Can You Rent a Home with Bad Credit?

If you think about all the things that get affected by having bad credit, you’re probably thinking that renting a house or apartment can’t possibly be affected by your credit record too, right?

Well, it does and quite a lot too. In fact, most landlords deny rental applications due to individuals having a bad credit record, especially when it comes to their rental history or the fact that they don’t have a proper salary to compensate their expenses.

This is not the case for all landlords, however. Some only check your credit to see if you’ve had an eviction in the past, or any other related rental-dispute in the past.

If you do have a history, or currently have bad credit, there are other ways to still qualify for renting a home.

How to manage renting a home with bad credit

  • Be aware of everything that’s listed on your credit report

Before you start looking for your new apartment or house, be sure to check your credit report and know your credit history. You can do this by checking with all credit bureaus related to the creditors or financial entities you’ve made debt within the past. This is very important, as the information will be presented to your potential landlords, upon which they will decide whether you are in the clear to rent their property.

  • Find rentals that don’t require credit checks

If you have a bad history with making too much debt, or you have a low credit score, the best thing for you to do will be to find rentals that don’t require you to have a good credit record. Try steering away from apartment complexes and look for properties that are owned by landlords who won’t check your credit history and will be more lenient with their requirements and terms.

You can check for these types of rentals in the newspapers, with real estate agents or even on social platforms online.

  • Have a steady income

Even if you have a bad history with credit, having a reliable income, will have a positive impact on the person who owns the rental you’d like to qualify for. If you make three to four times the amount of the required rent, you’ll be able to qualify for a rental without too much hassle.

  • Get someone to co-sign the rental

Just as with a loan, the best way to ensure you get a rental, regardless of a bad credit history, is to have somebody with a good credit record, co-sign on the property you’d like to rent. If another party meets the landlord’s requirement, you’ll be able to qualify for a renal much easier.

Get debt counselling and debt review help from Credit Matters. Call us today! 086 111 6197