Practical and Helpful Tips: Credit

Bankruptcy and Home Rentals: A Guide

Our credit scores are analyzed in almost situation which will involve finances including when we are seeking a loan approval. During employment evaluation our credit scores are also analyzed and also when a business partner is determining whether one is fit to partner them in different business. It is everyone’s wish that they maintain a healthy credit score and also have a fine financial reputation as it affects many aspects of our life. Scrutiny on one’s credit score has also extended to the landlords who are keen on one’s financial reputation to ensure they avoid leasing their houses to risky tenants. When one is having a poor credit score it does not mean they are completely locked out of renting a house but the following ideas are useful when one is out to seek a house to rent.

If you are interested in renting a house, but you have a poor credit score you can enlist a friend or a family member who will act as a guarantor. If you enlist a friend or a family member who has a good financial reputation chances of renting a house which requires comprehensive credit check chances of being successful are high. The the landlord may consider such agreements as the person cosigning the lease agreements commits to paying any liability on behalf of the tenant such as unpaid rent or damages.

One needs to build trust with a landlord when they are seeking for a house to rent and this is achieved when one outlines their credit scores to the landlord for them to analyze along with an explanation. When applying for a house through a rental application or when one meets the landlord in person it is advisable that one is honest about their credit scores and financial situation. Not everyone finds themselves in a bankrupt situation or having poor credit scores due to factors they had control over. Informing the landlord of your financial status is better than letting them find it on their own.

One way of convincing a landlord is by promising to pay up front where one may even offer to pay their rent one month in advance. Another option is where one offers a bigger security deposit even when they have poor credit scores. Sharing a home with another tenant who has a better credit score is also an option. One will not therefore need to sign the lease contract as the other tenant signs it.

To secure a house one needs to convince the landlord where they can offer to sign longer contracts or bigger deposit amounts, and also they can attach a referral from the previous landlord.