Finding a Rental with Poor Credit

Going about overcoming a poor credit history is not unlike finding a job. You need to have a well prepared “resume” with references and overcome the landlord’s concern that you won’t pay your rent on time or possibly at all.

If you are interested in a rental listed directly by the landlord, your credit rating may never rise above the radar. Some private landlords do not use sophisticated credit checking systems to qualify their tenants.

Property management collingwood company will run a credit report and adhere to stricter rental guidelines for qualifying and accepting rental property loans application. First, call the apartment community or property management company/realtor to determine their credit policy and what is needed. If there is some flexibility in the policy:

• Explain your situation
• Indicate you are relocating with your company (have your offer letter available)
• If this is a promotion or continuous employment, emphasize this, as well
•Then understand what is needed for you to become a serious contender

Things to be aware of/ways to compromise:

  • Often times, as a sign of good faith, you could offer to pay an increased security deposit if you can afford it. Usually it can be negotiated to have a payment plan over 2-3 months. Note: Some states limit the amount of security deposit that can be collected up front. If that’s the case, perhaps you can pay 2 month’s rent up front.
  • Get 1-2 references from those whom you have established a steady payment plan with such as your bank, a loan officer, or even credit card company.
  • In advance, determine who can be a co-signer if needed (someone with great credit).
  • Consider and talk with employer to see if an automatic withdraw, payroll deduction or direct transfer deposit is a possibility. This provides a landlord a better guarantee of payment.

What to bring with you:

  • Your Offer Letter*** this is the most important thing you can have with you. It should state the terms of your employment (permanent or temporary assignment), salary, start date and hiring manager (or number to confirm employment)
  • Drivers license or Photo I.D. (passport, state ID)
  • SS Card/# (or Visa)
  • Proof of Income (many landlords require that you make 3-5 times the rent) i.e. W-2, last 3 payroll stubs if with same employer, offer letter
  • Money – Some places will accept security deposits with personal check, but others will require a certified check or money order. Most require the security deposit and application fee to be separate checks.
  • References for the last year’s residence (references from prior landlords can’t hurt either, especially if you have pets or have owned recently

You are entitled to a free credit report from each of the three credit reporting agencies each year – Experian, TransUnion and Equifax; however, it will be missing a beacon (or credit) score that is commonly used to approve an application. You can also obtain a credit report at: www.creditkarma.com or www.freecreditreport.com

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