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If you’ve recently found yourself in search of a new place to live and your credit is less than stellar, you may have encountered some difficulty.
As with most things in life, how much difficulty you face will depend on your specific circumstances.
Let’s say you’re shopping when the demand is high for rental properties in a particular area. Chances are, the qualification criteria will be more stringent.
But if a property has been dormant for months and no one seems to show much interest, the landlord may be willing to cut you some slack, especially if they have other properties to depend on for a source of revenue. It depends on the given circumstances at the time and whether or not the property manager is willing to take a risk.
The screening process varies, but poor payment history is a huge red flag for landlords. If you are consistently late on utility bills, possess delinquent accounts or have faced wage garnishments in the past, chances are that you may have a difficult time getting approved. If you have a hard time keeping the lights on, what are the chances that you’ll actually make timely, if any, rent payments?
On the other hand, items such as excessive student loans, credit card debt and medical bills may be overlooked as long as they do not pose as much of a threat.
Having bad credit may not prevent you from renting the home or apartment of your dreams. Here are a few tips to help you get over the hurdles you may encounter:
When going through the approval process, remember that this is a negotiation and should be treated as such. Think about the car-buying process: If you blurt out a number, you may be stuck with it, even if the salesmen had a lower figure in mind. The same principle applies here. Don’t jump the gun and do the talking first. Instead, see what they are willing to do for you.
If you still can’t get approved for a rental, work hard to improve your credit and start the search all over again when the time is right.
This post originally appeared on Money Talks News.
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