Can You Get an Apartment With No Credit History?
The requirements for renting an apartment vary from landlord to landlord. One apartment complex may readily approve your application with no credit history, whereas another may prefer applicants with an established history. While getting an apartment with no credit may prove challenging, there are ways to get your foot in the door.
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Significance
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Moving into an apartment with no credit history can help you establish credit if your landlord reports your good rental history to the credit bureaus. Once you locate a landlord who's willing to give you an apartment with no credit history, ask him to report your rental history in order for you to build a credit score.
Considerations
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Young adults and college students may seek their own apartment with no credit history. In this case, having a parent co-sign the rental agreement may persuade a landlord to approve the rental application. While the primary tenant is ultimately responsible for rent payments, the co-signer assumes liability if the tenant fails to pay.
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Benefits of Income
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Being able to provide proof of steady employment and an income source may also persuade a landlord to give you an apartment with no credit history. Mention your limited or no credit history prior to completing the rental application, but assure the landlord that you're able to meet the financial obligation. Ask your employer to write a letter verifying employment and monthly earnings.
Solution
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If you're rented another apartment in the past with no credit history, speak with your former landlord and ask him to write a letter of reference. This letter should highlight your good payment history.
Effects of Upfront Cash
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To compensate for lack of credit history, a landlord may approve your rental application providing your forward a higher security deposit. Expect this additional expense. If the landlord normally receives a one-month deposit, he may request a two-month deposit from you.
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