How to Get an Apartment with Bad Credit

Depending on your residence, your credit score can matter when it comes to getting an apartment because it is a gauge of your financial responsibility. Landlords who check credit feel safer renting to tenants with good scores because someone with good credit history has demonstrated trust worthiness in the past and an ability to repay what they borrowed in the past. Landlords don’t really have much else to go off besides a credit score and gut instinct that’s why many chose to use it as a determining factor in renting to new tenants. However, there are still many great landlords out there that still don’t have any credit pulls required so having good credit isn’t always a requirement but it certainly won’t hurt your application.

Find a Cosigner or Guarantor

A cosigner or guarantor agrees to be financially responsible in the event you default an area unable to pay your rent. This is a common workaround for consumers with a bad credit score. If possible, try to find a trusted friend or family member with good credit to act as a cosigner. Once you find a cosigner it should be much easier to get approved for an apartment.

Offer More Money Upfront

If you offer to pay several months' rent upfront to demonstrate your commitment to the lease, your landlord is a lot more likely to rent to you. Often times, money talks and is more important than credit. If you have the money to pay months in advance it’s very likely you won’t need to rely on credit.

Get a Roommate:

Having a roommate can help improve your rental application, especially if they have good credit. Having a roommate could also make the rent more affordable and potentially set your landlord at ease. Having two people on the lease also means that more people are liable so it’s very likely that the landlord is going to be more generous in bypassing the credit report. When there are two people liable there are higher chances of repayment in terms of debt obligations.

No-Credit-Check Apartments:

Although it’s become less and less typical, some landlords do rent to tenants with bad credit or bypass a credit check altogether. If you find an apartment that doesn’t check your credit score you should fill out an application there. It could be your ticket to bypassing credit altogether and getting a nice apartment for rent.

Improve Your Credit Score:

This might be a bit too obvious but improving your credit score can increase your chances of securing an apartment! If you eliminate the bad credit, you’ll have an easier time getting credit. Consider paying bills on time and reducing your utilization rate. You can also opt for a secured credit card or a credit builder loan. These will help you get your score improved over the long term.

Be Prepared to Explain Your Situation:

Honesty really is the best policy, explain to your potential landlord/landlady about the situation. Offer to provide additional documentation, such as proof of income or positive rental history, to demonstrate your reliability. However, if you really like the apartment you should explain so. They might be able to work out a deal with you and get you well onto your way into a new apartment.

Getting an apartment with bad credit isn’t always easy but it is possible. There are still many great landlords out there that don’t require credit checks and try to go based on "gut feelings" so your best bet may be to consider them as well.