How to Rent an Apartment With Bad Credit

How to Rent an Apartment With Bad Credit
If you need to find a place to live but you’ve got poor credit, then you might think all is lost. Fortunately, you can still rent a spot that you call home even if you’re credit history is worse than what a landlord wants to see.

Here are a few tips about how to rent an apartment with bad credit.
Be Honest

Your prospective landlord isn’t going to be even remotely interested in renting an apartment to you if you aren’t willing to submit to a background check. If you are willing to do that, then the landlord will soon know all about your credit history.

In other words, there’s no point in lying.

Be up front with the landlord about your poor credit. Explain why it’s in bad shape and the steps that you’re taking to fix it. You’ll find that the property owner or manager is much more reasonable if you’re willing to be honest and explain about some of the bad decisions you’ve made in the past and why you can be trusted to pay your rent on time moving forward.

Also, feel free to share your credit score with the landlord. You might have pulled your credit from one of the “Free Credit Report” sites, so you know the extent of the bad news. If you have that information, share it with the landlord up front. It’s best to get the bad news out of the way as early as possible so that you can move on and not waste your time if the apartment won’t work out.

Talk Directly to the Owner

Sometimes bigger is better, but not necessarily when you’re looking for a place to live and you have poor credit. A 500-unit multiplex is much more likely to have management that’s more inflexible about credit standards than a landlord who owns a duplex.

If you’ve got poor credit, look to rent a place where you can speak directly to the landlord. That way, you can explain to the decision maker exactly why you’re credit is in bad shape.
Offer Cash

You’ve given up on buying a home or looking for home buyer loans because of your poor credit history, but that doesn’t mean you don’t have any cash. Money is one thing that might turn a reluctant landlord into somebody who’s happy to hand you the keys to an apartment.

Maybe you’d be willing to pay two months of security deposit instead of the standard one month. Perhaps you can pay a couple of months of rent in advance. Either one of those bargaining chips might win you over to the prospective landlord and get you a place to live in short order.
Bring Letters of Recommendation

If you want to convince a landlord that you’re going to be a good tenant even though your credit is bad, bring some letters of recommendation with you. That’s what people in marketing call “social proof.”

Your letters of recommendation should include accolades from previous landlords, employers, co-workers, and even some of your creditors.

It’s not going to be easy to get an apartment with poor credit, but it’s not impossible, either. Learn to convince a landlord that you’ll be a great tenant and you can get yourself a new address.

No comments:

Post a Comment

Related Posts Plugin for WordPress, Blogger...