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Discussion Starter #21
It is not exactly wise to not have a credit history. Unless you like your access to the financial services industry to be limited. Optionality is worth something.
I presume these places will run the credit check on their end, right?

I have a customer disclosure, and could bring that, but that's not the kind of credit check they want (I would think). Should I prepare anything to take, or is this just a matter of consenting to having them run a credit check?
 

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Discussion Starter #22
Amazing... I emailed my last property mgr a few hours ago, and they already sent me a nice reference letter confirming tenancy and rent paid on time. So I think I'm set; this confirms several years of good rental history, very recent.

I can't believe they sent me the letter so quickly. I guess it helps when you are nice to the landlord, share chocolates & candy :)
 

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I presume these places will run the credit check on their end, right?

I have a customer disclosure, and could bring that, but that's not the kind of credit check they want (I would think). Should I prepare anything to take, or is this just a matter of consenting to having them run a credit check?
I guess it depends. Are you renting from a large corp that has systems To request a credit bureau or are you renting from a individual landlord who may hold a few rental properties?
if it’s the former, they’ll have a form for you to sign....if the latter, you’ll need to provide it.
 

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Discussion Starter #24
This turned out OK. I applied at one corporate run place, and they did ask for my NoA (which I did have) plus previous landlord reference letter. They did contact the landlord, and they ran a credit check on me as well.

It seems that the credit check was the main thing, but I think the recent landlord reference also helped my case.
 

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I would imagine landlords will have a lot of empty properties when they start evicting tenants again.

They will probably be offering one month free rent again.
 

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Discussion Starter #26 (Edited)
I know a lady who had $700,000 in the bank but had a difficult time renting as her income was very low
Your comment about this got me thinking, so I wanted to share something that I did in my recent applications (rent and insurance).

Because people have trouble seeing this equivalence between capital and income, I think it can be good to convert from one to the other. To do this I've been assuming annuitization of my capital, in SWR style. For this you could use (and justify) either 4% or 5% annual rate.

So for example on my recent application, as one of my income sources, I listed investments. How much income? I calculated (5% * capital). This is because capital is trivially converted to income.

For example with the lady you mentioned who has 700K in the bank. If someone asked her what her income sources are, I think she could list "investments" as an income source of $35,000.

For myself, my investments income source (annuitized as shown ^ above) plus a small amount of employment income adds up to a respectable amount. For retirees, you'd add CPP, etc.
 
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