One of the most common things that may get your renter’s application rejected is your credit history. Bad credit can create a lot of trouble for you. You can have great references and a great past conduct, but if you have a bad credit report, things can go downhill for you. Here are a few tips that may aid you even if your credit standing is not satisfactory.
Seek Out Rentals That Let You Rent Without Checking the Credit History
There are many landlords that never really cared about the credit history in the past and will most likely not care about your credit history as well. Seek out those landlords for your rentals. If you landlord isn’t concern, you shouldn’t be concerned either. You can find these amid the small rentals and individual owners, don’t go for complexes, as they are owned by companies and companies make sure they check every renter’s credit history.
Give Credit to Your Credit Report
You can’t set things right if you keep ignoring it, go through the report, take pointers and know what’s wrong. Amend what you can, try and make your credit report a bit more positive, you will have an easier time finding a rental with a bit of positivity in your report.
Recommendation
References and recommendations matter a lot when it comes to filling the renter’s application. Get as many recommendations and references as you can to over shadow your bad credit report. With a good recommendation the landlord might overlook your negative report. Make the future landlord see that your past landlords were happy with you. This will make him trust you quicker. You can also tell your landlord about how you got the negative report and what you are going to do to rectify it. Be straight and upfront with your landlord your honest will help you get in their good books.
Provable Income
Your landlord will trust you when he or she sees that you have a steady income. Most of the time landlords ask for a salary that is thrice the amount of their rent. If you have that, they might overlook the negative credit report.
Paying Upfront
With a bad credit report there is a high chance that you landlord will ask for upfront payments and not only that your deposit might be a bit higher than usual. So, if you are looking for an apartment with bad credit make sure you have enough funds for upfront payments.
Negotiation
You can always try and negotiate your way of out of the bad credit situation. There is a good possibility that your landlord will hear you out and understand.
Partner-Up
You can partner up with someone who has good credit score and is looking for a roommate. This can solve both your problem and his. While you work on your credit score, you can use your roommates to impress the landlord. Consider renting with family or friends, they will not mind the credit score as much as a stranger would. And this will give you ample opportunity to better your credit score.
The range of poor credit is 300-579. Having poor credit score means you have had a lot of adverse comments as well as remarks in the past. You may also have poor credit if you have just started with your credit journey. Both situations mean that you will have a hard time getting any financial assistance.
Landlords have only one major concern on their mind, timely payments. So, it’s fortunate for you that these tips can help you get your dream apartment even with low credit score.
If you’d like to talk more about property management, or you need help with Everest Property Management, please contact us at Everest Realty.
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As a top producing Realtor and Property Manager; Terry specializes in sales, extensive construction homes, rentals, REO’s, short sales, and all aspects of Real Estate. After graduating the University of Michigan with a master in MBA, Terry continued his endeavor and now has over 15+ years of experience in the Real Estate world. If there is anything that has to do with Real Estate and sales, you can always be sure of Terry to provide important, specialized knowledge.
