Bad Credit Apartments

How To Get An Apartment With Bad Credit 

Renting with poor credit is tough, but it is not impossible. Here's the way to score your dream place even if your credit's a nightmare.

Like the ghost of flats past, among the most sinister consequences of terrible credit appears to always appear when you are on the search for a new house. If you're a tenant, you will discover that many landlords do extensive background checks on potential tenants, and sadly, they are often looking to see if you have got any dings in your credit report.

A poor credit score, shaky rental history, or no credit to speak of can sometimes put you in the"no" pile just as quickly as a look on Hoarders.

But do not worry. It is not like landlords just rent to tenants with perfect credit and a spotless record. Those people are just one in a million. Generally, landlords conduct credit reports and background checks to Search for the following problems:

• Delinquent accounts
• Repossessed cars
• Evictions
• Late or missed rent payments
  
  

If you have at least one of those marks How to get an apartment on rent with bad credit on your record, it is likely going to be tricky to find a landlord willing to rent to you. But no matter how bad your credit is, there are numerous things you can do to boost your likelihood of getting approved.

Consider where you're Renting

The more competitive the rental market in your area, the lower your odds of finding a landlord willing to overlook any previous financial screw-ups. Consider it: landlords in trendy areas are generally flooded with applications. 

When they have a choice between renting to someone with rocky credit and a couple of evictions under their belt, or even someone with stellar credit and a perfect rental record, you do not have to be a rocket scientist to figure out who they are going to pick.

The lesson here is this: if your credit is taken, your odds of getting approved for an apartment in a super hip'hood aren't great. Instead, consider looking outside the trendy box.

Check out up-and-coming neighborhoods which are still a bit rough around the edges, or if transport is not an issue, think about moving out into the'burbs, where flats are cheaper and finding a location doesn't ask you to volunteer as a tribute at the home Hunger Games.

In short, start looking for a place where you'll be your landlord's best choice, not their last resort.

Find a Co - Signer

Moving away from a competitive rental market may be a good alternative for some people, but it won't work for everybody. If you will need to remain within biking, walking, or public transit distance from your office, you will want to find another way to avoid the bad credit cube. 1 easy solution? Find a co-signer.

Basically, a co-signer is someone--typically a close friend or relative with good credit--who is willing to vouch for you and take legal responsibility for your lease if you can't. Landlords love renting to individuals with co-signers, as it gives them an additional layer of protection against a missed payment.

For those who have someone in your life keen to co-sign on a rental for you, be certain to mention it to your potential landlord before they have an opportunity to deny you .

And bear in mind, your co-signer is basically tying their great credit to yours. If you would like a positive relationship with this individual going forward, ensure that you make all your payments on time so that they don't need to pay out any cash for your benefit.

Look to individual landlords over big rental companies

In our experience, renting from landlords who have only a couple buildings is, generally speaking, a better thought than renting from a giant leasing company for many different reasons. 

Not only do large companies frequently have issues providing timely maintenance for renters, they also have much less wiggle room when it comes to renting to people with lower credit ratings.

While a landlord who owns one building and lives on site could be happy to overlook poor credit for the ideal type of neighbor, bigger rental companies aren't likely to be interested in discussion.

If you wish to give yourself a better chance of approval, do some research on who owns the building you are eyeing. You could save yourself a good deal of time--and program fee money--by preventing large rental companies.

Put your money where your mouth is

For those who get a poor rental history and wish to rent with no co-signer, most landlords will be skeptical about renting to you. What's considered a poor rental history? Think multiple late or missed rent payments or a history of flooding.

If this seems like a page from your memoir, you may need to pay a bit more to prove your worth to your future landlord. You have a few options here:

• Offer to cover a larger security deposit before move-in
• Give to cover Several weeks in rent upfront
• Offer to pay more a month for lease than the apartment is recorded for (and show bank records to prove you can afford the higher monthly payment)

Money talks. In case you've got the funds to do so, paying a bit extra will help turn even the most cynical landlord into a true believer.

Look for a Roomate, not a landlord

Spend some time trawling Craigslist for flats, and you'll likely see a lot of articles like this:

"Roommate needed in 2 bed/2 bath flat! All utilities included!"

Individuals that are seeking short or long-term roommates tend to be working on a brief deadline --unless they find someone to move in ASAP, they will be on the hook for paying rent on behalf of the whole apartment. 

As a result of this, they might be less likely to ask prospective roommates to submit a credit check, or even to sign a suitable lease.

For those who have some serious flaws on your report, finding a situation such as this can be a great choice --just be sure that the landlord is OK with you living there before you hire that moving truck.

Explain Yourself

If the pockmarks in your credit report were the result of lifestyle situations beyond your control, you have a right to make that known. There is no harm in sending together a detailed letter with your rental application, explaining in advance what your landlord is very likely to find if s/he runs your credit score.

Use the letter to detail exactly what happened and why it is not likely to happen again, and include some trusted references your landlord may telephone to corroborate both your story and your current financial standing and responsibility.

Dispute Discrepancies on your report

The FTC estimates that one in four credit reports comprise at least one mistake that could negatively impact an individual's credit. We have written before about why it is essential to take a close look in your report as frequently as possible, and potential mistakes on your report is a significant reason why.

So if it's been a while since you checked yours out, head over to get free copies of your credit report from TransUnion, Equifax, and Experian, the 3 major U.S. credit bureaus. You're entitled to a free download of every report each year, so that you can either catch them all at once or distribute them out every four months for an update three times annually.

If you see anything in your credit report which does not seem like you--think puzzle credit cards or cash advances, evictions you did not encounter, or perhaps delinquent utility accounts you never opened--send a dispute letter to the credit reporting agencies. You may read the sample letter from the FTC.

According to the FTC, this letter should:

"Include copies (NOT originals) of documents that support your position. In addition to providing your complete name and address, your letter should clearly identify each item in your report you dispute, state the facts and explain why you dispute the information and request that it be removed or corrected. 

You might want to enclose a copy of your report with the items in question circled. Send your letter by certified mail, "return receipt requested," so you can document what the credit reporting company received. Keep copies of your dispute letter and enclosures."

Credit agencies will typically investigate your dispute and resolve it within 30 days. To find out more about how to dispute an item on your credit file, head over to the FTC website .

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