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Looking to Rent but have Bad or No Credit?

Looking to Rent but have Bad or No Credit?

Looking to Rent but have Bad or No Credit?

Looking to Rent but have Bad or No Credit?

 

Finding a good rental place, is a task of its own. If a renter has little to no credit, or bad credit, obtaining a lease can become even more of a challenge. Property managers and landlords often use credit screenings to access a renter’s ability to manage finances; including rent. Your credit could be the deciding factor on whether you are approved or denied a rental lease with the prospecting corporate community. But do not despair, there are still housing opportunities for persons with challenging credit. If you know you have challenging credit, it may be desirable to prospect with privately owned properties and negotiate with landlords. Overall you will need to prepare yourself for a longer time frame when searching for a new place to stay. 

The first step you should take is to get a copy of your credit rating report. Be sure to get a free report from all 3 major reporting bureaus, annually. Make sure that there isn’t any inaccurate information needing rectified. It is always better to address the issues of credit beforehand, so they do not come as a surprise after you have submitted a rental application. If you know what is exactly reporting on your credit; that may raise a brow to the potential landlord; be prepared to address these issue when you discuss turning in your application. The landlord should be able to tell you if that is something they can work with before having you submit the application; which 9 times out of 10, will cost the potential renter a fee to submit.

                If you believe you may look undesirable as far as credit goes (you don’t look good on paper), borrow, save, have enough money put aside for a significant security deposit. You’d be surprised how many landlords or property managers will overlook challenged credit if you put enough money down towards your new place. For example if you put down 3 months’ worth of rent plus a security deposit, that shows the landlord you’re not playing when it comes to rent and you are investing in your home. A person could even present double security deposit. Money talks people. Especially if you put it in the hands of the decision maker. This does not have 100% success rate. But if I were the landlord, it would cross my mind…. 3 months’ rent + security deposit (all the cash is here and so if the potential renter) versus the place going vacant a little longer while I hope to find an immaculate credited person….. Hmmmm.

                Another key suggestion for renting with challenged or no credit, be prepared with a co- signer. Give a family member or a trusted friend a heads up that you are looking to move. Be honest and let them know that credit may possibly present a challenge and you may call on them for help. You may not need a co-signer, but it is comforting to have someone to call on just in case.

                One last thing, where should you look for these landlords, who may work with you? Online, sites like Craigslist. Advertising boards, public bulletin boards like at libraries or grocery stores. You’d be surprised how many landlords post at Laundromats. If all else fails trying driving around in your desired neighborhood. Many private landlords still use yard signs to advertise vacancies in our market.

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