One question that many renters seem to ask, “is it possible that I can rent an apartment with bad credit”? While it can be a challenge, and at times very stressful, with a lot of hard work, you can.
First of all you have to understand how the apartment managers approve a future tenant. In many cases there is really nothing you can do if your credit is that bad. But sometimes you’re able to sway them in your favor.
So please read on and implement some of these different techniques that will help you secure an apartment home that you’re happy with.
Put Down a Larger Deposit Than Necessary…
A) If the apartment manager initially denies your application, ask about putting down a larger deposit. Note that this probably won’t work with large apartment homes that are owned by corporations. They have strict rules that they must abide by. But sometimes a manager or landlord will overlook their rules, if say you can put down several month’s rent. They know that you’re less likely to walk away from your lease. And if you do, then they can just keep the cash to offset expenses of finding a new tenant to occupy the unit.
Get a Co-Signer to Help You Out…
B) The landlord wants you to pay your rent on time and for the duration of the entire lease. If your credit is spotty, this means you probably have not paid some accounts in full. Maybe you have been late paying some credit cards, or you didn’t pay your utility bills. But this doesn’t means its the end of the world.
The manager may ask that you have a co-signer. A co-signer will pay the rent on your behalf if for some reason you do not. They also will be held liable. If you cannot pay, and they don’t pay, then their credit will also be negatively impacted.
So who can you ask to be a co-signer? This will usually be a parent or close family member. If these are not optional for you, a friend might be willing to co-sign for you as well.
Have Your Rent Automatically Deducted From Your Checking….
C) Many companies will automatically deduct money from your checking account on a monthly basis. Cable and insurance companies are two examples that might deduct monthly payments directly from your accounts. If you’re having trouble finding an apartment that will accept you as a tenant, propose that they draft the rent directly from your bank account on a certain day each month.
But this might not be enough in many cases. You might also need to provide your tax statements from the previous year, or even a letter from your employer stating what you earn each year. Sometimes it just takes bank statements from the last 6 months.
Remember that these tactics might not work for everyone. In the end, honesty is the best policy here. Many renters lie about their rental history. If the manager finds out that you haven’t been totally truthful, they probably will end up denying you. Let them know about your credit and offer them options that they may be comfortable with.
Henry Hernandez is a veteran from the lone-star state (Texas). Henry is also a marketer. Henry works for an online apartment finder in Houston, TX http://houston1apartments.com/. Henry can be found on Google Plus.