Getting your dream apartment is always very difficult for people with a bad credit score. Nowadays, landlords don’t rush into giving a tenant their apartment; they consider the tenant’s credit score, prior evictions, and a credit judgment to know if a renter is reliable. Without taking so much of our time, there are steps to make, and those steps are not steps you can make by yourself. You need an agent to help you out like lemonade. We will advise that you read about lemonade as this short piece will also explain in detail how you can go about redeeming your bad credit to get an apartment.
Check your credit report: in other to check a credit report; you will consult the following three major credit bureaus, TransUnion, Experian, and Equifax. However, you may have to get your annual credit report from all the three bureaus as you don’t know the one that your landlord would prefer. More so, under normal circumstances, your yearly report is supposed to come through the annual credit report portal. Still, because your landlord may want detail information about your credit score, you have to get results from each of the bureaus. Have it at the back of your mind those landlords are majorly concerned about eviction history, credit judgments, and outstanding obligations.
Find apartments with no credit checks: almost all leasing and property management companies require credit checks. However, some individual landlords see it as stress and waste of time. Such landlords are not hard to find. They may have their ways of dealing with tenants. If you come across such a landlord, try to make verifications before making any commitment and be extra cautious.
Show proof of stable income: it may not be common, but some landlords prefer to request your monthly income slip. They would like to know if the money you earn every month is far more than the money you want to be paying for your rent to be sure you are creditworthy. Prepare for this as you never can tell if the landlord you want to face will request for it. Asking for your monthly income slip is no doubt an alternative to your credit score.
Pay more upfront: having a bad credit score may result in you having to put down a higher security deposit. If you have a bad credit score, it is in your best interest to offer to pay more upfront to your landlord, so he can consider giving the house out to you. It serves as a guarantee that it will take time before he will come around to ask you for renewal.
Find cosigner: it is not new and a good trick that people with bad credit always find a consigner if they want to apply for a mortgage. You can do the same if you find it challenging to secure an apartment. Your consigner, who is also your guarantor, maybe someone who has a good income record and a good credit history, it will make it a good advantage for you before your landlord. The only risk behind it is if you don’t pay your rent on time, your cosigner may be liable for default, and it will affect their credit.