No credit history or a black mark on your name may cause you to be ignored by the owner, which means you may find it difficult to find a rental. But don't worry, you can do something to increase your appeal.
Work for a big company
The landlord is not the kind of person who ventures to a student who has just graduated from school or college. One of the best ways to solve this problem is to move into a shared house. Even if it's only short-term, it will help you prove that you are a good tenant and can rely on you to pay the rent on time. However, to benefit from this arrangement, you need to make sure that you formally sign the lease as a co-tenant.
Find a roommate
If possible, try to find a housemate with a reliable rental record to rent a house. If one of you has a strong rental background, this will help convince the landlord that you are a lesser responsibility. If your roommate is willing to sign a separate rental contract and rent you as a renter later, it would be better.
Creating financial buffers
If you have the funds, take the initiative to pay extra rent in advance, it will help ease the landlord's concerns, you will miss the rent. Tenants are usually required to pay rent one month in advance. Try to provide 6 to 8 weeks to build a larger safety net. This will benefit potential tenants with bad credit records.
A glowing reference can have a long way to go. It is best to include at least two strong letters of recommendation in your rental application form to prove your credit. Make sure the source of the letter of recommendation is valid, such as an employer or community leader, because a good letter from a parent is unlikely to have an impact.
Find a guarantorTalk to your parents and relatives and check if they are willing to sign your lease or guarantee all your rental payments. This is very common if you are moving out of the house. It allows your parents to lend a helping hand without violating your independence. This will also give the landlord peace of mind, no matter what happens, the rent will be paid. Your guarantor needs to sign a contract. This guarantee usually also includes a commitment to pay any unpaid cleaning fees or damage at the end of the lease.
Raise the bet
If you have a hard time getting a rent, as a last resort, ask to pay a slightly higher rent amount. As long as you are within your budget, you can add $10 to $20 a week to your rent. On a weekly basis, this is a fairly small change, but over a year it will increase rental income by $520 to $1,040. This extra bonus will be a very attractive offer, the landlord and hard to give up.
If you are renting for the first time, there is no credit or bad credit, and where you want to live will play an important role in determining your search success. In the highly competitive rental market, you will face greater housing difficulties. So maybe you can look far to improve your chances. Once you have a good rental record, it's easier to move back to the suburbs you originally wanted.
Pay off your debt
Whether you like it or not, the landlord will investigate your credit history to make sure you are a reliable tenant. It is best to pay off all outstanding debts before applying for rent. If you can't settle all the debts you owe, try to apply for personal loans and consolidated debts, which on paper looks less worrying.
Telephone and credit cards should be paid first. But watch out for predatory lenders who offer low-level loans to get you back into trouble, because these lenders usually charge a lot of interest, and if you don't pay back, there will be another black spot on your name.
Leave your past
Sometimes bad credit records are caused by problems you can't control, such as unemployment. If your situation changes, handing in a proof of income along with your employer's recommendation letter will greatly help prove your reliability. If you have reversed your credit status, it is worthwhile to submit a bank statement showing your personal savings.