If you've got bad credit, don't let it stop you from looking for a new apartment. While bad credit will make it more difficult to find a place to rent, it won't make it impossible. With some determination, and a lot of hard work, you can find a landlord who will be willing to overlook your credit problems. Here are four strategies for finding an apartment when you've got less-than-stellar credit.
Bring Along a Co-Signer
Okay, so your credit is pretty bad. That's no reason to steer clear of property management companies. If you're worried that your credit will prevent you from renting a good apartment, bring along a co-signer; someone with good credit who'll have an easier time securing an approval. This can be someone who'll just co-sign on the lease with you, or someone who will actually move in and become a roommate. Many landlords will approve someone with bad credit once they know that they'll be joined by someone with good credit.
Don't Hide Your Bad Credit
When you apply for an apartment, chances are good that the landlord, or property management company, is going to run your credit. The last thing you want is for them to find out about your bad credit from a report. That report may give them your credit score, and document your credit woes, but it won't tell the whole story. Avoid an immediate rejection by being upfront about your credit problems. Tell them about your credit before they run the report. This will give you the opportunity to explain your situation, which may turn a rejection into an approval.
Offer a Bigger Deposit
If you've found an apartment that you want, but your credit is standing in the way of an approval, offer a bigger deposit. Offering to pay double the required deposit, or a bit more on the rent each month, will show the landlord that you have a vested interest in the apartment. If you really want to improve your chances of being approved for the apartment, offer to make a portion of the deposit non-refundable. That will let the landlord know that you're willing to risk forfeiture of money to prove that you'll make a good tenant.
If you had a proven rental history prior to your credit problems, let that history do the talking. Ask your previous landlords to provide references for you. Those references will provide the documentation you'll need to show your value as a trusted tenant. It's also a good idea to get letters from employers. This will provide documentation of your proven employment history, as well.
Contact a rental company, like ABA Rental Properties Inc, for more help.Share
2 August 2017
Have you recently found out you’ll soon be moving to a new location? Perhaps, your employer is transferring you to another branch of the company in a different city. Or, you may need to move near a family member in order to take care of him or her. Regardless of your unique situation, you might worry you won’t be able to find a wonderful place to live in your new city on your own. Consider hiring a reputable real estate agent to help you with your house search. This professional should have in-depth knowledge about your new area. On this blog, I hope you will discover the many advantages of hiring a real estate agent during an unplanned move. Enjoy!