Cutting These 10 Everyday Expenses in 2014 Will Save You $8,844
How to Perfectly Plan Your Divorce to Protect Your Assets
PNC Bank Review – Overview of PNC Bank Accounts, Loans and More
Here’s Why Bank of America Just Closed Your Credit Card Without Telling You
2014 Academy Award Statue Valued at Just Under $400
Why You Could Start Seeing Your Credit Score on Your Credit Card Bills
How to Host Your Academy Awards Viewing Party on a Budget
Warren Buffett Reveals His No. 1 Investment Strategy That Anyone Can Follow
Your ATM’s OS is a Decade Old: Here’s Why Banks Are Scrambling to Update It
What You Need to Know About Obama’s $3.9 Trillion 2015 Budget
Discover What a Discover Bank Online Savings Account Can Do For You
4 Tips to Cut Your Monthly Bank Fees
Here’s Why One Analyst Says Bank Stocks Are Going to Double
How Ben Bernanke Earned $250,000 in 40 Minutes
Visa and MasterCard Join Forces to Protect Your Card from Hackers
Get an Apartment with Bad Credit in 4 Steps
Renting an apartment with bad credit might not be easy. Many large apartment complexes owned by corporations now require credit checks and will refuse applicants who do not meet their standards. Even if you have the income to pay for the apartment, you could still be refused if your credit score is too low.

Is Renting an Apartment with Bad Credit Possible?

One way to solve this problem is to bypass the credit issue entirely. Many privately-owned homes and apartment buildings do not look at credit, preferring to find tenants with good references from previous landlords. You can find advertisements for privately owned rentals in the classified section of your newspaper, on the internet at sites like Craigslist and, as well as through local real estate agents.

Many local homeowners and condo owners rent their houses because they are having trouble selling them in the current real estate market, so you might be able to find a very nice property at a reasonable rate, provided you are a good tenant and are willing to keep the place clean and in order.

However, more and more private owners are looking at credit checks as one way to separate the “good” tenants from the “bad” tenants. If you are forced to deal with the credit issue, you can salvage some of the damage by handling your bad credit report in a proactive way.

How to Get an Apartment with Bad Credit

1. Clean Up Your Credit

First, get a copy of your credit report and check it carefully. You can get a credit report from your bank or by contacting the “Big 3r43; credit bureaus: Experian, TransUnion and Equifax. You are entitled to one free copy from each per year; you can also request additional copies at a cost.

Review your credit report carefully and get someone such as a banker or financial manager to go over it with you if you do not understand it. You can also find internet sites which translate the terminology and abbreviations on your report.

Next, dispute any inaccurate information. Sometimes companies report a late payment incorrectly, or you might have been charged for something you did not purchase. If you dispute a transaction, it is up to the lender or seller to prove that you were truly late with your payment or that you did not pay a bill. If the seller or lender cannot prove this, the credit bureau will remove the bad credit from your report.

2. Talk to Your Potential Landlord

Once your credit report is clean, you are better able to determine if it will be a report that will trigger a “no” with prospective landlords. If you had a few late payments to a hospital five years ago, you are far less likely to be turned down by a landlord than if you had three evictions last year from apartment complexes for non-payment of rent.

Use common sense when analyzing your credit report; if you are unsure how something will impact your rental prospects, ask the landlord what type of information they gather when looking at a credit report. Be honest if you have had late payments in the past, and ask the agent or representative of the rental company if this will disqualify you from renting. Surprisingly, in many cases, it won’t.

3. If Necessary, Find a Cosigner

You can also use the cosigner option. If you have a parent, spouse or friend with good credit who is willing to sign for you, renting an apartment with bad credit is often no problem. Of course, this is because the landlord knows that your cosigner will be on the hook for any rent you do not pay.

This is a terrible option to take if you are unable to pay the rent in a timely manner, because you will not only be hurting your own credit, but someone else’s, too. If you do know someone willing to cosign, you must commit to making your payments every month, on time.

4. Be Prepared to Pay Up Front.

Finally, you might be approved for an apartment rental in spite of bad credit, but have to pay more up front or per month. Some larger corporations have instituted measures whereby those with poor credit can still rent, but have to pay much larger security deposits. Generally, the security deposit is reflective of how much rent you would pay during the time it takes to evict you for non-payment of rent.

For example, suppose you pay $600 a month for your apartment and it takes 90 days to evict a tenant in your state. Expect to pay around $1,800 in additional security money up front, as the landlord will want that money in escrow in case you default on your rental payments.

Hey Ladies: Don’t Miss Out on the Broke Boyfriend Tax Exemption
3 Ways to Fix Your Finances in One Hour for Daylight Saving Time
IRS Reports This Year’s Average Tax Refund is $3,034
How to Start Saving Money for Your Baby’s College Education
How to Find Free Tax Preparation in Your City
IRS Wants to Pay You $25,000 for Saving Your Tax Return
5 Secrets Your Bank Doesn’t Want You to Know
How to Handle the 5 Most Awkward Money Situations
4 Tips to Cut Your Monthly Phone and Cable Bills
Stop Wasting Money Because You Won’t Admit You’re Old
Amazon Prime Price Hike: Is It Worth It?
10 Tips for Winning Your March Madness Bracket and Some Extra Cash
I Lost My W-2! What Should I Do?
4 Cheap, Fun Ways to Celebrate St. Patrick’s Day
What Four Leaf Clovers and Interest Rates Today Have in Common


Visit Statistics