How to Rent Despite Bad Credit
Renting property despite bad credit can be done by writing an explanation of the bad credit scores, offering to pay a larger deposit, offering to pay a higher rent, finding a cosigner and providing a list of references. Rent an apartment successfully, even in the case of bad credit, with advice from a credit repair consultant in this free video on personal finance.
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Hi my name is Stetson Lowe. In this clip we will be discussing how to rent despite having bad credit. One of the first things you should do if you have bad credit and you're looking to rent an apartment is obtain a copy of your credit report. I have one here and some of the things that you might want to look for are anything negative or derogatory on the report. Go through that line by line and find those upfront, maybe make a list of those and write a letter of explanation to your prospective landlord about the purpose or the reason behind having the negative credit or adverse credit. Being upfront and open is the best thing you can possibly do when having bad credit and looking to rent so that the landlord knows that that was a thing of the past and you've turned over a new leaf and you're ready to be a good tenant. After obtaining a copy of your credit report, the next thing I would do when speaking to the landlord is offer to pay a larger deposit. This gives the landlord a greater sense of security for his asset and let's him know that you have more at risk, or more skin in the game, more at stake, where if you default on your rent. Also another very effective thing to do is to offer to pay a larger amount of rent. If he's asking 600 dollars for the apartment, you might want to offer 625 or 650. That also is very enticing to a landlord who then looks at his bottom line and notices that that is going to increase his cash flow. Another good way to get into a rental property with bad credit is to find a cosigner. Someone who will cosign with you on the lease. That gives the landlord a lot more security knowing that someone else is on the line as well as it's signed on the dotted line for them. A list of references is very key. Find people who know your character and know that you would make a good tenant and have them write a written reference for you as well as be available to be contacted by phone by the prospective landlord for the rental property.