If you are a couple renting an apartment, then you will have a harder time finding a place if one has bad credit. The good news is that requirements change from one landlord to another, and in many cases you can negotiate. Show
Do not let your partner’s past mistakes deter you from looking for a place to rent. You may find that landlords are more flexible than you might imagine. Further, if one is not, then there are many options available. Some of them will be flexible. Click to Open Outline Do both people on the lease have to have good credit?Apartment Guide has a good article about whether both people on the lease must have good credit. Their conclusion is not necessarily. The two major considerations for most landlords are:
In fact, some only look at past rentals when they decide. The process varies widely from location to location. Further, many will negotiate. Some will listen to personal explanations, others will allow a larger security deposit, and some ask for a co-signer. The point is, there are options if one of you has some dings on your reports. Do Landlords Combine Credit Scores?Like, mortgage companies, landlords do no combine credit scores. Generally, they are much more accommodating, though. If they are not willing to listen and negotiate, then you should simply try the next development. Do Both Tenants Have to Have a Credit Check?Landlords require credit checks for anyone who will be on the lease. It is too risky not to. Like we said before, though, there are places that only look at the rental history. Pocket Sense also reminds us that if you add a roommate later, then the landlord will run a credit check on them as well. What if I Have Good Credit but My Roommate Does Not?If you have good credit but your roommate does not, it is not the end of the world. You may have to shop around for a place that is more lenient with their requirements. The good news is that there are a wide range of options available. It is not nearly as cut and dried as mortgage companies. You may find a small investor who only owns a couple of units and personality is more important. On the other hand, you may look in a large development that is more rigid in their rules. Do not get discouraged. Keep looking around for the right fit for you. Final Thoughts About a Couple Renting, One with Bad CreditWith so many options, renters really can find a place even with bad credit. You may have to put down a larger deposit, find a co-signer, or take time to explain some things on the reports. You also may have to go around to a few places to find one that is flexible. Real talk: Many landlords now rely on a credit check to vet potential renters, especially in competitive markets. (Just try hunting for an apartment for rent in Chicago, IL, and you’ll feel the pinch of a poor score.) Like it or not, your credit history can be used to assess how much of a financial risk you may pose to a landlord. Are you going pay your monthly rent on time, or does your credit report indicate that you have a history of paying bills late? But there’s hope. Many renters lease apartments with bad credit (or no credit at all, if you’re a new college grad, for example) and work to boost their scores while renting. So how can you land an apartment if your score is lackluster? Here’s how to rent with bad credit:
Have you overcome any credit obstacles when renting? What did you learn about how to rent with bad credit? Share your experiences in the comments! |