If you have negative items on your credit report, especially items like an eviction, foreclosure, bankruptcy, late payments and more it can be very difficult to get approved for a housing rental. In addition to second chance apartment communities if you’re interested in finding private owners of homes, condos, and apartments who may be willing to give you a second change here are a few tips in approaching them about your situation:
First and foremost, renting with bad credit is still possible, you just need to know what you’re up against. Renters with poor credit history just need to know how to work with their past.
When you find a great rental, it’s natural to worry that the owner won’t accept you and your bad credit, but hiding your financial past will work against you. If you wait until after the credit check and your credit is questioned, then you may be perceived as trying to cover up something. Always be upfront and honest about your credit situation. Again, Be honest with your potential landlord. Explain your situation and how you are working to change it. A landlord may be willing to work with you if you can persuade them that your financial troubles are behind you.
Just telling the landlord that you have your finances under control may not be enough to make your case. Give the landlord as much documentation as possible to prove you’re on a new path. References are great and often can compensate for certain issues of bad credit. You can also provide other documentation, such as a record of on-time rental payments from your previous property management or landlord.
Ask for help, if necessary.
If you’re having trouble qualifying for a rental on your own, a friend or family member may be able to help you. Most landlords are willing to accept co-signers for tenants with poor credit. However, be sure you know what kind of relationship you will be getting into with the co-signer before you ask them for assistance. A co-signer goes on the lease with you, and while they won’t live in your rental, they will be responsible for paying your lease if you default. If you aren’t sure you can pay the rent on time each month, you may put your co-signer at risk to be in the same boat as you.
Compromise, and negotiate!
When you find a rental you love, try not to ask for any special concessions. Many prospective renters make the mistake of asking if the security deposit can be divided into payments over the first few months of the lease, or if the rent could be lowered. Considering that the landlord may have already been on the fence about accepting your application, asking for special circumstances may make them decide you’re too much of a risk. Remember, the landlord has all the leverage. It is the owner of the property who must consider the risk versus the reward. In fact, it may be a good idea to offer to pay more on the security deposit to show the landlord you mean business.