Credit Checks

A place to discuss anything... except credit cards!
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pac4toon
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Credit Checks

Postby pac4toon » Wed Jan 29, 2014 12:45 am

Hello. I am currently looking for a new apartment. I recently filled an application and was told that a credit check would be done. I recently received an alert stating that a hard inquiry was done. My question is, if I am going to check out other apartments and they too will do a credit check will that negatively affect my credit score? Do the credit bureaus know if its a check for an apartment or a credit card or a loan?

Thank you!
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sakhalin
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Postby sakhalin » Wed Jan 29, 2014 3:01 am

There should be categories; on my apartment credit check it is listed under "tenant screening" or something similar. My background check's credit inquiry is listed under "employer" or something like that, while my credit card inquiries are listed under "bank" or "financial".
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MemberSince99
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Postby MemberSince99 » Wed Jan 29, 2014 6:35 am

Yes unfortunately each place you apply at will likely do this, so be sure to only apply at a place you want to live - you want to be sure you'd live there if the application is accepted. Don't just go and apply to 5 different places. Do them one at a time.


And they may know what it is, but for apartments it doesn't matter - if you get 5 inquiries in a month from apartments, that's going to count as 5 inquiries - so far as I am aware they don't group them together like with an auto or mortgage loan. You may be able to explain the 5 inquiries on a manual review but they will still all impact your credit.


You know, I don't really see why the apartment is considered "credit" in the first place - you pay them a deposit then you pay in advance to live there each month. They really aren't extending you credit. Same with the cable company and the cell phone - they aren't extending you credit either you pay in advance. The power company would jump on the bandwagon too but that would be harder to do - but some beancounter exec will probably propose the plan that they bill you a set amount in advance for a month, and if you are under they take the difference from the next month's advance, otherwise they add it to your next month's advance. When you think of all the money they could get a month sooner that way, someone is in for a nice bonus. And of course, it will be for our "safety and security and God Bless America" and all that jazz.

pac4toon
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Postby pac4toon » Wed Jan 29, 2014 1:53 pm

Thanks. Yeah, I was afraid of that since I'll be looking at apartments during the weekend. I was thinking maybe printing my credit report and then just showing them or giving them a copy or something. So the pull will just be that one time or so.
In my wallet:
AmEx PRG/ BoH Hawaiian Airlines WEMC / Chase Freedom /

In my sock drawer:
AmEx HHonors & BCE

whit
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Postby whit » Wed Jan 29, 2014 2:36 pm

^report and references in hand is the best way to do it

credit reports are really helpful for landowners because it's annoying to not have a consistent tenant--being so shows responsibility and so credit reports help

since you're renting and not actually putting any equity down the place is technically "loaned" to you, at a crazy apr if you're in a condensed market like sf

Drudai
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Postby Drudai » Wed Jan 29, 2014 10:49 pm

Actually, Member, our local electric company *does* run your credit for a first time customer. Don't know where they draw the line, but if your credit isn't to their liking, they make you pay a deposit. They're nice enough to divide it up into your first 2/3 billing cycles, but it's still painful.
[size=60]
Chase Freedom: $800
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[/size]

MemberSince99
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Postby MemberSince99 » Thu Jan 30, 2014 6:48 am

Drudai wrote:Actually, Member, our local electric company *does* run your credit for a first time customer. Don't know where they draw the line, but if your credit isn't to their liking, they make you pay a deposit. They're nice enough to divide it up into your first 2/3 billing cycles, but it's still painful.




My local power company, WE energies, does the same thing. They also report your monthly bill and payments as an "installment" account, which I tried to explain to them is bogus it's month to month not an installment. They thought they were just doing the greatest favor in the world to me reporting that, saying well you have perfect history it should HELP your credit, but it reports as an installment and so it looks like I'm carrying more fixed debt than I am and they don't "get" that. I gave up trying to tell them it's not reporting it, it's HOW they are reporting it that's bad.


I do think if they could charge you in advance, they would. I also think in 20 years that they WILL charge you a set amount in advance, and then adjust your "real" bill based on usage, for your safety and security and protection against terrorists of course.

Drudai
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Postby Drudai » Thu Jan 30, 2014 10:24 am

+1

Oh the giggles this forum gives me.
[size=60]

Chase Freedom: $800

Chase Slate: $500

Discover It: $2000

Sears: $2000

US Bank: $500

AMEX BCE: $2000

[/size]



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