Millions of Americans are paying more and more for rent. Renters are feeling the financial squeeze, especially those that have lost a home to foreclosure.
With such a high forclosure rate in certain areas renters with bad credit may have a difficult time finding suitable housing, especially if unpaid rent is reporting on your credit report.
Many new apartments that are being build may be for high-end housing and with poor credit and lower incomes means that you will not qualify.
You may not know how to go about getting an apartment or rental house with bad credit. Before applying it’s very important that you know what is on your reports. ReScore Solutions will be happy to review your credit reports, at no charge, before you look for an apartment or rental house.
Work with individual owners. The more paperwork that you have to submit to secure housing the more difficult that it can become, and more true. Larger landlords usually have strict guidelines regarding credit and income. Many times an individual landlord will review an individual’s situation, credit and income and may be able to work out suitable arrangements. But be prepared to be honest and emotionally open about your past situation and explain the factors that lead to your credit problems. Don’t be down on yourself. Many people have had to recover from the economic crash of 2008.
Paying cash for the security deposit and possibly the first 3 to 6 months of rent. This may seem unreasonable, but helping the landlord feel comfortable taking a chance on someone with a poor credit history is important.
Consider having rental payments deducted automatically. This gives the landlord better assurance that they will get their rent on time and the same time each month.
Reporting your rent to the credit reporting agencies. Consider signing up for a service that will report your rent payments. This can help rebuild your credit so that you can move towards home-ownership. Be sure and pay on time. All rent payments are verified each month. This can also help a potential landlord feel that you are serious about paying and paying on time.
Want to get your credit reports repaired and ready for a home loan? Call us for a free credit report review. We will review all information on your reports with Equifax, Experian and TransUnion and let you know if we can help you. We repair credit reports with scores as low as 400. We are the emergency room credit doctors. Collections are a specialty for us and everything else too. Call us today at 205-352-3448 and get your life back on track. We usually have credit reports repaired within 4 to 6 months. Each case is different and we do not guarantee that timeline.
Find a co-signer. The co-signer must have good income and credit scores to make the payments if you fail. This is a very important decision and should be taken very seriously.
Build good credit while renting and plan to purchase a home. We can help you through this maze by educating and repairing your credit.
Referral from previous or current landlord. If you have a positive pay history this may be a big help in helping to rent with poor credit.
Do you have unpaid balance reporting on your credit report from a previous rental? Underwriters will NOT approve you for a home loan. Need help in getting this resolved? Call us. We specialize in preparing credit reports for home loans.