Renting an apartment in New York with mixed credit

July 17, 2018 1:41 PM

We are a married couple apartment-hunting in New York. One of us has better credit than the other. Should we apply jointly or to have the partner with better credit apply solo? (Is that even an option?)

One of us has a credit score in the low 600s, the other in the mid 700s. We see a number of listings with a minimum credit score of 680 or 700. The partner with the higher score has sufficient income to meet the income requirements on their salary alone. Is it better for that partner to apply alone (and be the only one on the lease?), or should we apply together?

posted by enn to Work & Money (10 answers total)

Best answer: If your credit score is better and you can meet the income requirements, then there is no reason at all to apply together. It can only hurt you.
posted by greta simone at 1:57 PM on July 17, 2018 [3 favorites]

Best answer: NYC law allows you to have a roommate even if they're not on the lease, (or so it says here) so long as it does not create "overcrowding", meaning more than the number of signed tenants. So for 1 named tenant, one legal roommate. So I would apply for the lease alone if it means you're more likely to get the apartment, since the NYC market is so nuts, *anything* against you means someone else will snap it up.
posted by dis_integration at 2:12 PM on July 17, 2018

Best answer: Applying solo is the only way we were able to get a place in similar situation.
posted by corb at 2:32 PM on July 17, 2018

Best answer: Yes, apply solo, so long as you're sure that one person can meet the income requirements. Not being on the lease may be a pain in certain ways, but of course if there's no lease the problems are bigger.
posted by praemunire at 2:37 PM on July 17, 2018

Response by poster: Does it matter that we filed our taxes jointly last year (since the landlord will want to see the tax returns)? It won't come across as deceptive that only one of us is applying?

Not being on the lease may be a pain in certain ways

Can you elaborate a little? I want to make sure we understand any downsides.
posted by enn at 3:05 PM on July 17, 2018

New York isn’t that crazy if you aren’t looking for a coop in the West Village. First I’d look into less desirable neighborhoods. It really depends on how much you want a managed building vs renting from a landlord who lives onsite and owns the entire building.

In the end, if you’re willing to pay security deposit plus two months rent up front your credit problems go away. I know too many foreigners with no credit whatsoever manage to get a place. And those with horrible credit.

Plus you can also pay a guarantor to take care of your credit issues.
posted by geoff. at 5:05 PM on July 17, 2018

Well, for instance, if you lose your keys, the landlord may not want to give replacements to someone not on the lease. That kind of thing.
posted by praemunire at 5:29 PM on July 17, 2018

Best answer: This varies. Sometimes they want an income verification letter from the employer. They are less likely to ask for tax returns because that information is usually several months out of date already.
posted by praemunire at 8:39 PM on July 17, 2018

Not sure about NY state, but most states I have rented in have the option to list an "Occupant" on the lease (i.e., the person with the poorer credit score), which would help in not leading to problems like praemunire mentions (not giving a replacement key to your partner).
posted by kuanes at 4:23 AM on July 18, 2018

Response by poster: Thank you all for the advice. We are looking in the cheaper parts of upper Manhattan so I'm hopeful that most landlords will not be too stringent but it sounds like it's a good idea to only have the higher-credit-scoring spouse apply anyway.

It really depends on how much you want a managed building vs renting from a landlord who lives onsite and owns the entire building.

We are currently in a building where the landlord lives upstairs and that's not a mistake we'll make again, so I expect we'll end up with some kind of management agency.
posted by enn at 6:18 AM on July 18, 2018