A bad credit history can be a pain at times. Bad credit ratings do not just pose a problem when one tries to get fresh credit, bad credit has a way of playing truant in almost every effort to secure fresh credit in the future – and trying to get an apartment is a form of securing credit too. The landlord, or broker, is hoping to collect rent every month – and if you have a bad credit record, well, you just may not be able to honor your commitment to pay the rent as well. This is why real estate brokers and landlords prefer to check an applicant’s credit records before signing a rental agreement.
So, if you are in the red and already have a bona fide bad credit history, how do you go about renting with bad credit?
Go through the ads on and offline for rentals in your area. Single out the individual landlords and contact them and find out what their criteria is to rent their premises out. If credit checks are not one of them, you have yourself a deal.
- If credit checks are mandatory, you should find out what the cause of your low credit score is. If it is one or two small payments, go ahead and make the payment or resolve the dispute and settle your score.
- Talk to the landlord and explain your position clearly. Most of them are willing to listen and may give it a shot.
- Ask the broker to plead your case for you. This helps in times if you seem to be tenants with a genuine problem – they may just be able to help.
- Ask someone who trusts you to pay the rent on time to stand guarantor and co-sign the rental agreement.
- Be prepared to put down a large deposit such as three months advance rent. This is mostly the requirement in case tenants have bad credit ratings.
These ways of renting with bad credit are known to work. So, if you have bad credit you are best advised to repair your credit score if possible. If not, try these ways to secure a rental without having to break an arm and a leg.