markcst

OK this might sound odd, but go with me...

So I have a great credit rating in the UK and I know its no good in the US. I will as advised:

- get a printout from two of the agencies over here as a starter for 10 that I "was" credit worthy in the UK
- have an offer letter/contract for a six figure salary (on the letter).
- Have converted my Amex to a US Amex (not that that will be much use for proof).

My concern is reading the rental sites (those that give advice), the general accepted forms of proof are bank statements and utility bills from previous homes.

Now... In the UK we run acccounts that can be both in credit and debit on those, its very normal and our credit rating reflects this. I am not keen on showing someone in the US who might not understand this way of budgeting statements that they don't understand!

Also to be honest not happy to give a bank statement to anyone without "redacting" information that scammers could use.

Happy to show Mortgage Statements as an alternative.

But my credit score report (which I have seen) shows all my payments for over five years...

I understand as well that the fee some charge for an application is to run a credit check, which is pointless in my case and a waste of $40 (which can be per person...)

Any recent advice?

(Renting in North Dallas Metro, probably Flower Mound or Frisco, likely rental $2k-ish a month).

Pulaski

Look for a private landlord, someone who you can talk to directly. You might be asked for a payment of several months advance rent, but they're less likely to get hung up on your (lack of) credit history. A private landlord might also place more weight on you proving a source of income for next month than proving that you paid your bills last month.

petitefrancaise

Cash is king.....Turn up with sufficient funds to pay 1 months rent and 1 months deposit there and then along your employment contract and you should be fine.
Good luck with it all!

Tarkak9

Establish a rapport with a personal banker at your bank and have them draft a letter on your behalf that you have sufficient funds etc and that LL/Management company can contact them directly with questions etc.

Utility bill also, for their purposes, may serve as a form of ID.

Paying anything in advance .... have it all in writing, with a receipt, including when normal rent/payments are to resume. Personally, I'd never just give money upfront to private LL or anyone because there are some out there who'll coincidentally develop amnesia about receiving it or say it got stolen etc. See if any money can be held in escrow and subsequently paid on everyone's behalf.

Pulaski

That might work if you're a millionaire with a private banking relationship, but it isn't going to fly if you're Joe Schmoe with an account at Wells Chase Bank of America or a credit union, it just isn't. Sounds nice in theory, but no landlord is going to deal with you unless/ until they are paid. Period. I have never heard of escrow being used for a rental contract. If you throw all that at any private landlord you'll just scare them off, I guarantee it!

That said, any landlord worth dealing with will give you a receipt for any deposit and or rent paid up front, and I suspect that most would take a bank cheque or money order as well as cash.

Tarkak9

bollox. its done it all the time. All branches have personal bankers for their account holders. They are stating that they've seen your account and can verify that, as of date and time of their letter there is good and sufficient funds for whatever the amount for whatever the situation.

Its done more often than you think. It all depends on if an intermediary entity is willing to hold and handle the escrow (ie a trust account, which is 3rd party). Besides, a property management company HAS to hold a deposit in a trust account anyway. It protects both parties; due to the created instructions, LL is assured the tenant won't fail to pay, and tenant is assured LL won't play monkey games about not receiving it or running off with money. In many states, sec deposit (or any other sort of deposit) can't, by law, be used in lieu of rent. In some places, LL isn't allowed to collect more than 1 months rent upfront and can't demand last month's rent upfront either. There are plenty of shifty LL's. So, especially if straight off the boat with hard financial verification, a 3rd party is the solution money is already held and set aside.

Pulaski

I am familiar with the law, but that is a lot of palaver for a private landlord, and while yes, the deposit must be held in a trust account, much of what you are describing is not what private landlords are doing.

There has to be some trust on both sides, so the OP should speak to the landlord, visit the property, meet the landlord, discuss all sides of the deal, and decide if he wishes to proceed. The landlord is doing the same thing, to determine if this is a person they are going to hand over the house keys to. It is something of a leap of faith on both sides.

It is different for corporate landlords and professional management companies, but that is why I specifically recommended the OP seek out a private landlord.

The idea that a private landlord is going to get any meaningful assurance from a bank that can't be obtained directly from bank statements and employee pay statements, and the other paperwork the OP has pulled together, or use some sort of escrow agent, is just pie in the sky.

Tarkak9

it may appear to be a lot of palaver, but, if it helps resolve the problem, and quash people's concerns about the other party - especially the likes of ability to pay rent, then its an option which to consider. LL is assured rent, tenant gets the place they wish to rent. .... win-win. No difference if a private LL or otherwise - its business, and the ability for each to be able to perform and execute their wishes.

OP was concerned about private info being disclosed with statements; so the only other valid confirmation is to get script from banker, which a LL can call and talk to them directly for further verification etc. Balance statement is no better assurance than a letter ... the value of content is only worth as much as the paper its written on. I could show a balance with $1M (Dr. Evil pinky put to cheek) and clear it out right after, or perhaps it was, a week prior (one is represent something they may not have) .... but, with a letter (another form of credential), at least I can call up the person and ask, if its still legit and valid to cover what it said it can cover. I'd much rather be able to confirm a letter from a 3rd and neutral party than trust person's one-off bank statement(s) - you can't unilaterally confirm their bank statement with the bank, but atleast you can further confirm what an objective party can and did confirm in their writing. What would you prefer .... the carfax the seller showed you (ie bank statement) or something issued by a 3rd person which you can confirm its content and information for yourself? Its all a gamble anyway that any person is being sincere in the first place.

petitefrancaise

when I wrote "cash" I meant have enough money in the bank to be able to provide a banker's draft or whatever they are called here - not to actually hand over bank notes.

Get the contract checked out (in Texas there is a standard rental contract that everyone uses - this didn't stop our landlord from removing a clause regarding his liability and us suing him. Thankfully our relocation team spotted it and put it back in).

Loads of people I know who have mvoed here into rented accommodation and no-one I've heard about has had any problems due to lack of credit history. If you look ok, have a job and can provide 1 months rent and deposit then I would think you'd be ok. Like Pulaski, I can't see any landlord wanting to bother with an escrow account when the next person to look at the house won't need to bother.

LeavingLondon

We just showed the landlord the employment offer letter stating salary and gave 1.5 months deposit and first month rental. We had print outs of our Uk credit history but no one cared.

While you might not have US credit history, that check, for which they charge $40 for, shows that on the other hand you aren't in debt at least!

Pulaski

Are ya payin' attention, Tarkak? ...... You are just making things waaay too complicated.

Tarkak9

Not too complicated at all. If people are wanting more solid info, then one is going to have to go the extra mile; if they want bare minimum, that's their prerogative. At the end of the day C.Y.A.
Just agree to disagree.

Bob

Which is great in theory.

When the landlord is getting 20-30 applications, at $20-40 an application, they're making good change and don't need to bother with the hassle.

The onus is on you, with no history, to go to the hassle.

Of course, if the area isn't a big renters market, things might be different.

samiam1066

Take out one or two store (Macy's or Sears or JC Peny, Taregt etc.) credit cards, make a couple of payments on time and this will generate a positive credit rating.

bewildering

My personal experience was that if you are British AND work for a well-known local employer then private landlords have no qualms about renting to you. In fact, they will welcome your application.