Get a NYC Apartment with Bad Credit

How to Rent with Bad Credit

A low credit score could make renting an apartment difficult. But there are options. Some landlords don't even check credit scores! Guarantors can help you get housing in the event that your credit score isn't adequate.

If you are looking to lease an apartment, David Shostak of MyMostCreditCard recommends finding a landlord who will accept your request without conducting a credit screening. He says that private landlords are often more accommodating than commercial property owners.

You can request a relative, friend or acquaintance to sign the rental agreement for you. This can be beneficial however it is essential to ensure the person is creditworthy and has a history of financial success.

Another way to demonstrate that you are an honest tenant is showing them evidence of your large savings. Landlords hate losing cash on lease agreements, so it is important to have at minimum one month of rent saved prior to moving in. This will give you peace of mind that your tenant is paying their rent in time and on budget.

A valid bank statement proving that you have sufficient funds in your checking and savings accounts can help the landlord to be more at ease with you. It could also enable you to be approved for an apartment, regardless of having poor credit. You should not be hesitant to provide the proof of your financial status to prospective landlords.

Consider asking for a recommendation from someone you have known for a time. If you have worked together before, this can help to build trust and credibility with prospective landlords.

If you have bad credit scores, ask your direct supervisor at work for a recommendation. They will likely identify you as responsible and will aid in proving your case, regardless of whether your credit score is not great.

To avoid a credit check the best method is to be honest with your landlord and real estate agent regarding your circumstances. This can benefit you and they're sure to appreciate it.

If you don't have a relative or friend who can sign your rental contract, an institution guarantor may be capable of stepping in to take over the rent in the event of a fail to pay. They usually have their own criteria regarding income and credit scores, but they might be open to working with you if the documentation is in place.

Be punctual with your payments to improve your credit rating. If you pay your bills on time, you will have a positive history that you can use to get loans and credit cards. If you apply for loans in the future, you will be qualified to receive an interest rate that is lower on your mortgage and loan applications if you are able to prove that you have made consistent Recommended Reading payments for a prolonged period.