Renting an Apartment with Bad Credit

Milad Hassibi May 16, 2018

Need an apartment with bad credit? These days, having a less than ideal credit score can make almost anything in life much harder. You need a healthy credit score to get a mortgage, a personal loan, and an auto loan, etc.

But your credit score can also prevent you from renting the apartment of your dreams. Landlords use credit scores to gauge whether an applicant is reliable and can pay rent on time.

You will usually need a credit score of 600 or more for an apartment, and for those that fall under a 600, finding a place to live can be a huge undertaking. If you have been notified that your rental application has been denied, you are most likely getting denied due to your credit score.

If you want to rent an apartment with bad credit, here are some ways you can make your dream a reality:

How to Get an Apartment with Bad Credit

Getting a cosigner is a great way to increase your odds of getting an apartment with bad creditA man is standing frantically looking at his credit score in a black shirt. Usually, a cosigner is a close friend or relative that has a healthy credit score along with a secure source income. You are essentially “borrowing” their credit to increase the likelihood of approval.

However, it is important to note that bringing on a cosigner is a huge undertaking.

If you miss a rental payment or are in the process of eviction due to lack of payments, your cosigner’s credit score can take a huge hit. Be sure that you and your co-signer have a healthy relationship along with an open communication channel.

Renting With Bad Credit

Landlords will scrutinize your credit score to an extreme degree. Before you apply, check your credit score and report to see what negative items could potentially keep you away from your dream apartment.

You are entitled to receive a free credit report and all 3 of your credit scores once per year from the government mandated website

If you have negative marks on your credit score, call your lenders to see if you can have the negative marks removed from your score. You can ask to remove the marks out of goodwill deletion (essentially, they just remove it to be nice) or you can offer to pay back a fraction of your debt to have the item removed.

Bad Credit Apartments

If you are looking to apply for various apartments, it’s a good idea to call the management company or landlord first to see if they have any credit requirements and what they are. Landlords tend to look for a monthly income of 3x the rental price.

You can also browse listings on sites like Craigslist. When searching, search for listings that include the words “bad credit”. This should filter the results and show you landlords who will rent to consumers with bad credit.

Final Note

All in all, renting an apartment with bad credit is difficult. You might even be required to pay extra for a security deposit due to the increased risk you can pose to your landlord when you have a bad credit score. As a last-ditch effort, you can even offer to pay the landlord a little extra in rent per month in order to offset the risk.

If you have less than perfect credit and don’t know where to go, CrediReady can help. Our trusted network of credit repair experts can boost your score and help you qualify for the credit you need. Take a moment to fill out our free no-obligation credit repair inquiry form and start fixing your credit today!

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