How To Deal With A Poor Credit Report
It's a good idea to modify your search strategy and recruit a cosigner. This will help you fix your financial problems.
Property Managers Use Credit Scores To Determine If You Are A Strong Applicant
This is the three-digit number that they get from your credit reports. You're entitled to a free copy of your credit report each year. Typically a credit score within 650-699 is deemed fair, 600-649 poor, and under 600 bad. If you have bad credit because of a prior eviction, you might be able to get the eviction eliminated from your history.
Here Are Some Areas To Look If Your Credit Score Is Low
Selected Listings
It can be difficult to find no credit check apartments and other rental properties. You might see listings with no credit check, which means the manager will not run your credit score. Sometimes you will only need proof that income is available, or you may need to deposit more.
You can also focus your efforts on privately-owned apartment buildings, townhomes, or single-family homes. These landlords may not require you to have a credit check, but they might be open to considering the reasons for your low score (e.g., foreclosure or medical bills). Ask if a credit check must be done before you request a rental. Also, inquire if there is a minimum score. Prepare a letter explaining your situation and be prepared to answer any questions you may have.
Boost Your Credit Score
While it's not an easy fix, paying down your debt as much as you can increase your credit score and your ability to rent in the future. Paying your monthly bills on time is another key. Send a letter with your rental application if you have been working to improve your financial picture. It should explain the reasons for your poor credit and show that you have worked hard to improve it.
Find A Co-Signer
If you have a responsible cosigner, who acts as a guarantee and pays your rent if it isn't possible to pay, a property manager may consider renting. A larger deposit could be required upfront, or you might become a subtenant for a rental already occupied.
Use A Real Estate Agent
Perhaps a rental brokerage service can help. However, you will need to pay a fee for these services.
