Tips for Renting a House With Bad Credit
Late payments, evictions, and unpaid bills are all things that can cause you to have bad credit. If you notice that you have bad credit, you might face some challenges as you try to find a home to rent. If you are in this position, how can you find a landlord to approve your application? Here are some tips to help you accomplish this goal as you begin searching for a home to rent.
Find an Individual Instead of a Property Manager
The first thing to know is that you can rent homes without going through credit checks. If you rent from a property management firm, you can safely assume they will run a credit check. If you rent from an individual that has a couple of rental properties, they might skip the credit checks. Individuals that own a few rentals do not always go through the same steps as property managers. Therefore, you might be better off finding a private person with a home for rent instead of going through a large firm.
Pay Arrears
If you owe money to a previous landlord, you should consider paying the debt before applying for a home to rent. If a landlord looks at your credit, they might see that you still owe money to your previous landlord. If this is the case, they might not rent to you, as they might assume you will probably not pay them either. If you can pay your old rental debt first, it can improve your chances of getting approved. If you do not pay it, you might have even more trouble finding a place to rent.
Offer More Money
Another great way to rent a house while you have bad credit is by offering the landlord more money upfront. If you can pay six months of rental payments now, the landlord will have very little risk for the next six months. Most landlords will make exceptions to tenants with bad credit when they offer more money. Another way to offer more money is to agree to pay a higher monthly rental payment. For example, if the rent is $800 a month, offer to pay $900 a month. Paying extra is a great incentive for landlords, and it might allow them to make a few exceptions for you.
If you are unsure what your credit score is, look it up before applying for a rental property. Once you are ready, keep these tips in mind while looking at homes for rent.