3 Easy Tips to Rent an Apartment Despite Having Bad Credit
When you are planning to rent an apartment, one of the most important factors that influences whether you’ll be successful in the process is your credit score. If you have bad credit, most landlords will reject your rental application despite the fact that you have a clean rental history and a great salary. Others may check your credit history to find if you have any former eviction or other rental-related flaw in your credit report.
If you are worried that your bad credit will prevent you from finding a place to live, here are some easy tips for you to follow.
1. Study Your Credit Report
Before you start hunting for an apartment, study your credit report so you are well aware of what is there in your credit history. Check all the three credit reports from the three major credit bureaus because landlords could check any of them. This will help you find any incorrect information and you can use the credit report dispute process to get the mistakes removed. The less negative details your credit report has, the higher are your chances at getting approved for an apartment.
2. Find Rentals that don’t Check Credit
Typically large property management companies own apartment complexes. They require a credit check on all applications. You are highly likely to get turned down at such apartments if you have a bad credit. So, look for no credit check apartments i.e. apartments that are owned by individual landlords who usually don’t check credit or who may be ready to take a risk with a tenant having not a very good credit but has a solid income and a good rental history.
3. Get Recommendations
Getting recommendations of someone ready to guarantee for your financial abilities can help lighten the effect of negative entries on your credit report. Get in touch with people with whom you’ve had financial relationships, such as your bank, previous landlords and previous and current employers, and ask for recommendations.
If you have unpaid balances, particularly to utility companies or other landlords, you have more chances to get rejected. So, pay them off and ask the business to print a statement or write a letter that the account has been paid in full.
A letter explaining the scenario, such as job loss, divorce, medical bills etc., that caused your financial issues can soften the negativity of your credit report and persuade a landlord to rent you.
Follow these tips and your path to rent an apartment can be much clearer than before despite having bad credit and you can have a place to relax.