How do you get an apartment or rental home with bad credit?

Answer 1

As a reference, I just completed 20 years in apartment management in March 2005. Your situation is tough but not impossible. Most companies these days use third party agencies to develop rental credit scores, which have no direct comparison to credit bureau scores (usually referred to as beacon or fico). These other systems incorporate bureau scores, rental history, and court records (public information) to arrive at a score.

Management companies typically have input into what criteria is included as well as what final scores are acceptable, straight or conditional (extra deposits, shorter term leases, etc.) Ultimately, the quality of the community, the current occupancy rate, and the location of the property, combined, will dictate an often fluctuating policy. Your possibilities include:

• State straight up that your credit score is bad, and offer to pay the maximum security deposit allowed by law in the state. Maryland for example is twice the rental rate agreed upon. Some management companies like United Dominion Realty Trust offer this option at almost all of their communities. Look them up on line and at udrt.com and then following the system through the looking for an apartment function. In addition, you may want to check allcreditrentals.com, which is the website featuring professionally listed apartment communities that helps people with low credits find the apartment they want.

• Ask if you can have a trial 3 or 6 month lease at the typically higher short-term lease rate. Request the possibility of then converting to a years lease after proving your payment ability during the initial term. Some companies will do this when accompanied by a larger deposit, not necessarily the maximum allowable deposit in section 1 above.
• Cosigners are accepted at many communities. Cosigners are usually required to have impeccable credit and significant incomes, because they are agreeing to cover your rent in addition to their own housing obligation should you default. Great credit implies that they won't let you damage their credit, thus covering the rent.
• Finally, find a community that will allow you to be an occupant while someone else is the leaseholder. 50/50 chance. Many properties require anyone 18 or above to be a leaseholder which is not what you'd be looking to happen. The gray area on this approach is that the other person is supposed to be living in the apartment. Otherwise, they shift from the title "leaseholder" roommate to someone subleasing the apartment to you. Many apartments reject the latter. I can't suggest lying because if caught, the landlord will issue a notice to vacate.

Answer 2

ThisYou may get the co signer then you can rent the apartment without credit otherwise you can ask landlord to take security deposit after some time.

Answer 3

It's very hard to rent anything with bad rental history. You are considered unstable, unreliable, and to some apartments not worth the time of day to file the paper work. I suggest contacting an agency to help clear your credit and history. Find out what you owe, pay it, and in turn your 'history' will clear up as well. It might show negative marks, but if you are paying, it shows that as well. So it's a good thing to contact credit places and other agencies to clear your name, it'll cost you though.

However on a more positive note; if you cannot clear up your credit before getting into a new apartment, do not despair, some apartments will either ask you for a large security deposit (even better if you offer it and indicate that you are trying to make a fresh start) or will either disregard negative history due to the large number apartment rental agencies that unfairly report charges against consumers, or that do not update rental history on credit reports.

Answer 4

Most apartment complexes understand this and even ask on the application if you've been living with parents or relatives if you have no previous credit or landlord.

You need verifiable income and you can list all sources of that income to help you qualify.

Give them your best references (friends, co-workers) and if you're a student, be sure to let them know that, too.

Be honest and try to work closely with one Leasing Agent. It avoids confusion and delays in being processed.