Bad credit can be a painful obstacle towards renting that new home or apartment. Even with a perfect rental history, a bad credit score can make it difficult for you to get your foot in the door with landlords and property managers.
Here are some tips for helping you rent an apartment or house even if your credit score is not ideal:
1. LOOK FOR RENTALS THAT DON’T CHECK CREDIT
Not all properties check credit scores. Look for rentals that are owned and managed by individuals rather than larger companies with strict screening processes. With a good rental history, individual landlords are more likely to overlook your bad credit. Finding a landlord who isn’t concerned with credit checks means your less-than-ideal score won’t be an issue.
2. UNDERSTAND YOUR CREDIT REPORT
Go through your credit report and learn what’s wrong. The first step towards improving your score is knowing what to work on. As you come to understand your credit report, you may find inaccurate information that can be disputed and removed, leading to a better score. Your chances of finding an apartment or house to rent will increase with a credit report that contains as little negative information as possible.
3. GET RECOMMENDED
A landlord may be willing to overlook your bad credit if you come highly recommended. Some credible people that may vouch for you include your former landlord or your current or previous employer. Your new landlord may find it easy to trust you if your previous landlord(s) have no complaints against you and others can vouch for your responsibility.
4. GET A PROVABLE SOURCE OF INCOME
A steady source of income is the surest way to earn a landlord’s trust. Provide proof of your employment and income to your potential landlord. The amount you make should be at least three times the monthly rent for any landlord to be forgiving of your bad credit score.
5. LOOK FOR A CO-SIGNER
Having someone to co-sign your lease may help you rent an apartment or house with bad credit. Your co-signer should have good enough credit to meet any property requirements. Please ensure that the co-signer you choose knows exactly what they are getting into, however, as the landlord will be legally able to look to them should you default on your rent payments.
6. GET A ROOMMATE
When you have bad credit, finding a roommate is one of the simplest ways to rent an apartment or house. Even though living with a roommate might not be your first choice, it provides you with the time you might need to work on your credit score. You may also consider moving in with family while you build your credit. Just be sure the roommate you find has a decent enough score to meet any rental requirements.
With these tips, you may have more luck renting a house or apartment without a great credit score. For more on renting and property management, find 208.properties on social media.
