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HOW TO RENT A PROPERTY WITH BAD CREDIT

  • April 30, 2021
  • Blog
  • 0

 

A bad credit score can cause you many problems, from just applying for a traditional loan or a credit card, to missing career opportunities and having a hard time renting an apartment. Credit scores can determine your eligibility for many services. We are ready to advise you on a few different approaches on how to overcome your bad credit score and get the place of your dreams.

  • Ask a trusted person to be your co-signer or guarantor

Ask a good friend or a relative to cosign the rental application with you. It will be sort of an agreement with the landlord, that if you won’t be able to pay, the guarantor will cover the payments that have been agreed on, upon signing the contract. With that in hand, the homeowner would feel less stressed about monthly payments. 

  • Stay opened and show improvements

A bad credit score does not always mean that the person doesn’t know how to handle his finances. Sometimes the reason can be due to debt because of medical conditions, job loss, or any other financial problems that were out of your control. If this is your case for bad credit – mention it to the owner at the very beginning of the dialogue, before he/she will run a credit score check. It also helps if you would demonstrate what steps you are taking to fix it.

  • Pay some time ahead or offer to increase the security deposit

By paying a couple of months in advance or offering a two-month deposit, you will compose the homeowner, and convince him/her that you can pay your monthly rent on time.

  • Find a roommate with a good credit score

Having a roommate when you have bad credit is quite beneficial. First of all, you can share the house payment and pay your debts at the same time. Second, if it is allowed by the owner, your roommate, with a better credit score can sign the contract solo. 

  • Show stable income and offer direct deposit payment

Prepare all the necessary documents, that can prove that you have a proper stable income that will allow you to easily pay for your rented property. Documents such as proof of income, tax returns, pay stubs, and employer’s letter, which verifies your salary and employment status will be beneficial to your landlord. You can also propose the direct deposit rental payment to the owner. 

  • Bring recommendations from the previous homeowners

Renting a property can be as difficult as a job interview. So, just as interviewing for a job, bring the recommendations from the previous homeowners. They can help convince a potential landlord of your responsibility and decency.

 

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