Tips in Renting a House with Bad Credit
Your credit score is truly important in securing a good rental home. This is one of the first things that landlords check before accepting your rental application. So if you have a good score, then you are surely good to go but if your score is below the average, they will most likely decline your application.
If you have bad credit and need to rent a house, here are some tips that can help you convince the landlord to accept your application.
How to convince a landlord to rent to you with bad credit
Find a guarantor or a co-signer
Ask a friend or relative with good credit standing to co-sign your rental application. Your guarantor or co-signer must agree to cover the payments in the event that you default on your rent. With this rental agreement at hand, your landlord will have an extra assurance thus giving your application an extra boost.
A bad credit score doesn’t always mean bad financial management. It might be a result of a job loss from the past, sickness or injuries or any other situation that was out of your control that resulted into a financial setback. If this is the case, tell your landlord about it upfront. Tell him or her the things that happened that resulted into a bad credit score. Of course, you should also tell the landlord how stable you are now and show some proof of your stable income.
Pay rent upfront
Tell your landlord about your willingness to pay two months or more in advance to make up with your bad credit. This will alleviate any concerns that the landlord has because of your credit score. Doing this will show your commitment to pay rent regularly and on time.
Renting with bad credit but high income? – show proof of stable and solid income
Showing proof of stable and solid income can pretty much eliminate any kind of doubts that the landlord has when it comes to your payment capacity. Prepare recent pay stubs, tax returns and letter(s) from your employer(s) verifying your employment status. You can also ask the landlord to deduct your monthly rental payment automatically from your bank account.
Show recommendation letters
Aside from showing your employer’s letter verifying your income and employment status, you can also bring recommendation letters from your former bosses and/or landlords. These letters can give your potential landlord an overview of your financial capacity and most importantly your overall behavior as a tenant and as a person.
For more tips about renting a house with bad credit, check out these resources:
Renting An Apartment With Bad Credit
8 Things You Can Do to Rent with Bad Credit
These are the best tips! I especially like the idea of paying rent in advance!
This is a great post and is super helpful. Credit is a big deal when you are looking to do anything, especially rent a house. The letters of recommendation is something I would have never thought to do if someone asked me. Thanks for the tips.
There is no such thing as “bad credit” where I am from but I totally understand why this is such a big issue.
This is so informative! A very helpful blog especially for those who are planning to rent a house.
All of these tips are great. As a realtor who assists lots of renters, I can tell you that all of these help in se curing a place with less than stellar credit. Great post.
Awesome tips! Having bad credit should not keep someone from being able to have a good home.
Interesting article. I actually need to start building up my credit score
I agree about being honest, people like honesty and will be more likely to trust you. It’s about saving as much as you can so you can provide deposits and rent up front with no problem x
Very good tips, it is always best to be honest as hiding things will always come out and makes you look less trustworthy
Yes so true, honesty is the best policy. Just try telling the truth if it’s really wasn’t your intention to have a bad credit, then just explain it briefly.
Nice tips for anyone who is worried about having bad credit!
These are great tips. I think it\’s great that around here they don\’t check your credit score to rent a home, unless you go through a realtor and then I thnk they check it. I\’ve been blessed to have some pretty amazing landlord experiences renting their home direct through the owner.
Thank you these are great tips for renting with bad credit! I know someone who really needs these tips right now, definitely sharing. Great resource for information
Proof of income could trump bad credit, depending on the circumstances. Sometimes one unexpected thing happens that just changes everything and it’s hard to recover.
Really good advice. This can be tricky for sure!
I love the tips here. Paying rent upfront would help for sure. Being honest would always help.
Ah! This is a hard situation for sure. We have renters, and it’s hard. But everyone needs a place to live!