How to Find an Apartment With a Low Credit Score
Apartment renting can seem like a chore, especially if your credit is low. These days, landlords rely on credit scores to vet potential tenants. But don’t worry. Here’s how to find an apartment with bad credit and even boost your score in the process:
- Be honest and show that you’re making progress. Often, one of the biggest red flags for landlords are the potential tenants that are evasive about their credit situation. Sometimes a low credit score is simply a reflection of a difficult time you’ve gone through (being laid-off, medical problems, an unforeseen set back, etc.) and doesn’t make you a poor money manager. Being upfront gives you the platform to discuss the steps you’re taking to improve your responsibility and commitment.
- Find a reliable co-signer or guarantor. This is someone who agrees to cover your rental expenses should you default on a payment. In theory, this is the easiest way to be approved for an apartment rental because it provides the landlord extra assurance the rent will be paid each month.
- Have proof of steady and solid income. This will show your renter that you have a source of income on a regular basis. This kind of consistency shows responsibility. Offering to pay for your rent via direct deposit can also help.
- Have recommendations ready. Whether it’s from your previous roommates, your employer, or even previous landlords, this will give your potential landlord a concrete way to judge your character. This type of endorsement can push you over the edge when it comes to negotiating your living situation and will add credibility to your case.
- Offer to pay a higher deposit or an advance of the first few months of rent. While this may seem like going the extra mile, it is a guaranteed way to persuade the landlord that you are a reliable tenant. If you can offer not only the security deposit, but an extra month’s rent up front, that shows that you can budget and plan your bill payments accordingly.
The future may seem bleak when you’re apartment hunting with a low credit score. However, with these tips, you’ll be able to find the perfect apartment and build up your credit too.