How to Rent an Apartment with Poor Credit

Besides difficulty making purchases, having a poor credit can also mean that you will have difficulty renting an apartment. On the positive note, there are still ways that you can have a nice apartment and the following are some tips on how to do so with poor credit.

First, get a copy of your credit rating and examine it. If there are any problems in your credit, then try solving them. For instance, pay off previous debts to improve your credit score.

Second, consider getting a cosigner, someone you know, a family member or a friend with good credit score, who will be held responsible for your liabilities in case you don’t pay. This can help convince the landlord that your rent will be paid. Although cosigning is avoided as much as possible, there are a lot of landlords who are more comfortable renting to people with poor credit, as long as there is a cosigner with good credit.

Third, pay a huge amount as deposit. Paying more than the average deposit can make the landlord feel more confident about renting to you. Besides earning back their losses, landlords will feel that you are sincere and will be more difficult for you to leave.

Fourth, find an apartment that does not require a credit check. Unlike bigger corporate apartments, there are small-time landlords that do not perform credit checks because of the additional expenses and hassle for them. Even though it will be harder for you to find an apartment that don’t perform credit checks, there are still good apartments among rental properties.

Fifth, don’t only think of the apartment you’re getting right now but also having a long-term plan of improving your credit. By doing so, it will not only allow you to get apartments easier, you will also be able to get auto loans and mortgages. One of the benefits of improving your credit is there are landlords who require smaller deposits from those with good credit.

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Filed under: bad credit • Credit • Credit Score • line of credit • Loans

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