Many things have led us to the point where it is difficult to lease with bad credit. These things contain mortgage lending meltdowns, joblessness, foreclosures and the housing crisis. Many have no control over some things that happen to them. These individuals may have low credit although they don’t deserve it. But a decent place to live, or simply a roof over one’s head, is a fundamental need that have to be met. Lease has to be paid no matter what. You might need to start strategizing if you have poor credit. Make sure you’ve the money to pay lease though. Article source – Renting with bad credit demands a strategy for success by Personal Money Store.
Know credit rating facts
It’s tough for renters with bad credit to lease an apartment or house, whether the economy is good or bad. According to AOL Real Estate, three factors are used to determine if a renter is good or not for Landlords. These factors are income, employment history and credit scores. The first priority a renter must address is to know where they stand with their credit. You are able to always discover your free credit report. Annualcreditreport.com makes this available to everyone. This is the official government site for the free credit history everyone is entitled to by law once a year. Credit scores are also available. These have to be purchased through nationwide credit reporting agencies that use this site.
Go places that do not do credit checks
It is very easy to lease with bad credit if there is no credit check done. Try to make this happen. According to CNN, houses or apartments rented by an independent owner may be more easygoing than properties managed by a professional management company. You’re best off checking bulletin boards, Craigslist and free newspapers. Landlords marketing in these venues try not to invest any cash in advertising rental units, and the odds are better they won’t do credit checks. When you ask about the place, ask them about the criteria they use to evaluate renters. You’ll do well if a credit check is not on their list.
Other possibilities for leasing on bad credit
The reality for renters with bad credit is that most landlords require a credit check and a completed application before they’ll lease an apartment. About.com explains that opportunities are always available. Getting someone to vouch for your financial responsibility can help offset low credit. A family member or good friend with good credit can also act as a co-signer on the lease. You also may be helped out for those who have a roommate with good credit. Your credit will not be built up at all without your name on the lease for rental history though.
Additional reading
AOL Real Estate
realestate.aol.com/blog/2010/07/08/renting-with-bad-credit/
CNN Money.com
money.cnn.com/2010/09/14/pf/saving/renting_with_bad_credit/index.htm
About.com
credit.about.com/od/toughcreditissues/a/aptbadcredit.htm
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