How to Rent an Apartment When You Have Bad Credit

Having bad credit can make you feel as though you will never find a place to call your own. Luckily, there are many ways to either improve your credit rating, or find a landlord who will still allow you to rent with your low credit rating. We have all missed payments and when you are younger, you are less likely to worry about your credit rating and the effect it can have on your future. If you have a bad credit rating but you want to rent a place of your own, look no further. Follow these simple tips to renting an apartment with bad credit.

Checking Your Credit

First things first, you need to check your credit score. You also need to understand what a bad credit score is and why you have one in the first place. Unfortunately, there may be things that are out of our control when it comes to a bad credit score, such as a medical bill or job loss. If this is the case, you can easily write a letter to your potential landlord explaining this situation and they may just take in into consideration when you apply for the apartment of your dreams. You should also check your credit score on more than one website as this ensures that no errors have occurred, and you could be panicking for no reason.

Increasing Your Credit Score Before Renting an Apartment

There are many ways in which you can begin to better your credit score before you rent your own apartment. One simple way to improve your credit score is ensuring that you pay any monthly bills on time. If you have your own credit card, paying off your remaining balance or paying more than the minimum required each month can boost your score. The higher the balance on this card, the lower your credit score will be, so ensuring this is as low as possible before renting is a good idea. If you do not own your own credit card, you can use a family member or friend’s card to improve your own credit rating. Find someone you trust and become an authorized user on their card. This means when they are paying off their own credit card, you will also be rewarded.

Finding a Landlord

Finding a Landlord

With so many people now renting, there are many private landlords that will take on an individual despite their credit rating. This may mean paying more upfront or giving them additional proof of your income, such as pay slips, but many landlords are becoming more open minded. Finding an individual landlord means they are less likely to even check your credit score. If you want to know how to find no credit check apartments, Blueprint have compiled a handy list of the best ways to find no credit check apartments so you can begin your new life in your own space sooner rather than later. This includes using local resources and choosing property owners wisely. Check their website for more information on finding a landlord you can trust who will allow you to rent despite your credit rating. Tenants renting with Blueground do not undergo a credit check but instead are asked to provide a security deposit and the option to pay part of their lease in advance.

Enlist Some Help

If you do not want to live alone, having a bad credit rating may not matter. If your new roomie has a good credit rating, your landlord is more likely to still allow you to rent the property. If this is the case, ensure you discuss with your roommate that your credit rating is low but you are able to make payments. If they are your friend or partner, they will already know this and will be more willing to rent with you rather than a stranger who they do not know.

If you want to rent an apartment on your own, you can find a guarantor. This is someone such as a parent or grandparent who signs a legal contract stating that if for any reason you do not make your rental payments, they will then commence payments for you. The landlord will be much more likely to trust that you can pay if they have a back-up plan. After all, this is their business and however trustworthy you are, you cannot take it personally that they do not want to take your word for it. It can be difficult to speak to your parents about money, especially if they do not know about your poor credit rating. If you know you will find this conversation difficult, check out these top tips for asking your parents to be your guarantor on your new apartment.

There are ways and means around renting an apartment, even with a poor credit rating. Even so, if you do have a poor credit rating, it is worth following the tips above to improve your credit rating for the future when you want to own your own home.