The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Information on this website may not be current. This website may contain links to other third-party websites. Such links are only for the convenience of the reader, user or browser; we do not recommend or endorse the contents of any third-party sites. Readers of this website should contact their attorney, accountant or credit counselor to obtain advice with respect to their particular situation. No reader, user, or browser of this site should act or not act on the basis of information on this site. Always seek personal legal, financial or credit advice for your relevant jurisdiction. Only your individual attorney or advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, contributors, contributing firms, or their respective employers.
Credit.com receives compensation for the financial products and services advertised on this site if our users apply for and sign up for any of them. Compensation is not a factor in the substantive evaluation of any product.
We’ve all heard about the importance of your credit scores when it comes to buying a home. But credit is important for renting as well. Some landlords won’t rent to people with low credit scores. This doesn’t mean you can’t rent a home or apartment, though. There are some ways to get around this and prove to a potential landlord that you can afford the home and will make payments on time.
You may have bad credit, but if you have a friend or family with good credit, ask them to help you out. (But know they would be doing you a huge favor; adding someone’s name to your lease is a big benefit for you and carries significant risk for them.) A co-signer is someone who signs the lease with you, taking on the legal responsibility to ensure the rent gets paid. A co-signer with good credit should ease your potential landlord’s concerns.
If you want to show your landlord that you won’t skip out on payments, you can offer a higher deposit. Often landlords require first and last month’s rent when you move in. If you can save up more and give them a few month’s rent upfront, they may overlook your poor credit scores. Be careful, though, because while this offers the landlord more security, it offers you less.
If your credit is bad but you have a good rental history, ask a former landlord to vouch for you. Hearing from a previous landlord that you have paid your rent on time in the past can carry a lot of weight with a potential landlord. He or she may be willing to overlook that low credit score and accept your application.
Don’t avoid the elephant in the room. Address your bad credit frankly and honestly. You can explain why your scores are low and why that doesn’t accurately reflect your ability to routinely pay your rent. Landlords are aware of the difficult economy of the past few years and may appreciate your honesty.
Not all rentals require a credit check. Look for smaller landlords who don’t do a credit check as part of the application process. It may require some more legwork, but it can be worth it.
Even if you do find a rental with bad credit, immediately begin working to improve your credit for next time. Make your payments on time. Reduce your debt. Monitor your credit reports, which you can get for free from each of the major credit bureaus once a year, and your credit scores. (You can use a free tool like Credit.com’s Credit Report Card, which updates two of your credit scores every month.) Make yourself a more attractive rental candidate so you don’t have to worry about it when you move.
Image: AbleStock.com
March 7, 2023
Credit Score
January 4, 2021
Credit Score
September 29, 2020
Credit Score