The Recession and Credit Scores
By me
@dfollin (27267)
United States
April 11, 2010 11:07pm CST
This country is in a recession however most existing companies and some private people that own homes that they lease don't seem to care.
I have been seeking a home for myself and my daughter, for over a year an d we have been unable to find anything.
If we do find an apartment that we can afford we cannot get it because they want our t our annual income to be higher.They have standards of how much you should be able to live on ,even thou I can live on a lot less then they say.I do not need to have money for the gym membership,the car payment for a fancy car,but and wear only designer clothes and so on.Now that the economy is bad,many people lost their jobs and has only been working this new job for a few months,but that goes against them.Also those same people's credit rating has gone down.However,they have now raised the credit rateing to qualify for the rental unit.
So then I was advised to search for a private rental.I have looked at advertisements for many privately owned condo's,townhouse's and small single family homes and they also require credit checks as well has stricter standards.You must work outside of the home.Also I have even found many people who will only one person in a 2 bedroom home(huh?).I have found a few recently that only allow people that work during the day and you are in by 11:00 PM.Some landlords have strange standards.I was renting a house 15 miles from my work place and on a Tuesday,that was trash day,my landlord called me at work(4:00 pm) and asked why I had not taken the trashcan back in the backyard yet.When I told him that I was still at work,he told me that from the next week on I had to use my lunch hour to drive there and take the can in.Weird!I have tried basement apartments and most of them only want 1 person there,no children must have a professional job or a student.plus they do credit checks as well.Also some places want 2 months security deposit instead of one too.
My mother and someone who wrote something on craigslist said that no one should rent from them.Well,what are we supposed to do, take our children and live in the street?
I have been seeking a home for myself and my daughter, for over a year an d we have been unable to find anything.
If we do find an apartment that we can afford we cannot get it because they want our t our annual income to be higher.They have standards of how much you should be able to live on ,even thou I can live on a lot less then they say.I do not need to have money for the gym membership,the car payment for a fancy car,but and wear only designer clothes and so on.Now that the economy is bad,many people lost their jobs and has only been working this new job for a few months,but that goes against them.Also those same people's credit rating has gone down.However,they have now raised the credit rateing to qualify for the rental unit.
So then I was advised to search for a private rental.I have looked at advertisements for many privately owned condo's,townhouse's and small single family homes and they also require credit checks as well has stricter standards.You must work outside of the home.Also I have even found many people who will only one person in a 2 bedroom home(huh?).I have found a few recently that only allow people that work during the day and you are in by 11:00 PM.Some landlords have strange standards.I was renting a house 15 miles from my work place and on a Tuesday,that was trash day,my landlord called me at work(4:00 pm) and asked why I had not taken the trashcan back in the backyard yet.When I told him that I was still at work,he told me that from the next week on I had to use my lunch hour to drive there and take the can in.Weird!I have tried basement apartments and most of them only want 1 person there,no children must have a professional job or a student.plus they do credit checks as well.Also some places want 2 months security deposit instead of one too.
My mother and someone who wrote something on craigslist said that no one should rent from them.Well,what are we supposed to do, take our children and live in the street?3 people like this
4 responses
@Thoroughrob (11742)
• United States
12 Apr 10
It seems that everything goes by your credit score. It is sad, because you can never get back on your feet, because you have to pay more than someone that has a high score. Even insurance, which we have to carry is based on it. I hope that you have found somewhere nice by now, and are all settled in.
1 person likes this
@dfollin (27267)
• United States
12 Apr 10
No,we have not found a place yet.But,thanks for the wishes.
There is only one apartment complex around here that will let you pay a higher security deposit if your credit does not qualify,but they want me to earn 3 times more than I am getting from social security.I get aproxomatley $23 thousand a year and they want me to earn $63 thousand a year just to qualify for a 1 bedroom apartment.There are a lot of apartments that have standards where you can pay lower or higher security deposits and then it goes to a rate of not qualifying.
For example if you credit score is 700 then you only pay $200 security deposit.If it is 650 then you have to pay a full months rent as a deposit.But if it is below 650 then you don't get the apartment.Period!Before the economy going down you had to have at least a 500 credit score to qualify,now they want you to have a 650 score.Even thou we have had a lot of evictions and foreclosure's happening the past couple of years and still happening they do not bend at all.If you have ever had an eviction or foreclosure then you automatically do not qualify.
In the hotel we are staying at I have met many single people and families that have lost their jobs and homes and cannot qualify for a purchase or rental.It's sad that it is happening in the first place.Then it is extra sad that companies don't care.If they do not rent out their apartments or houses they can write it off on their taxes as a business loss.They rather do that then give actual needy people homes.
There is only one apartment complex around here that will let you pay a higher security deposit if your credit does not qualify,but they want me to earn 3 times more than I am getting from social security.I get aproxomatley $23 thousand a year and they want me to earn $63 thousand a year just to qualify for a 1 bedroom apartment.There are a lot of apartments that have standards where you can pay lower or higher security deposits and then it goes to a rate of not qualifying.
For example if you credit score is 700 then you only pay $200 security deposit.If it is 650 then you have to pay a full months rent as a deposit.But if it is below 650 then you don't get the apartment.Period!Before the economy going down you had to have at least a 500 credit score to qualify,now they want you to have a 650 score.Even thou we have had a lot of evictions and foreclosure's happening the past couple of years and still happening they do not bend at all.If you have ever had an eviction or foreclosure then you automatically do not qualify.
In the hotel we are staying at I have met many single people and families that have lost their jobs and homes and cannot qualify for a purchase or rental.It's sad that it is happening in the first place.Then it is extra sad that companies don't care.If they do not rent out their apartments or houses they can write it off on their taxes as a business loss.They rather do that then give actual needy people homes. @Hatley (163772)
• Garden Grove, California
12 Apr 10
hi dfollin you must be here in the Us I am in California and the economy here is terrible, jobs almost nonexistent and rents are so bad, so high, and its so hard to qualify to get into one,one must have a really top; notch job, its just too much for most people here to handle too.by the time you pay first and last months rent and the security deposit its amounting to a lot of money. Now my son is still out of work and in a gov.sponsored apt with three other men all looking for work while I am several miles over in a retirement center paid for from my social security check and SSi Check, not at all what we wanted but its just what we had to do,we were evicted of course once they knew my son had lost his job, no help there, so that why we are where we are. I do hope someway you can find an apartment for you and your daughter, all I can offer is my prayers but if all of us mylotters send out prayers it just might work. good luck and God bless. hugs from hatley.
1 person likes this
@dfollin (27267)
• United States
12 Apr 10
Yes,we are in northern Virginia,a suburb of Washington D.C. and I know the feeling,my son lost his job in August too and had to stay with us.We are on social security disability.People keep trying to tell me to give it up and get a job.Even thou we are not getting that much,I cannot qualify to get a job to earn more than what we are getting.And even if I could,I cannot guarantee keeping it.Many places are having cut backs.But we cannot get into any type of public housing.The section 8 list are closed as well as some county owned apartments.Plus the standards of the county say that money that I get from social security is not enough to qualify for one of their apartments.
I am sorry that things are not working out the way you wanted.....I know the feeling.I hope that your son can find a job.My prayers are with you.
Thank you
@ANTIQUELADY (36440)
• United States
12 Apr 10
U have had such a hard time & i'm sorry. Was hoping by now u had found u a place. Noone should have to go through what u have just to have a decent place to live. I hope your luck changes very soon.
