Bad credit can manifest in many ways. People who have less than perfect credit end up with the problem of not being able to be approved for loans and even if they do, these are called “second chance loans” and they are noted for their extremely high interest rates and very oppressive terms. But nowhere does bad credit hurt more than its ability to cause one to be denied an apartment. This has been the predicament of many families who have ended up on the brink of being homeless.
With the foreclosure rate of homes skyrocketing daily, the demand for apartments has soared. To curb the influx, many apartments are now conducting routing credit checks. Many people are under the impression that all apartments do is check rental history. This is somewhat true but there is more. Apartments conduct checks on your employment history, your rental history and even your regular credit history. While many feel that this is totally unwarranted, apartments have yet to relax these regulations and many who have less than perfect credit have found themselves on the brink of being homeless because of this technicality.
So can one rent an apartment even with bad credit?
The first recommended step is to pull your credit history. Surprises can hurt and cause you to be disoriented and at a disadvantage. Put yourself at an advantage by knowing what is in your credit report before someone else does. That way you have a chance to fix whatever is causing your score to be depressed.
The second thing to do is to attempt to get a cosigner. This can be a powerful way to get approved. This can be a bit tricky because it requires someone who knows you and trusts you. Family members can be a good place to start because they know you and are more likely able to take you at your word and work with you.
A third step you can take is to write a letter to the apartment complex describing your situation. State that you are willing to take care of whatever is causing the credit score to go down. This shows responsibility and goodwill and many apartment managers may be willing to give you a chance.