If you plan on renting an apartment, bad credit is one of the things that may get in your way. Most renters have no idea that troubled credit can be a major problem. Even with a perfect rental history, bad credit may make it difficult for you to find the apartment of your dreams. The following tips may help you rent an apartment even if your credit is not at its best.
Look for Rentals That Do Not Check Credit
This is the most obvious thing to do if you have bad credit. If you can find a landlord that is not concerned with credit checks, you don’t have to worry about it. Stay away from big apartment complexes. Most of them are owned by property management companies. The companies will always check your credit before renting to you.
Look for properties that are owned by individuals. Individual landlords are likely to overlook your bad credit especially if you have a good rental history.
Understand Your Credit Report
Go through your credit report and try to understand it. If you don’t know what is wrong with your credit history, it is impossible to deal with it. When you go through your credit report, you may find inaccurate information and dispute them to have the errors removed. Having little negative information on your credit report will increase your chances of finding an apartment.
If someone recommends you to a landlord, they may be willing to overlook your bad credit. Get a reliable financial partnership to vouch for you. Some credible people that may vouch for you include your employer, former landlord, or previous employer.
If other landlords have no complaints against you, your new landlord may find it easy to trust you.
Write a letter to your landlord explaining how you got to have bad credit. Explain the steps you have taken to clean up your finances and what you are willing to do in the future.
According to U Move Free, you should only get letters of recommendation when you are sure that your landlord knows about your bad credit. If they don’t, you will only be raising their attention to it.
Get a Provable Source of Income
If you are not able to prove that you have a steady source of income, it may be difficult for your landlord to trust you. The amount you make should be at least three times your monthly rent. If you provide your landlord with solid proof of your income, they are likely to overlook your bad credit.
Be Ready to Pay Upfront
If you want to get your dream apartment with bad credit, you must be ready to pay upfront. Whether it is possible to get around your credit check or you manage to rent an apartment in spite of your bad credit, you should expect to upfront. Your security deposit may be higher than normal. If you plan on renting in the future, you should start setting money aside early.
Look for a Co-Signer
Having someone to co-sign your lease may help you rent the apartment of your dreams. Your co-signer should have good credit. They should meet all the necessary credit qualifications. When choosing a co-signer. Ensure that they know exactly what they are getting into. If you default your rent payments, the laws allow your landlord to go after them.
Be Prepared to Negotiate
It is possible to negotiate with your landlord even if they require you to have good credit. Every landlord is trying to fill up their space so they will be willing to listen to you. Understand the requirements of your landlord before beginning your negotiations. This way, it will be easy for you to negotiate your contract.
Get a Roommate
This is one of the simplest ways to rent an apartment when you have bad credit. Even though it may not be your first choice, it gives you time to work on your credit. Your roommate should have good credit and you can sublease from them.
If you are unable to find an apartment with your credit, consider moving in with someone that is looking for a roommate. You may also move in with your family or friends. This will give you time to build good credit and find your own apartment.
New and poor credit is 300-579. If you have low credit, it means that you have lots of negative remarks on your report or you have just started building your credit. If your credit score is bad, you may be unable to get financial assistance when you need it.
Every landlord wants to be sure that you will be able to make your monthly payments on time. Fortunately, it is possible to employ a few tips and get the apartment of your dreams.