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How To Rent An Apartment With Bad Credit
31 Jul 2019

How To Rent An Apartment With Bad Credit?

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Everyone makes mistakes. A bad credit score leaves us with frustrated emotions, but fortunately, it’s not the end of the world.

Maybe you’ve been denied a loan or noticed a spike in interest rates because of a low score. Now you’re wondering how to rent an apartment with bad credit, if at all.

You can still rent with a low score while simultaneously working towards increasing it. Read on to learn the steps to take to overcome a bad credit history and still get that apartment you’re looking for.

Search For a Roommate

Living by yourself is a luxury, but having a roommate provides many advantages. Splitting rent and utilities down the middle saves you significantly in costs each month. Most importantly, a roommate can be the primary signer of a lease if their credit score is stronger.

Add a Co-Signer a Guarantor

Many places offer this option for applicants with a low credit score or source of income. Having a co-signer or guarantor sign your lease doesn’t impact your rent or credit history. It just provides liability to the landlord by giving them someone to hold legally responsible for your rental unit.

Prove Steady Income

If you’re working full-time show this to your landlord. Providing paystubs or tax returns enforces reassurance you’ll be a responsible, paying tenant, just as they help when applying for a payday loan. Some places require applicants to make up to three times a unit’s rent total each month, all the better if you meet this requirement.

Pay Upfront

Before you start applying, save up. With certain apartments, paying first and last month’s rent in addition to a security deposit is the norm. A compromised credit score may require even more, and the ability to pay several month’s of rent before moving in will significantly help your case.

Provide References

If you’ve always paid rent on time at past properties and have landlords who can vouch for you then use this to your advantage. A low credit score can be due to many outside factors not related to rent. This will help paint a clearer picture of your prospective new landlord.

Research Rental Properties

While most landlords will run a background check, there are some that don’t always pull a credit report. In this case, you may not even have to worry at all. Don’t give any reason for this policy to change, however, by making sure to stay on top of payments leading us to our last point.

Improve Your Credit Score

A low credit score isn’t forever. Paying rent on time is a great way to increase it, but there are steps you can preemptively take to constantly improve it. Other bills such as utilities (electricity, water, gas, etc.) or car payments build credit and will help improve your history if paid on time.

Learning How To Rent an Apartment With Bad Credit

The goal of renting that dream apartment is to repair that low credit score. Once your rental application gets approved, use it to your advantage by paying on time each month.

While there are different methods you can take on how to rent an apartment with bad credit, always be mindful, too, about budgeting the rest of your finances. Currently, 43% of Americans save no money at all.

Are you dealing with a low credit score and looking for ways to improve it? Contact us today to see how we can help.

Here are some other helpful articles:
What You Need to Know About Getting Payday Loans Online
5 Things to Know Before Requesting a Loan with Bad Credit
Consider Applying for Payday Loans Online
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