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How to Rent an Apartment with Troubled Credit

Posted September 3, 2020 by EasyFinance.com to Finance 1 0

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While buying a home is popular, millions of Americans instead elect to rent an apartment. There are many benefits to renting, which include more flexibility, not having to worry about maintenance and not having to save up for a down payment.

However, just like with buying a house, your credit comes into play when renting an apartment. Landlords and rental companies generally prefer to rent with those who have good credit, as they pose less of a risk. While you might think this means those with a spotty or troubled credit history are out of luck, this isn’t actually the case. There are some things those with bad credit can do to still be able to secure an apartment to rent.

Whether you look on a site like UMoveFree, or simply ask around in your circle, this article is going to provide you with some helpful tips on how to rent an apartment with troubled credit.

Shop Around for the Right Landlord

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The first tip is to make sure you shop around for the right landlord. In most cities or towns, there are several different apartments for sale. Some will be willing to work with people of all credit levels, while others won’t. The more you shop around, the better your chances will be of finding someone who will rent to you. Some will specifically not check credits at all, while others will check, but have more comfortability dealing with those who have low credit.

Many landlords that work with bad credit individuals will be open about it, but not all will advertise. In this case, it can be a good idea to ask people who have been in similar situations where they were able to rent and how the situation was. Sure, you may not have the same plentiful options as someone with great credit, but you should still be able to find a place to live.

Show Progress and Improvement

Another tip is to show progress and improvement when it comes to your credit. While you can’t change your situation instantly, you can certainly show your improvement. You can show off how much debt you have paid off recently, how you have been on top of your payments, or the upward trend of your score in recent months.

All of these can help instill some confidence in the landlords, and help them see you are doing your part to improve your credit. Also, be honest about your situation and how you found yourself in it. The landlord will appreciate the honesty, and if you are making good strides and showing improvement, many will be willing to work with you.

Be Prepared to Reduce Your Risk

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Even with improvement, renting to someone with bad credit is still a risk. Your credit is bad because at one point you missed payments and weren’t able to keep up with your debt. As you could imagine, this is a cause for concern for landlords. Thankfully, there are some ways that you can reduce your risk.

This can range from offering to pay multiple months up front, paying a larger security deposit or even agreeing to a slightly higher amount of rent. Another option could be to get a cosigner. This would be an individual who will agree to make your payments for you if you don’t. Of course, this person should have decent credit and be decently reliable. All of these can help reduce the risk a landlord has to take on.

While it might be more difficult at times, it is certainly possible to rent an apartment with troubled credit. As long as you shop around, show improvement and reduce your risk, you should be able to find a landlord or rental company willing to work with you.

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