If you have bad credit, here’s one of the bankruptcy facts about renting and credit checks: most landlords will consider your credit score a primary factor in deciding whether to rent a home or apartment to you.
But fear not! This week, we will look at three tips to overcome this obstacle. And be sure to join me next week for Part II: Renting and Credit Checks.
Renting and Credit Checks Tip #1: Highlight your strengths.
If you make a great salary or have a lot of money in savings, let the landlord know. And if you have a spotless record of making your rent payments on time, be sure you get a letter of recommendation from past landlord. Give the new landlord canceled copies of your old rent checks (dated no later than the first of the month).
Renting and Credit Checks Tip #2: Explain to your landlord what happened and how you will fix it.
If you know the landlord is going to run your credit, be upfront about your bad credit. Do not make excuses. Simply explain your situation and how you have changed your behavior accordingly. If you also show the landlord your bank statements and your budget, the new leaf you have turned over might impress the landlord.
Renting and Credit Checks Tip #3: Be willing to compromise by making a larger deposit or paying a little extra in rent.
Consider the situation from the landlord’s perspective. Your credit score was designed to tell the landlord how likely you are to default. If your credit score is low, your landlord considers you high risk. And evicting someone can take months, so your landlord might be reluctant to lease a home to a high-risk person. Making a larger deposit or paying several months of rent upfront can offer your landlord some security.
And if your family members are welling, you might also offer to find a cosigner who can vouch for you.
Be sure to come back next week for three more tips in Part II: Renting and Credit Checks.
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Another thing I’ve really noticed is always that for many people, below-average credit is the reaction of circumstances further than their control. By way of example they may be really saddled having an illness so that they have higher bills going to collections. It can be due to a occupation loss or inability to do the job. Sometimes breakup can truly send the funds in a downward direction. Thanks for sharing your thinking on this site.
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Part I: Renting and Credit Checks | Bankruptcy Facts, Repair Credit after Bankruptcy, Philip Tirone…