A pending bankruptcy can have an impact on your credit history. And if applying for an apartment lease, getting an approval can become challenging as some landlords may reject your application for credit issues. But if you need a place to live, several methods can help get your application approved.
Ask About Credit Requirements
Avoid a lease application rejection by prescreening different apartments and asking about credit requirements. Some landlords aren't concerned with credit history as long as you don't have an eviction on your credit report. Speak with landlords first and mention your pending bankruptcy and credit issues to see if this will impact your approval odds.
Rental References
Because credit history helps landlords determine if you'll be a reliable tenant, some may reject your application due to a pending bankruptcy. If a landlord appears hesitant or reluctant, start negotiating and offer to supply rental references from past landlords as proof that you've never missed a rental payment, breached a contract or experienced an eviction. A good rental record can help you qualify for future rentals with credit issues.
Cosigner for Lease
Getting an apartment with a pending bankruptcy may necessitate the help of another person. Cosigners are acceptable on rental leases, and these individuals agree to pay the rent if you can't. Cosigners submit to the same application process as you, which requires supplying their Social Security number, personal contact information and salary information. This person signs the rental lease agreement with you, and they are equally liable for monthly rent payments. If you default, the landlord can sue your cosigner or demand payment.
Employment and Income History
Having the income and employment record to support rent payments can compensate for a pending bankruptcy. But again, this depends on individual landlords or apartment complexes. Provide the landlord with the name and number of present and past employers, and provide them with copies of your banking statements, W-2 statements, tax returns or paycheck stubs. If you earn enough money to afford the monthly rent payment, the landlord may look past your credit problems and approve your application.
0 comments:
Post a Comment