Credit check on apt. application(s)?

I heard that more than two or three credit checks a month can hurt your rating. So what I want to know is; when you fill out an application for an apartment, do they do credit checks right away, or wait until a room is available?

Since the vacancy rate (I hear) is around 1%, will likely have to apply for quite a few places.

Originally Posted by gazix

I heard that more than two or three credit checks a month can hurt your rating. So what I want to know is; when you fill out an application for an apartment, do they do credit checks right away, or wait until a room is available?

Since the vacancy rate (I hear) is around 1%, will likely have to apply for quite a few places.

It all depends on the condo property management company. Usually, they check your credit when the room is available, and you have submitted an "application" fee (to cover their credit check). You can submit your own credit report along with your application to avoid excessive credit hit.

i would get a recent copy and do not let them do their own. give them what you have and make it clear that if they want a more updated one, you will do the search. i will never ever permit a landlord to do the search for me...if they insist, i will refuse to live there. period!

The report you purchase from Equifax or TransUnion cannot be used for credit granting purposes,this includes residential rentals. Also, many landlords will do their own through Rent Check which will check for public eviction records as well as do an Equifax search.

Would my free credit check from whoever of the three companies be good enough to be included with an application? That way they can get an idea of my credit history (no rental history to date) and I can feel comfortable saying no credit checks until the apt. is actually available since applying for many different places... As opposed to make them think I am trying to hide something.

Originally Posted by gazix

Would my free credit check from whoever of the three companies be good enough to be included with an application? That way they can get an idea of my credit history (no rental history to date) and I can feel comfortable saying no credit checks until the apt. is actually available since applying for many different places... As opposed to make them think I am trying to hide something.

I usually see people provide their own report and then the landlord or their agent pull one if the tenant moves in...

Originally Posted by mkjr

i would get a recent copy and do not let them do their own. give them what you have and make it clear that if they want a more updated one, you will do the search. i will never ever permit a landlord to do the search for me...if they insist, i will refuse to live there. period!

Everybody's different I guess, but as a landlord, I'd be wondering whether the prospective tenant whose refusing to let me do a credit check on them is trying to hide something, has forged the credit check, etc...I'll pass 'em up for the next tenant /shrug.

Both landlord and tenant will eventually find a match I suppose Just my 2 cents...

Originally Posted by ItzMe

Everybody's different I guess, but as a landlord, I'd be wondering whether the prospective tenant whose refusing to let me do a credit check on them is trying to hide something, has forged the credit check, etc...I'll pass 'em up for the next tenant /shrug.

Both landlord and tenant will eventually find a match I suppose Just my 2 cents...

... I take the point...but I have a credit score of 830 and i will be damned if i will let some landlord who makes less money than me muck with it....

plenty of units on the market...in fact, i have seen a few places remain vacant for close to 7 months in our building...i am talking prime units...

Originally Posted by mkjr

... I take the point...but I have a credit score of 830 and i will be damned if i will let some landlord who makes less money than me muck with it....

plenty of units on the market...in fact, i have seen a few places remain vacant for close to 7 months in our building...i am talking prime units...

I'd be surprised if every landlord out there made less money than you...it's a rather strong generalization ... or perhaps a sensative topic :P either way ...

I guess your area is different than mine...and I'm sure you'll have plenty of luck finding a unit. It's a free market - everyone can decide whether they want to disclose something or not - and if they don't, they can try somewhere else

All the best...

Why would you include your credit report in an application? Is the landlord/leasing company wants to know your credit history they can check it themselves. In fact its normally sated on the application that you fill out.

Originally Posted by ItzMe

I'd be surprised if every landlord out there made less money than you...it's a rather strong generalization ... or perhaps a sensative topic :P either way ...

I guess your area is different than mine...and I'm sure you'll have plenty of luck finding a unit. It's a free market - everyone can decide whether they want to disclose something or not - and if they don't, they can try somewhere else

All the best...

agreed...i was just being a smart a$$...

actually, i did, better unit, better parking spot, locker location, landlord put in new hardwood throughout before i moved in, painted, new crown molding....and $200 less a month!! helps to deal with an owner directly and not some real estate agent through the MLS...

Originally Posted by Milfman

Why would you include your credit report in an application? Is the landlord/leasing company wants to know your credit history they can check it themselves. In fact its normally sated on the application that you fill out.

because if you request it, it is not a knock on your rating, if a TP requests the same, it is treated as if you are "seeking" credit and your rating takes a hit of a few points...how many, no one knows....

hell, i would rather pull it directly from the site in front of a prospective landlord...hell, i would even give him the password to view it directly....

Just got my (free) credit report from transunion today. Glad I didn't have to spend $0.50 on a stamp and mail out my stuff, photocopy drivers license and latest visa statement...

Says on the top right hand corner .. info contained.. intended for use of individual named. No other viewing or use is permitted or legal.

Or is that just to cover their ass? Or would a bank or potential landlord see a slightly different version?

Seems that rbc does a credit check on me at least once a year.. Crazy! Also apparently the phone (under parents name) that's been around for 25+ years only has existed since 2004. Also better not show the landlord that I have made $0 at my current job of 7.5 years. Of which I have been employed (accord to them) for just over 3 years.

Originally Posted by mkjr

because if you request it, it is not a knock on your rating, if a TP requests the same, it is treated as if you are "seeking" credit and your rating takes a hit of a few points...

AFAIK this is not true. There are "hard" hits and "soft" hits. Soft hits do not affect your rating.

Originally Posted by drowsy

AFAIK this is not true. There are "hard" hits and "soft" hits. Soft hits do not affect your rating.

Indeed. Requesting your own credit report should not show up on the report as a hit (you can always confirm that by requesting it then checking it again a little while later )