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12-07-2012 at 2:24 PM
colorindar...
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colorindark is not online. Last active: 05-11-2013, 4:58 PMNewbie

Credit?

Hi,

 

I have a credit of 712 with FICO

Experian, and Equifax are 721 and Transunion is 724. 

My boyfriend has FICO 672

Experian, Equifax and Transunion credit of 709.

 

Do you all think that would be enough to get us an apt between 760-995 dollars? Those are the apts prices I will be looking at between now and January. Thanks for your input! 
 
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12-07-2012 at 4:56 PM
brij2006
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It doesn't matter what your credit score is.  Rent something that is within your budget.  The rule of thumb is to not spend more than 25% of your takehome pay on rent and utilities (or mortgage, taxes, and utilities).  So if you both earn $4,000 take home pay, the lower end of that rent amount should be reasonable.
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12-07-2012 at 6:44 PM
LS45
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It depends on the apartment complex.  Some use credit scoring systems and some don't.  You should probably just apply and see or ask the management for some guidance.
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12-08-2012 at 10:08 AM
Sisugal
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YOUR FICO score looks fine, BF's FICO maybe.

The question is - can your income and any other debt allow you to afford this rent?

And then just because you can afford it is not always sufficient reason to do it/buy it etc.

You want to be able to pay off debt, build an emergency fund and save for the future - replacement of vehicles, buy a house, kids etc.

If you do not have a budget - now is the time to set one up.  Track ALL your spending to the dollar - that will help you know where your money is currently going.

Read Smart Couples Finish Rich by David Bach

 
 
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12-08-2012 at 12:34 PM
colorindar...
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colorindark is not online. Last active: 05-11-2013, 4:58 PMNewbie

Thanks. Oh yeah we havea  budget

we know every cent we spend and in what as well. I think we can afford it. we are looking at places no more than 980, so we should be able to. I was just concerned that based on our credit we wouldnt be able to. I do know, because I asked the apt managers,etc, that they will be checking our credit using FICO. thanks by the way 
 
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12-08-2012 at 10:59 PM
Kaiene
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It's kind of hard to answer that without knowing your budget and income.  DH and I rented an apartment that was $1k a month, and we could afford it.  My BsIL and my SIL wouldn't be able to afford it. 

I think you'll likely be approved, but that depends on the apartment complex and their policies.  It will probably have an impact on the amount of your security deposit.
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12-09-2012 at 7:25 PM
Wulfgar
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FICO helps but it is all about your take home to rent ratio.  Your total rent and utilities should be less then 25% of your take home.  The lower income you are the more you can fudge this to about 30%.  That doesn't include wants such as cable television.
 
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12-10-2012 at 10:52 PM
colorindar...
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colorindark is not online. Last active: 05-11-2013, 4:58 PMNewbie

Thanks. 

Well we wouldnt want cable or tv, we would only really need the internet.

The apartments we have been looking at have water and heat included. Then after that it would be our phones,internet, car insurance, gas, food, and definitely emergency issues. He will make between 23-30 dollars an hour, 40 hours and I will make 12.50 an hour 40 hours a week. The apartment, the most expensive we have looked at, is 985.  
 
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12-12-2012 at 2:56 AM
WishIcould...
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Since you're no longer able as a consumer to purchase your Experian FICO score, I find it hard to believe those are your actual scores. Where did you get them pulled?
 
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