How to Rent an Apartment With Less-Than-Perfect Credit

Renting an apartment
isn’t easy right now, especially with the current housing market. Add credit problems to the mix and it can be
nearly impossible to rent an apartment. Luckily, there are ways to improve your chances of renting an apartment when you have
bad credit. 
Some landlords are willing to rent to people with less-than-perfect credit.
But, extra steps often need to be taken. If
you’re trying to rent an apartment with
bad credit, the tips
provided here can help you improve your chances.  
Focus on Your References 
If your credit has taken a turn for the worse in the past few years,
take a look at your rental history. If you have a good rental history, you can use that to get approval for a new apartment. When you pay your rent on time and
don’t cause rental problems, landlords are more willing to
provide a
favorable reference for your next apartment. 
And, because you have a positive reference from
a previous landlord, a new rental agency is more likely to approve your application.  
Boost Your Credit Score 
If you have a low credit score, you might think
you’re locked out of renting a new apartment. That might not be the case though. Before you give up, go over your credit report. There may be incorrect information in your report. If there is, have those items removed from your report before you apply for a new apartment. 
It’s also
a good idea to include a personal statement with any negative marks on your credit report. A personal statement can help you explain unforeseen circumstances that caused your credit problems.  
Highlight Your Finances 
When your credit history is questionable, you can increase your chances of approval by highlighting positive aspects. Highlighting your financial stability can make you more desirable to landlords. If
you’re going to apply for an apartment, gather your financial documents. 
These documents should include recent pay stubs, bank statements, and employment verification letters. If you have checking and savings accounts,
provide statements for both accounts. Try to
provide several months’ worth of documentation. 
This information can
demonstrate your ability to make
timely rent payments. These documents also show potential landlords your financial stability.  

Landlords often
require cash deposits when renting apartments. Many times, landlords will offer a lower deposit requirement for people with good credit. If you have poor credit, increase your deposit. You can improve your chances of approval by offering a bigger deposit. The bigger deposit shows landlords that
you’re committed to being a better tenant.  

If you have
major issues on your credit report,
don’t try to hide them. Instead, offer a letter of explanation to potential landlords. These types of letters are useful in explaining the circumstances that caused the credit problems. 
Those situations may include loss of employment, debilitating injuries, or life-threatening illnesses. Letters of explanation help landlords understand that it
wasn’t a pattern of bad
behavior that got you into financial difficulties.  

If
you’re struggling to find an apartment to rent with
bad credit,
don’t try to go it alone. Instead, find a co-signer to improve your chances. Your co-signer ideally should be someone who has better credit than you do. They can be a friend or family member. When someone agrees to become a co-signer, they agree to make rental payments when you
can’t. This
provides assurance that rent payments will be on time.  
Don’t give up on finding a new apartment. Give us a call at
Montgomery Realtors.
We’re here to help you find quality rentals at affordable prices. We can help you find a new apartment with less-than-stellar credit.