul 14, 2012 9:18 am

Well guys I'm happy to say I got the house! Went Thursday night met the landlord real nice guy I can almost guarantee I'll like him more than my current asshat landlord. I paid my deposit and move in August 1st. The thing that stinks for me is I'm in a lease until September 14th on my apartment, but to avoid a hit on my credit report and losing him as a future reference I'm going to bite the bullet pay my last months rent August 15th and that's that. I figure it this way if I break the lease he can keep my deposit plus I'll have less time to clean, move and make sure everything is ready for the jerk to rent the place out and give me all my money back.
My cards
Chase-Sapphire-$5,000 Freedom-$3,000, Amazon rewards-$700, Slate-$600
Citi- Diamond Preferred-$4,000, Thank you-$2,500
Discover IT-$2,500
Bank of America cash rewards-$2,000
Capital one newcomer rewards-$500



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