How To Rent An Apartment With Bad Credit

How To Rent An Apartment With Bad Credit

Most property managers or landlords require a security deposit, first and last month’s rent, a rental application, a credit check, and references. Before you start searching for an apartment to rent, take a look at your credit report. If your score is less than 620, you may have trouble renting a place. If you have a bad credit score or you don’t know your credit score, what can you do?

Get Your Free Credit Reports

You are entitled to one free copy of your credit report every year. You can request one from each of the big three credit reporting companies, Experian, Equifax, and Transunion. Check it carefully for errors and take time to correct any you find in writing.

Your credit report will include your eviction history, any late or missing payments, and any credit judgements against you. Any potential landlord will pay attention to these since they want a reliable tenant who they can rely on to pay rent every month. 

Check out “How Can You Raise Your Credit Score 100 Points Overnight” for more detail on how to clean up your credit history. 

Collect Reference Letters

If you are generally a responsible tenant and debtor but you had a run of bad luck hurt your score, ask former landlords or employers to write a letter of reference and address your rental history. Collect these and deliver them to the landlord.

If you are renting for the first time, past or present employers can help you prove your reliability.

Provide Proof of Income

Landlords usually want you to have two to three times the income as the rent amount. You can overcome a poor credit score with proof of income and a stable job. Provide copies of paystubs and bank statements to the landlord. Just make sure to fully black out any personal information like account numbers!

If you can show you have several months’ worth of rent saved up in the bank, a prospective landlord will look more enthusiastically on you.  

Explain Your Bad Credit

Write a letter explaining what led up to your poor credit rating and what actions you are taking to improve your score. As you are searching for an apartment, make certain you are paying bills in full and on time. Just that alone should improve your credit score.

Set Up Automatic Payments

Setting up automatic rent payments can help a landlord feel more secure in taking a chance on you. Of course, you need to have enough money in your account to cover the automatic payment!

Pay a Higher Security Deposit

If you have bad credit, you may be asked to pay a larger security deposit. Offer to pay more before they ask. You can usually expect to pay two or three months of rent. 

Find a Co-Signer or Roommate

This can be a problematic solution. Co-signers need to have better credit than you do and understand that if you fail to pay, the co-signer will have to pay or will have their credit damaged. A roommate needs to be financially responsible and have a good rental history.  

Find a No Credit Check Apartment

There are landlords who do not require credit checks to rent an apartment or will rent apartments to those with bad credit. Avoid renting off places like Craigslist, especially long distance. Take time to research the apartment, owner and property manager before you rent. 

A google search for No Credit Apartments Near Me will list agencies and apartments in your vicinity. 

Pacific Debt, Inc.

Your first step should be to improve your credit score. If you are having trouble making even minimum payments, Pacific Debt, Inc may be able to help you. Pacific Debt Inc is one of the leading debt settlement companies in the US. We help you understand your options and whether or not debt settlement is your best option. If it is not, we will refer you to a trusted partner who may be more appropriate for your financial situation.

If you’d like more information on debt settlement or have more than $10,000 in credit card debt that you can’t repay, contact Pacific Debt, Inc. We may be able to help you become debt free in 2 to 4 years and we’ve settled over $300 million in debt for our customers since 2002.

Once you’ve completed our debt settlement program, your financial situation should start to improve. You’ll then be able to take the money you once had to pay towards your debt, and be able to use it for other purposes like saving, investing, retirement, etc.

Pacific Debt, Inc is accredited with the American Fair Credit Council and is an A+ member of the Better Business Bureau. We rate very highly in Top Consumer Reviews, Top Ten Reviews, Consumers Advocate, Consumer Affairs, Trust Pilot, and US News and World Report.

Pacific Debt is currently providing debt relief coverage in the following states:
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* Other states can be connected to one of our trusted partners

For more information, contact one of our debt specialists today. The initial consultation is free, and our debt experts will explain to you all your options.

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