Finding an apartment to rent can be a daunting task, even under the best of circumstances. Potential landlords need to carefully screen tenants to find the best match, and that means they will probably be looking at your credit score.
When screening you as a potential tenant, landlords will use your credit score to determine your credit worthiness. In other words, how likely will you pay back your debt – and in this particular case, your debt is your monthly rent.
But if you have a low credit score, can you still be approved to rent an apartment? Short answer is yes – but to get that apartment, you will need to take these 3 steps to increase your chances of being approved:
Bring proof of your responsible financial behavior: Make copies of bills that you have a history of paying on time. You can also bring copies of bank statements to show that you have saved some money as a financial cushion.
Get a co-signer: If you have a family member with a good credit score, you can ask them to be your co-signer. A co-signer is someone who can provide a legal guarantee that the rent will be paid.
Offer more upfront payment: If your credit score is low, you can offer to pay a few months rent upfront, or you can offer to pay a higher deposit.
And once you get that apartment and start making your payments on time, each month, sign up for RentReporters. By having your on-time payments reported to TransUnion, you can improve your credit score, and that means when you start shopping around for your next apartment, you can get a better place and get a better deal.