How Do You Rent a Place to Live When Your Credit Is Really Bad?
Finding a place to live can be a headache in the best of circumstances, and doubly so if your credit is really bad. The situation may not be as bleak as you imagine. When you apply to rent a place to live, your application is usually submitted to a tenant screening service that provinces your credit report, a background check and a report of your rental history. Landlords and apartment managers look at your credit report, but it's not their first priority. They are more concerned with your rental history.
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Credit History
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You can improve your odds of being approved as a tenant by starting to fix your credit now. Begin by checking your credit record. The Federal Trade Commission points out that you may obtain a free copy of your credit report annually from each major credit bureau from their authorized provider, Annual Credit Report.com. If you find errors, contact the credit bureau and have your information corrected. Equally important, get all of your credit accounts paid up to date. This puts you in the best possible light in the short run. Paying your bills on time is also the best way to start improving your credit rating.
Rental History
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A landlord is primarily concerned with whether or not you will pay your rent on time and not skip out. To maximize your chances of renting a place to live, make sure you are current on your rent or mortgage where you now live. Adhere to the terms of your current lease and provide proper notice that you are planning to move. If you owe anything to previous landlords, pay it and get a receipt or letter stating you have cleared the debt.
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Be Organized
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Before you apply for a lease approval, assemble everything you may need. You'll definitely have to show a valid photo ID such as a driver's license and provide contact information for your current employer. You'll need your Social Security number and proof of income such as a recent pay stub. Have a list of your previous addresses and contact information for the landlords along with your dates of residence in each location. Some landlords will also ask to see a recent bank statement and want a list of the people who will be living with you and a list of vehicles, together with license plate numbers. If you have the information ready and present yourself in an organized and professional manner, it can only help our chances.
Be Realistic
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If you have an eviction on your record in the last few years, many landlords simply will not rent to you. However, you are far better off disclosing this before you apply. Honesty will work in your favor, and, at the very least, you'll save yourself an application fee when there's no chance of approval. If you do have any serious black marks on your rental history or really bad credit, see if a friend or family member will cosign the lease. Finally, be prepared to pay a larger-than-normal deposit.
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