Have bad credit or none at all? Being required to have a credit check can be intimidating, especially for students or those that may have bad credit. But that shouldn’t deter you from making your next apartment move. Many landlords or property managers require a credit check to assess your financial stability. Yet, there are other ways you can prove your financial stability.
- Provide a proof of income:Many landlords or property managers are understanding if you have bad credit ornone at all, and may waive this issue if you show how you will be paying your rent. For students, you can show your financial aid information. Many students receive refund checks that they use to pay for rent. If you’re not a student, showing an offer letter, W2 form, or a pay stub will work also. Having this proof of income can definitely help steer eyes away from that ugly credit score.
- Obtain a Cosigner: This is another great way to ensure that you’ll be paying the rent on time. It’s best to choose a cosigner with a good credit score and a stable job to secure your new home. Many students will ask their parents. Others may use a partner, family member or a close friend. Just be sure that you and your cosigner(s) understand that if for some reason you can’t pay rent, the cosigner will be responsible for paying it. Make sure your cosigner is somebody who can truly support you if needed, but do your best not to burden them financially.
- Get a recommendation: If you’re not able to get a cosigner, obtaining a letter of recommendation can be extremely helpful. For a property manager or landlord to see that you have been paying bills on time, were a good tenant at other properties, or have recently obtained employment, can help you in the application process. You can obtain letters of recommendation from present/previous employers, your bank, a utility or insurance company, or even previous landlords. Many apartment communities or rental agencies will do a rental verification to also check your history of paying rent in the past.
In times of tough lending rules, high consumer debt, and low credit scores that may give property managers pause in renting their house to you, these steps can help you prove your financial stability and open the door to a new rental home.