Best Ways to Finding an Apartment to Rent with Bad Credit

Credit scores play an essential part in our lives. Three numbers dictate whether you can buy a car or rent an apartment. Being careless with your credit can limit your financial options, but it doesn’t have to be the end of the road. There are ways to dramatically improve your credit score such that you can afford to live in the apartment of your dreams.

Know Your Credit Score:

Knowing your credit score is half the battle, even if you don’t want to look. You can get a complete credit report for free from any of the three credit agencies annually. Once you receive the report, review it for any discrepancies or errors. Follow up with the agency or the company that provided the incorrect information to the credit agency to get errors corrected.

Look For No Credit Apartments:

Not all apartments require a certain credit score, so if you’re in the process of improving your score, this type of apartment may work best for you.

Include ‘no credit’ as a search term during your online apartment searches to get an idea of the apartments that don’t consider credit.

Pay More Upfront:

Money talks and some landlords may be willing to rent to you even if your credit score isn’t top-notch if you can offer a higher monthly payment or security deposit. It doesn’t always work but it may be an offer the landlord can’t refuse.

Get a Co Signer:

You may have had some rough financial patches in your life and that’s okay. While you’re rebuilding your credit, consider getting a friend or family member to co-sign on a lease.

Of course, that person would need to have a high credit score and would be financially responsible for payments that you miss or are unable to make. This is a great option that allows you to build your credit score as you generate payment history.

Get a Roommate:

Getting someone to cosign for you isn’t always practical. You may need to consider getting a roommate. As was the case with a cosigner, try to find someone who has a better credit score to share your apartment with since it will increase the likelihood that your rental application gets approved.

Not only that, your monthly living expenses would be cut in half. There is a downside: you have to share your living space with someone. But it’s still a good option while you work to get your credit score on track.

Be Honest About Bad Credit:

Empathy is a powerful thing and sometimes your story has the ability to inspire or remind others of their own journey. Don’t be afraid to share the circumstance behind your financial rough patch with the potential landlord if you think it will make a difference in their decision to take you on as a tenant.

Hire a Broker:

Acquiring a broker can ideally happen at any point. It is certainly the most effective way to find an apartment regardless of your credit score.

They are familiar with the market and can relieve you of the stress of having to search for no-credit apartments on your own.

Conclusion:

It’s possible to find an apartment even if you have a bad credit score. It may take more time and effort on your part, but it will be worth it when your rental application is approved.

Related Article:

Complete Guide: Credit Score while Renting an Apartment in NYC
Can I Get An Apartment With Bad Credit