Can I Still Get An Apartment With Bad Credit

 Can I Still Get An Apartment With Bad Credit - Being honest about your credit history, getting a co-signer and paying more upfront are just a few ways to get an apartment with bad credit.

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Can I Still Get An Apartment With Bad Credit

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So you've found the perfect apartment to rent and can't wait to move. You may already be dreaming of entertaining in your new place or paddling into the kitchen at sunrise to brew a coffee.

Then you hear those dreaded words from the leasing office: "You'll need to authorize a background and credit check."

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What do you do if you're a recent graduate with no rental history? Or your credit reports still show credit card delinquencies from that lean period a few years ago?

Even if you have no credit history or bad credit, there are still ways you can sign a lease. It might take a little persuasion, an explanation of credit dings and proof that you're a good renter.

So don't let a credit check scare you. You may still be able to convince the leasing office that you will pay your rent on time.

The chances of you guessing what type of credit score is used for tenant screening is about as likely as "catching lightning in a bottle," says Terry Clemans, executive director of the National Consumer Reporting Association, a nonprofit reporting trade organization. agency users and related professionals.

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It could be a FICO score, a VantageScore or another model entirely. Screening can be based on information from just one credit bureau or combine information from multiple credit bureaus, depending on which screening company is used and what type of report the landlord is requesting.

Fortunately, you don't need to live the rest of your life with your parents just because you have no credit or bad credit. Here are eight things you can do to boost your chances of signing that apartment lease.

Before apartment shopping, it's a good idea to get your free Equifax and TransUnion credit scores and reports from Credit Karma. You can also get a free copy of your credit report from all three major credit bureaus every year at AnnualCreditReport.com.

Your credit scores are calculated using information from your credit reports, so it's important to make sure your reports accurately represent your credit history. Look for incorrect items that can be disputed.

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When it comes to credit checks, flexibility may depend on property management, says Bruce McClary, vice president of communications at the National Institute for Credit Counseling, a nonprofit financial counseling organization.

"You may have a back story that is not conveyed in the limited information of the report," McClary said. "Giving them information about why there are offenses and what you are doing to correct them can make all the difference."

Consider providing copies of your cell phone and utility payment history and information about missing accounts from your credit report to show you've been making regular payments. You could also provide a bank statement showing that you have a financial cushion, even if it is small.

Credit requirements may vary, depending on the location of the apartment and the type of building. If you can't secure your dream apartment, don't worry - you may still be approved elsewhere.

Here's How To Get An Apartment With Bad Credit

You might consider getting your parents to co-sign if their credit is good. Alternatively, consider a roommate with good credit, who could give you a year to straighten out your credit connections and build a solid rental history. If you go this route, remember that those relationships could be negatively affected if you fall behind on your rent.

If you have the money to spare, you can offer to pay three or four months' rent in advance or transfer a higher deposit. More cash upfront could convince a leasing agent to rent to you despite any perceived credit risk. Make sure the extra money you pay is documented in the lease or other rental forms.

Apartment owners may consider more than your credit scores when conducting a background and credit check. Stay on top of your credit reports so they accurately reflect your credit history, and find other proof that you've paid bills on time, if needed.

About the author: Deb Hipp is a freelance writer with a bachelor's degree in English and creative writing from the University of Missouri-Kansas City. When she is not writing about personal finance and news, she enjoys traveling to seas … Read more. Apartment hunting is stressful. You have to consider things like location, monthly, features and amenities. Searching for the right apartment becomes even more stressful if you have less than stellar or even bad credit scores.

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Sometimes, having a bad credit score is a deal breaker during the apartment search. Prospective landlords are looking for reliable husbands with a good credit score and a stellar track record who can pay the monthly rent on time. You may be a reliable applicant who can make the payment on time, but the property manager doesn't know that yet. In that case, you will have to do more than the average applicant.

You may wonder how to get an apartment with bad credit and the key is to position yourself as a strong candidate by taking specific steps to make you stand out positively to potential new landlords and property managers.

Your credit report is a score, ranging from 300 to 850, based on the strength of your credit history. Having a good credit history is important for many financial reasons and when it comes to renting an apartment, landlords can use your credit score as a quick way to gauge how "risky" you are of an investment.

A high credit score indicates low risk and a good payment history, while lower credit scores mean you may have to pay higher interest rates to offset the additional risks.

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The first thing you need to do if you think you have bad credit is to do a credit check. Prospective landlords prefer men with financial security in the good to excellent range of 700 plus. However, this score can vary depending on who your landlord is, so it's a good idea to find out the minimum score you need to qualify.

It is more difficult to receive fair credit or even no credit, but not out of the question. While you're in the apartment hunting stage, consider adopting these perspectives and trying these tactics to get an apartment with low credit scores.

You may strive for a luxury apartment complex with fancy facilities, but your ideal apartment may differ from the apartment you can actually get. Consider small apartment complexes or owner-occupied units. Sometimes, there is more flexibility in these situations. With a more personal relationship, you may find someone willing to give you the benefit of the doubt and help you out. Property management corporations often own larger complexes and have fixed and/or rigid credit policies, making it difficult for leasing agents to bend the rules, even if they like you and think you can pay the .

Another idea is to consider cities and neighborhoods that have an excess supply of apartments for . Landlords in these areas have trouble finding tenants and are more willing to overlook some credit issues if they feel they have a good relationship with you and can trust you.

How To Get An Apartment With Bad Credit

Take this time to rebuild your credit and store some extra money in your savings by finding a less expensive apartment.

To avoid this problem altogether, you could try to find an apartment without any credit checks. You will have the best of luck dealing with individual or private landlords rather than a company, as an individual landlord may withdraw their own requirements if you can provide proof of financial stability.

One of the main reasons why landlords need a credit report is because they don't know you yet. Your credit history gives them some insight into how you handle your money, so it's a good idea to think from a future landlord's perspective and consider what would make you a good tenant and less of a risk than it would appear from your credit. .

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