If you have ever been apartment hunting, you know that a credit check is de rigueur in this process. A prospective landlord will check your credit to provide assurance that you will pay your rent on time. Having good credit is an indication that you will pay your rent in a timely fashion. So what you do when you have bad credit but you need to rent an apartment? Here are four strategies to use if you have bad credit but are looking for apartments for rent.
Show Proof of a High-Paying Job
If you have bad credit but have a high-paying job, show your prospective landlord this information. For example, if your new rental payment will only compromise 20% of your monthly income, this will look favorable in your prospective landlord's eyes. Demonstrate proof of your income by bringing past paystub's to the apartment viewing.
Bring Recommendations from Former Landlords
If you have a good record of always paying your rent on time, the prospective landlord should know this. Before going to the apartment viewing, collect copies of recommendations from your former landlords. Have them not only write a positive note on your behalf, but also provide their contact information on the recommendations.
Offer to Move in Right Away
Sometimes being able to move into a new apartment right away can sway a prospective landlord when you have bad credit. If someone with better credit can only move in a few months from now, the landlord may be more willing to work with you if are ready and promise to move in as soon as possible. This way the prospective landlord can start making money and you can start showing that you are reliable as soon as possible too.
Get a Cosigner
If your credit is bad yet you know someone with excellent credit, consider asking him or her to cosign on the lease. This will build assurance in the prospective landlord's eyes. Additionally, you could try to find a roommate with excellent credit to sign the lease with you. This will not only save you money, it will also reduce your income-to-rent ratio.
If you find that apartment you just need to have, you can still find a way to rent even if you have bad credit. The preceding four methods may work in your favor. Speak with an apartment rental agency for additional tips on how to rent an apartment when you have bad credit.