Tips To Help You Get Approved For An Apartment If You Have Bad Credit

Real Estate Articles

It is quite common for apartment owners to run credit checks on all potential tenants before approving their applications, and this one factor can either help you get approved or hinder your approval. If you have bad credit and really want to get an apartment, there are ways to achieve this. Here are some tips that might help you get the approval you desperately want.

Look For An Apartment That Does Not Perform Credit Checks

Shopping around for an apartment is not only important for finding the right size unit with the right price, but it can also be beneficial if you have bad credit. Large property management companies generally run credit checks for every applicant, but smaller firms may not.

If you can locate a landlord that owns only a couple of apartments, he or she might not run credit checks. In addition, smaller firms might be more willing to hear your reasons for your bad credit, whereas larger firms may not.

Offer To Pay Extra

When landlords have a hard time keeping their units occupied, they might be more willing to budge a little on the requirements they have. Because of this, you might be able to find a landlord that is willing to rent to you, even though your credit is bad, but it might take paying a little extra.

If you can afford it, you may want to offer to pay a higher monthly rent payment than what the landlord normally charges for the unit. For example, if the apartment is normally $600 a month, you could offer to pay $650 per month.

Another option is to offer to pay an extra security deposit or the first three months of rent in advance. This is a great way for a landlord to protect him or herself when renting to a person with bad credit. It reduces the risk for the landlord, and it might help you get approved for the apartment.

Agree To Automatic Payments

Automatic payments are very common today. People often sign up for these to pay their car payments, utilities, and credit card bills, and many landlords now offer this option too. If you agree to make your rent payments through an automatic monthly withdrawal from your account, a landlord might also be more willing to approve your application.

Not only is it easier for a landlord to collect rental payments with this method, but it can also improve the chances of a person paying on time each month. It may also make your landlord feel more comfortable with renting to you.

Get A Cosigner

A cosigner is a person that is willing to sign your lease and take responsibility for the payments if you fail to. In many cases, landlords might be more willing to rent to people with bad credit if they have a cosigner. When a cosigner is involved, it reduces the risk on the landlord. If you do not pay your rent, the landlord will go after this person to collect it.

The hardest part of this option is finding someone that is willing to do this for you. The person you choose will have to be able to trust you, and the person must have good credit. The landlord will most likely deny an application if the cosigner also has bad credit.

Before you start looking for an apartment to rent, you may want to look at your credit to find out if it is good or bad. This will help you know what steps to take to get approved for an apartment. When you are ready to rent an apartment, contact a property management firm or landlord that has apartments for rent in your area.


13 October 2015

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