Renting with bad credit
More and more people are having trouble with bad credit. This greatly influences their ability to find an
apartment for rent.
Fortunately there are ways around renting with bad credit. We'll provide a couple of tips and trick to get around this problem in this short article.
What’s credit?
Credit is typically referred to as your credit history. Companies use your credit to “measure” your financial responsibility. This influences the interest you are given on
most loans you take. All you really need to know about this is that if you have a bad credit score you are looked at as a higher risk.
What to do
Get your own credit report. You can do that do that by using
Equifax. We recommend that you get the
report with your score as that’s the one most landlords will use. Once you have that you can see how you can improve your score. By doing this your score will go up and you
will not have this problem in the future.
What do while you have a bad credit?
Stick with small landlords.
Sometimes they do not run credit checks. If the landlord asks about your credit score be honest. If you lie and the landlord does run a credit check you will most certainly
not get the place. Most landlords understand that things happen. If you have a good explanation for your bad credit score he will understand.
Offer a larger deposit
Landlords might be willing to accept more risk if you pay more money up front.
Offer to increase the rent
If you offer to pay a higher rent the landlord might be willing to take you as a tenant.
Have good references
If you have excellent references (landlord, employment etc) your landlord will be more positive towards you as a tenant.
Dress professionally
Dressing professionally will give a good impression. The reasoning behind it is that the way you take care of yourself the same way you will take care of the apartment. If you come for a showing dressed like you sleep on the streets this will influence the landlords decision.
Use a co-signer
If you know someone with good credit get them to co-sign your lease. Co-signing means that you name will be on the lease, but if you don’t pay your rent on time or get evicted the co-signer is legally responsible for paying what’s owed. This is a great way to start renting with bad credit as you are able to use the co-signers good credit to help you.
This is not legal advice. Always ensure that you follow applicable Tenancy and Bylaw Regulations.
