Having bad credit is a frustrating experience, because so many things in life require a good credit score. Not only will you not be approved for loans, but finding a rental property can be near impossible. Apartment management companies often frown upon those with bad credit as it shows a lack of financial responsibility. However, with a little strategy, you can find apartment managers willing to take tenants with bad credit.
No Credit Check Apartments
Locate a property that does not do credit checks. Start by searching community listings, apartment listings and online apartment searches. Once you have exhausted those options, call each property that interests you and ask about their application process. If you find one that does not mention a credit check, then it would be worth it to look into it more.
Recommendations
Get recommendations to give to the landlord or property management company when you first apply for an apartment. These recommendations will be personal references from previous landlords, banks and other financial institutions that show you are current with your bills and are in good standing. Recommendations from previous landlords are the most effective as it shows you do pay your rent in full and on time.
Additional Options
Speak to the landlord about possibly paying a higher deposit when you move in. This will ensure her that you are financially stable. Many times, the landlord will require you to pay double the deposit plus first and last month's rent. Another option is to get a co-signer on your lease with good credit; this tells the property management company that if you have problems paying your rent, then your co-signer will be there to take care of it.
Improve Your Credit
Improve the way your credit report looks to landlords. Paying off some of the items on your report may not improve your score right away, but it will give your landlord proof that you are working toward correcting it. Order your credit report from all three credit bureaus, and pay off as many creditors as you can afford. Another way to improve your credit is to get a secured credit card that reports to all three bureaus. This is helpful if you do not have other credit cards and are trying to build or rebuild credit.
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