Becoming A Homeowner

Posted on: 17 October 2019

People with less-than-perfect credit may feel that finding a good apartment just won't work out for them. While credit can play a role when it comes to receiving an apartment lease, there are some things you can try to help you, despite your credit.

1. Go Through the Process Anyway

Don't let your credit situation scare you from even applying for a nice apartment. Credit isn't the only thing many property managers look at when it comes to selecting new tenants. Even when credit represents a strong consideration, the type of debt found on your credit check can make a great deal of difference.

For example, some property managers may only look for recent debts, or debts specifically related to previous tenancies. Sometimes, the credit check just represents a formality and the property owner just wants you to have a steady job. You won't know unless you try.

If you don't have the budget for too many application fees, you can always ask the property manager upfront about what they're looking for or what type of debt on your credit report will factor into their decision. You may find you have nothing to worry about.

2. Negotiate and Make Offers

When applying for an apartment, speak with someone personally. An online application or one you simply drop off isn't the same as speaking directly to someone. Ask for alternative means of dealing with poor credit.

Even in cases where it seems like requirements are set in stone, you can still attempt to negotiate or to offer something. Do what you can to show you can and will stick to your lease agreement. For example, you can offer a larger security deposit or offer to pay for several months in advance. The more you can offer upfront, the more amendable a property owner or manager can become.

3. Show and Prove You're Currently Financially Solvent

A credit report will often work as a means for a property owner to determine how much of a risk you represent. You can sometimes offset a poor credit history by showing your current level of financial solvency.

If you can produce pay stubs that go back a few years, bring them along. If you can show an ongoing payment you make with no gaps, you might sway the property manager towards giving your application more consideration.

When you like a place and know you can afford it, do what you can to make it yours. It doesn't hurt to try, so don't shy away from nice apartments for rent you see advertised.