Hello World! Welcome Friends! Renting an apartment without having a credit check could be challenging, especially in a highly competitive real estate market where tons of people with glowing credit scores are also looking for property to rent. However, it does not mean that you won’t be able to find a place to rent that doesn’t require a credit check.
Fortunately, we have discovered ways to get an apartment in spite of having a low credit score or applying for no credit check loans for moving.
1) Talk to Your Potential Landlord
It can be discouraging to find an apartment in the Financial District you want to rent only to find that you need a certain credit score before a landlord will even consider your rental application. Don’t lose hope instead, talk to your potential landlord and explain your situation. Let your landlord know if you are new to the country so you haven’t had a chance to build up your credit history. Or, if you’ve experienced some tough financial circumstances in the past and are now on the road to rehabbing your credit, share that with the landlord. If they find your explanation reasonable, they might at least consider your rental application.
2) Reach Out to a Private Landlord
This is what the landlord does when they are desperate to fill an apartment vacancy as soon as possible. They might be forced to take this route due to financial burdens like mortgage payments, property taxes, or utility bills. Once you find out a private landlord is looking for a tenant jump at the opportunity, especially if your credit is subpar.
3) Get a Co-Signer
If you can’t find a private landlord, consider getting a co-signer. A co-signer is someone who is ready to sign a lease with you. Make sure you ask someone who has a good credit score and they know that they will be held responsible in case you don’t pay rent or refuse to repair the damage caused by you. It gives landlords a security layer to know that there is someone who has to make it for you. At best, your family member or your close friend could agree to co-sign.
4) Find a Roommate
Since co-signing is a big responsibility for the co-signer and it’s not always easy convincing someone to co-sign, a good alternative is to find a roommate who has a good credit score. Property management companies and landlords make decisions based on the combined income and average credit score of both tenants. It would be even better if that person already has a lease.
5) Provide Multiple References
Let your previous rental experience work in your favor, especially if you had a great relationship with your current or previous landlords. If your landlord puts in some nice words about your commitment and payment history, it could be enough to compensate for a less than ideal credit score. Being able to provide references from your colleagues, mentor, coach, or manager can also swing things in your favor.
6) Offer to Move in Right Away
Vacant apartments are a burden on landlords. You can use that to your advantage by offering potential landlords to move in immediately if they approve your rental application without requesting a credit history check.
Additionally, you may request a short-term or a month to month lease to give them an opportunity to see how great a tenant you are. If you show that you do, in fact, pay rent on time chances are they will consider signing a long-term lease with you.
7) Show Your Income
Landlords want to ensure they have a constant flow of rental income. If you don’t have a good credit score, let them know that you can afford the rent and show them proof of your income with paystubs or tax returns. Landlords usually require prospective tenants to show their monthly income is at least three times the rent.
8) Pay More Upfront
Simply put, money opens doors. If the landlord is still showing some hesitation in renting you an apartment, offer to pay more money upfront. This can either be as a larger security deposit, additional monthly rent, or a bond. This serves two purposes: 1) it shows that you can afford the rent and; 2) you are committed to renting that particular apartment.
Improve Your Credit Score
Having said all that, you ultimately have to fix your credit sooner or later. Your credit history is your financial lifeline and you need to keep it intact. First, find out your credit score from any of the three credit agencies. Review your credit report to see if there are any mistakes and, if there are, get them rectified. You’ll also want to settle all previous debts, keep a low on credit cards, and pay your current bills on time.
Tips to Increase your Chances for Getting Approved
- Get organized
- Keep important documents handy. These could include paystubs, reference letters and copies of credit reports.
- Complete the rental application in its entirety. Feel free to include the reasons why you are interested in renting that particular property.
Final Thought
Finding apartments that don’t require a credit check can be a daunting task but in no way is it impossible. You might face a few obstacles and even get rejected a few times, but don’t lose hope. Maintain a positive attitude until you get the apartment you want.
Click the links below for any posts you have missed:
Best Interior Design Ideas for Small Apartments
Lighting Up The Basement Of Your Home
5 Things To Consider When Designing A Bathroom
How to Make a Custom Puzzle at Home
Tips to Make Moving Less Stressful
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Toodles,
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