How to get an apartment with bad credit
How to rent an apartment without a credit check
Looking to rent your first apartment? Finding your first apartment can be an exciting experience, but it’s not as fun if you are renting an apartment with bad credit.
It’s still possible to rent an apartment if you don’t have the best financial history. What many tenants end up doing who have encountered financial problems is look for a apartment without credit check. However, finding an apartment with no credit check is not as easy as it sounds.
You are likely to temper your expectations of the apartment you end up renting. Find the apartment of your dreams will probably have to wait, at least for now.
Let’s take a look at what you can do to get owner approved when you don’t have the best credit scores. By the time you finish reading, you will know how to get an apartment when you have bad or no credit.
Rent an apartment without credit check without rental history
Landlords like to see you have a rental history. This gives them the assurance that you will be a good tenant for them. References from your previous landlords will show them that you were a good tenant and that you are less likely to cause problems in the future. It’s similar to a home seller who wants to know that a buyer is pre-approved to get a mortgage for the purchase of a house.
If you’ve never rented before, references can always help you get the apartment you want. Character references from a source the landlord can trust, such as an employer or teacher, should show that you will be a reliable tenant.
Alternatively, you can start building a rental history by renting a room from a friend or family member. You can then get a referral from them when you find an apartment.
It can also help you if you have a bad credit history. Make sure you receive receipts for your rental payments so you can show the landlord that you are paying your rent. This can counter a less than perfect credit history and help a landlord be more interested in having you as a tenant.
Highlight your salary
If you have a decent income even without great credit, it can impress the owner. If you can prove income equal to 30 or 40 times the rent, the landlord may be happy to forget about bad credit.
If this is an option for you, the owner will need to see clear proof of your salary. You should have pay stubs going back a year, if possible. Do everything to make it easier for the owner to confirm your income.
Getting an apartment without a credit check can be much easier when you explain your bad credit history up front, but prove to them that you have a great income to pay the rent.
Being up front and honest will go a long way with many owners.
Set aside savings to show the owner
Another option when renting with bad credit is to have savings to cover a few months of rent. If you can show the landlord your bank statements with enough money to pay the rent for several months, they’ll be more likely to forget about other issues.
With savings set aside to pay rent, you’ll be at less risk for the landlord. This may be enough to compensate for a lack of rental history or good credit.
Automatic rent payments can help
If you can set up automatic rent payment, it can make the landlord more confident that you have you as a tenant. This means that the money will be withdrawn from your account every month, without you having to do anything.
While you need to make sure you have enough money in your account each month, this can help, in combination with other factors, help get the apartment you want.
Honesty is the best policy
As already mentioned, if you want to rent an apartment without a credit check, you have to be honest with the landlord. Even if you do not meet the requirements sought by the owner; you may be able to convince them and get them to make an exception.
Write a letter to the owner explaining why you don’t have good credit.
If the apartment is owned by an individual owner rather than a management company, you will have a better chance. An individual owner has more leeway to change their requirements if they like what you have to say.
If you’ve worked through past issues with better budget plans and more responsible behavior, let them know.
Pay more rent in advance
When you rent an apartment with bad credit, you can make the landlord’s decision easier by offering to pay more up front. Typically when rent an apartment, you will need to provide a security deposit, and if you have bad credit, you might offer to pay more. This reduces the owner’s risk and could change their mind if you don’t otherwise meet all of their requirements.
For example, you could offer to pay the first three to four months of rent in advance. Many homeowners will appreciate how willing you are to do this job. From their perspective, this gives them extra peace of mind and also provides them with an influx of cash.
Get help from a co-signer
As a last resort, you may want to get a co-signer when trying to rent an apartment with bad credit. If none of the other options work, a co-signer may allow you to rent an apartment with bad credit.
It would be better if you had someone with good credit to agree to guarantee the landlord that the rent will be paid each month. If you don’t pay, it will be the responsibility of the co-signer.
Final thoughts on renting with bad credit
Finding a landlord who will rent their apartment or house to you when you have bad credit won’t be easy. You can expect to be turned down in a few places before you finally land a rental. By following the rental tips here, you should be able to increase your chances of success.