Credit scores and reports significantly determine whether individuals can qualify for personal loans, mortgages, and even apartments.
Like mortgage loans and other regular loan lenders, landlords use an individual’s credit score to ensure they will pay their rent on time. So, what if one has a bad credit score? The good news is an individual can still get an apartment if they have a bad credit score. Here are ways one can get an apartment if they have bad credit.
Offer to Pay a Higher Down Payment
Similar to mortgage loans, other personal online loan lenders. The reason apartment owners are usually reluctant to rent out their apartments to individuals with a bad credit score is that they are afraid they won’t be able to pay rent on time.
So, an excellent way for a person with a bad credit score to win over an apartment owner is to offer a higher down payment. An individual could pay an extra month’s (or two) rent upfront. That way, they can convince the landlord that they can pay their rent on time.
Moreover, it’s also an excellent way to take care of rent in advance, allowing one to attend to other financial responsibilities and, most importantly, have peace of mind.
Get a Cosigner
Another way an individual with bad credit can qualify for an apartment is by getting a cosigner. Like mortgage loans or other loan cosigners, an apartment cosigner is another person who signs the apartment lease agreement, agreeing to cover the tenant’s rental costs if they cannot. However, there are vital things an individual needs to consider when finding a cosigner.
For starters, the potential cosigners need to understand what they are getting into with this. They should understand and be comfortable covering the individual’s rent if they cannot do so.
A potential cosigner should also have a good credit score, showing that they can pay the tenant’s rent if they cannot.
Consider Getting a Roommate
Getting a good credit score roommate is also an excellent way for an individual to qualify for an apartment if they have a bad credit score. The roommate can be the one to apply for the apartment, making it easy to get an apartment since they have a good credit report.
However, it’s essential to find a roommate who is comfortable with this arrangement and can trust you to be capable of paying your part of the rent on time.
Provide Other Relevant Documents and References
Like mortgage loan applications, an individual’s credit score is just one of the requirements an apartment owner needs to qualify for an apartment. Individuals must also provide references from previous landlords and other documents to prove they can afford to pay their rent.
It is a perfect opportunity for people with bad credit scores to prove to their prospective landlords that they can pay their rent on time.
A person with a bad credit report can ask for references from their previous landlords, stating that the individual has been paying rent on time. The apartment applicant can also provide their prospective landlords with copies of payment statements of rent they have paid to their former landlords as proof that they can pay rent on time.
Like mortgage loan lenders, apartment owners may also ask for proof of income. They do so to ensure potential tenants can pay their rent without difficulties. So, individuals can provide their pay slips that go several months back, assuring the potential landlord that they can pay their rent.
Opt for Apartments With Landlords That Don’t Check Credit Scores
Believe it or not, there are apartment owners who don’t check their potential tenants’ credit scores. It is an excellent option for individuals who have bad credit reports. However, these apartment owners still have other requirements, such as a hefty security deposit, proof of stable income, and letters of recommendation from previous landlords, to name a few.
Adjust Your Expectations
While getting an apartment with a bad credit score is possible, an individual may qualify for a flat below their expectations or desires. It’s advisable for individuals with poor credit reports to adjust their expectations and settle for the apartment they’ve qualified for, even if it’s not what they want, as long as it’s comfortable.
Doing so will enable them to pay less for the apartment, allowing them to make the steps to rebuild their credit. It includes paying their debts, such as credit card and mortgage payments (that is if they have taken a mortgage loan) on time.
Individuals with bad credit scores can qualify for an apartment, but they must go the extra mile to prove to their prospective landlords that they can pay their rent.
People should do their best to have a good credit score first to avoid all the trouble when looking for an apartment.