Renting an apartment? ?

Anna Lydia: Renting an apartment? ?
I live in Houston TX. I am currently 17 and about to turn 18 on July 26. Can I rent an apartment now or do I have to wait? And I know everyone says you have to have a good credit score, what does that even mean? I mean I have a good job and I’ll have a roommate. But how do I get this “credit score”? I don’t even own a credit card, is that going to be a problem? Please tell me everything I need to know.

Answers and Views:

Answer by Yes Man
Yes

Answer by G C
You can’t enter into a binding contract until you’re 18… so no landlord in his right mind will rent to you. (not to say that there aren’t some ding-bats out there)

To get a credit score, you have to have a credit history – again, you can’t get one until you’re 18, or if your parents have co-signed some sort of credit card for you in the past. You can get an apartment without a ‘credit score’, but you’ll probably need first, last + security deposit – and be sure to pay all bills on time – that will begin your credit score if the utilities are in your name. Utility companies are more apt to report to credit bureaus than landlords.

Having a roomie doesn’t mean a thing if you’re depending on that income to afford the apartment. If both of you are on the lease, and the roomie splits, it’s essentially up to you to get the roomie’s obligation fulfilled. Contractually, the landlord should go after him/her, but in the meantime, the landlord and utility companies are looking for full payment from YOU.

Sit down, think it out. I know that ‘getting out on your own’ is every 18 yo’s dream, but if you don’t have to, and your parents will let you live with them for a while longer… go get a CC when you turn 18 and establish some credit before you’re thrown to the wolves!

Good Luck!

GC

Answer by Amanda
I don’t live in tx so i don’t know the specific rules and regulations that apply down there but I can tell you that while you can rent an apartment without credit history, many good places will decide you are too much of a ‘flight’ risk. And of those that will rent to you without a credit check/background check very few will be reliable landlords. So be careful.

A credit history and or score helps to show the realtor that you have a good record of paying your bills on time. If you have previously paid bills like a cell phone bill, internet bill, recurring subscription fee, or anything at all like that I would take it to the realtor with you. While these things don’t reflect on your credit report having something to show that you regulary pay your bills on time can go a long way in helping establish this alternative form of credit history. If you can, go to your bank and see if a banker will sign a letter saying that you have paid all fees ontime, and you have not over drafted your account etc. All these things count as ‘nontraditional’ credit, and can help establish a reliable finanical picture of you for the potential landlord.

🙂 hope that helped!

Also you could try asking your employer and billers for a good letter of reference if they would agree to provide those sorts of things.

As far as being a minor (no matter how close you are to being ‘legal’) you will not be able to sign the lease agreement (unless you are emancipated, which you will have to provide the legal documentation stating that). Your roommate would have to be ‘of legal age’ and you would only be listed as someone who resides at the residence. Leaving your roommate to be legally responsible for the upholding the lease, also if that were the case your income may not count towards the acceptable household income(find out). Some places will accept you if your parents will sign the lease with/for you basically agreeing to be responsible for your portion of the lease in the event you can not uphold your end of the deal, and have a contingency written in that states when you turn 18 you are added as a co-tenant. But every state differs.