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After finding the perfect apartment, you begin to envision yourself in it. It’s easy to start to imagine how you want to decorate the space and exactly how your favorite furniture will look in the new apartment. However, before you get too ahead of yourself and hire a moving company, you need to take some time to apply to the condo association. In an effort to provide full transparency and help you get an approval, here’s our list of the top 7 reasons why your rental application can be denied.
1. Bad Credit
A lot of condo associations have strict requirements when it comes to credit. If your credit score is below 650, many won’t even consider your application. We know that a credit score doesn’t always directly show how good of a tenant you are, but rules are rules in many cases. Make sure you do your research and see if your credit score meets the minimum requirement.
After the credit check goes through, you’ll have to clear a background check in most cases. If you have a felony arrest in your past, it could very well be the red flag that gets your application denied. We understand that everyone deserves a second chance, and if you have exceptional credit and great references, maybe they will make an exception. However, you should be aware that this is grounds for denial for many rental companies.
This makes perfect sense. If you have a questionable rental history and you’ve been evicted, there’s a great chance that your application won’t be approved. Evictions correlate directly with you being irresponsible and not being able to pay your rent on time. Even if you’re in a different place now financially, this is a tough one to ask a rental agency to overlook.
4. Not Enough Income
Speaking of finances, condo associations will ask you to provide proof of income and old paystubs etc. This information is vital to determine if you make enough to actually afford the apartment during the term of your lease. If the numbers simply don’t add up, it may be hard for you to get approved for your dream apartment.
Are you sure that the people you listed as references are going to say all good things about you? If your old boss who you loved questions your ability to be trustworthy or a family member complains about how messy you were when you lived together, it could be enough for the rental agency to choose someone else over you. Here’s a solid piece of advice – choose your references very wisely!
6. Incomplete Application
This is one of the common mistakes that prospective tenants make. If you don’t fill out the application properly, it could annoy the person who holds your fate in their hands to the point that they just deny your application. Resist the urge to rush to get your application submitted and make sure that you cover all of the bases and provide everything they need. Things such as proof of your car registration for parking spots, checks or money orders to pay for the application fee and pay stubs for proof of finances are all part of the application process. Create a checklist and put everything together in a folder.
7. Too Many Applicants
Sometimes a unit is just in such high demand that yours may not even make it to the top of the list to get reviewed. If this happens to you, don’t take it personal. Instead, just do your part to have several options on the table. Eventually, the right apartment for you will become yours.