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Need An Apartment And Have Bad Credit?

If you have been declined for a mortgage loan due to bad credit, you may find the same reason will prevent you from getting that dream apartment.  Credit checks are tools that landlords use to attempt predicting whether tenants will be paying their rent on time.  Unpaid debts from previous landlords may get bought by collectors who may then report the debt on your credit.  So, how do you improve your chances of getting that dream apartment or at the very least any apartment?  Here’s a few points to keep in mind.

Keep an eye on your credit score. apartments 2

As mentioned, landlords may check your credit to decrease their chances of renting to someone with a history of not paying their rent.  How good a credit score do you need?  The fancier the apartment the higher the credit score you will need to have.  Assuming you are not wanting an apartment with a river view, most landlords look for a minimum credit score in the low 600’s as a starting point.  So, keep an eye on your credit score and pay bills on time.

What can you do to improve your chances?

One approach may be to offer to pay a higher deposit.  If the landlord requires one month deposit, offer two months deposit.  This will give the landlord a good impression about you and you willingness to pay your rent on time and not make a mess of the place.

Another idea is to find someone to be cosigner for you.  The cosigner should have a better credit history that yours.  However, finding a cosigner may be difficult.  It is hard to find someone who is willing to take on debt or past due rent in case that you can’t pay.  Particularly, since it can affect their credit also.  So, don’t ask someone to cosign unless you are really sure that you can afford the new rent.  Don’t let a friendship get broken over this.

Getting letters of recommendation may also help if you are disciplined enough to remember to get them from previous landlords.  If you had a good payment history with past landlords, you can still ask them for one.  All you want is recommendations to show the new landlord that you can be trusted to pay your rent on time and to not leave the places in worst conditions that when you moved in.

apartmentsShowing a steady work history is helpful.  The longer you stay with an employer it shows landlords that you can be trusted to stay with a job and pay the rent.  If you job hop a lot then this puts fear in a landlord that you will have months when you can’t pay your debt.  So, may be bring w-2’s to show the new landlord longevity with current employer to increase his trust in you.

What if I still can’t get my dream apartment?

If you still can’t get your dream apartment due to bad credit, then settle for an apartment that may be not meet all expectations, but, that does not require credit checks.  This will be most like mom/pop rentals.  Most of them will be safe enough.

Lastly you may consider a roommate. Hope this points help a little bit in your search for an apartment.  Do remember to keep an eye on your credit score by using free credit reports offered.

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America's Loan Company - Notice

Customer Notice: Personal loans, title loans, and car loans have terms 6 months or longer. There are no early payoff penalties. We currently report to one of the 3 major credit bureaus, TransUnion. However, many factors affect your credit score. Therefore, we can't promise that your credit score will improve while having a loan with us.

Requirements: We are able to service Ohio residents only. Approval depends upon meeting legal, regulatory and underwriting requirements. America's Loan Company may, at its discretion, verify application information by using national databases, including but not limited to Teletrack and any of the national credit bureaus. America's Loan Company may take this information into consideration in the approval process. Due to state and verification requirements, not all applicants for loans may be eligible for approval by America's Loan Company. You may be required to submit additional documents due to state law and qualification criteria.

Products & Services: Products and services offered to customers may vary based on customer eligibility and applicable state and federal law. Actual loan amounts vary. The availability of loans and extensions may vary. Auto loans and secured personal loans are subject to minimum auto value requirements.

Further Personal Loan Disclosures: For qualified customers, America’s Loan Company offers bad credit personal loans with terms of 6 months to 5 years, with APR under 35.9%. As an example, you may borrow $1,500.00 over a 24 month period, with a $10.00 credit investigation fee, $100.00 loan origination fee, and $452.32 in interest, for a total payment of $2062.32, with an APR of 32.6514%, and monthly payments of $85.93.

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