If you thought only homeowners were required to pull out their credit scores, then you have got it all wrong. Most landlords nowadays are also doing credit checks on their potential renters in order to find out if the person has the capacity to pay the rent in time. What should you do if you have bad credit? Can you still rent a home?
The answer is yes. While having good credit can definitely increase your chances of getting an apartment, those with bad credit can still find ways to rent a home.
Trulia reports that most landlords are now doing credit checks on their potential renters because doing so will give them an overview of your payment history. This will also inform them about your capacity to pay on time and if they would be willing to give you the home to rent or give it to someone else with better credit.
The publication notes that those with bad credit can still rent an apartment by being transparent and open about their circumstances. If, for example, the reason for your poor credit score is because of something beyond your control such as a medical problem, then try to let the landlord know about it and try to find other means to prove your capacity to pay.
Other means of proving your capacity to pay on time includes finding a guarantor or co-signer. According to the publication, your parents or friend can co-sign the rental application with you as long as they have good credit.
Another way to prove that you can pay on time even with bad credit is by bringing in recommendations from previous landlords or employers. You may also increase your security deposit to prove to the landlord that you are really interested in renting the property.
As previously reported on Realty Today, the security deposit acts as a safety net for landlords in case a tenant or renter fails to pay the bills on time. Increasing your security deposit, therefore, will reassure the landlord that they will not be on the losing end of your deal should you fail to pay the rent on time.
