How to Rent an Apartment With a Bad Credit History
Apartment hunting can be a chore under the best of circumstances. If you have to rent an apartment with a bad credit history, it can be stressful and discouraging. However, your situation may be better than you realize. You can improve your chances of approval (and lower your stress level) if you know how the tenant approval process works and what you can do to successfully rent an apartment, even with a bad credit history.
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Things You'll Need
- Credit report
- Social Security number
- Photo ID
- Bank statements
- Employer information
- Vehicle registration
- Pet registration
Instructions
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Understand the process of applying to rent an apartment. The application fee most landlords charge goes to pay for a report from a tenant checking service. A tenant check includes not only your credit history, but your rental history and a public records check (a criminal background check). For people with a bad credit history who want to rent an apartment, this actually is good news. Landlords are mainly concerned with your rental history and many place less emphasis on the credit report.
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Put your financial house in order. Obtain a copy of your credit report and make sure it is accurate. If you have any outstanding debt to a current or previous landlord, pay it off and make sure you are paid up to date on all your bills. If potential landlords see your current status is good, they will be far more likely to overlook past problems.
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Abide by the terms of your existing lease. Give proper notice you are moving to your current landlord and don't break your lease. Moving without notice and/or lease-breaking are among the leading reasons a landlord will turn you down for an apartment.
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Assume you will have to make a larger deposit if you have a record of slow bill payments or a recent bankruptcy on your credit record. Most landlords will not disqualify you for these reasons alone. However, you can expect to pay a larger deposit. Typically, landlords will add 50 percent to their regular deposit requirement.
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Make sure you have any documents needed to apply for an apartment. Besides your Social Security number and a valid (government-issued) photo ID, you should have bank statements and your employer's name and contact information. Some landlords may ask to see proof of vehicle registration or pet registration as well.
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Be realistic. You may be turned down and have to try again, especially if you have an eviction on your record in the previous three to five years. Be prepared to explain this and any other rental problems you've had. Some landlords will be more lenient, especially if your recent credit and rental history show responsible behavior.
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