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renting a dream house

Updated on September 1, 2011

renting dilemma

Bad credit score and its effect in renting apartment

Renting Apartments is most of the time exciting, if you end up getting your dream home. Most important criteria for renting an apartment are to decide, where and when you want to move. Renting apartment can be sometimes difficult if you have bad credit score. This is one of the factors which can heart you badly in renting apartment of your choice.

Now a day with the few clicks of internet we can gather information about renting apartment from endless list of websites. But different management company or landlords have different set requirements. Renting apartment can simply difficult because they check your credit records mechanically and then out rightly reject your application. Past rental records or hefty salary are not always helpful in renting apartment by your choice. There are some other options which can help you to overcome this difficult situation. Definitely renting apartment with bad credit score is difficult but not impossible. In this downtrodden economy, it is hard to find people with impeccable credit records. But is also not the fault of the landlord as well to check your credit record, as they want to ensure that they receive their monthly payment in unfaltering way before renting apartment to anybody.

First step to solve this problem is to search extensively for the possible apartment that can forgo credit check and try to give apartment on other criteria. There is no set rule or fix credit score to renting apartment. It is the sole discretion of landlord to make decision to accept your application for leasing out apartment. There is another way to tackle this issue is to renting apartment by the help of real estate agents. They usually charge minimal fees for their service but can able to find the apartment depending on individual needs.

Before discussing anything else it essential to know what is your credit score and what are the factors that is affecting your credit in renting apartment. There is an option for checking your free credit score once a year through Experian, TransUnion and Equifax.

Now it is time to look back your credit history. This will not only help you to know your past records but you can also understand whether any discrepancies going on in your payment history. The easiest way to solve this problem is to pay off your credit card debt if possible. But if you are in rush of renting apartment, this theory will not work because your present credit report will not reflect your recent payment. Also we have to keep in mind that several times credit checking for renting apartment is very much harmful because this will also culminate to drop your credit score

The other easier way to renting apartment is to compromise on the preference and quality of the apartment you are looking for time being. Usually not so pose apartment in low rise building or single family home does not require rigorous credit check unless it is peak season for them.

You can also resolve the problem of renting apartment straightway by simply obtaining a recommendation from your previous landlord. If your landlord agree to endorse that you are capable to pay off your rent regularly, then you can able to lease a new apartment. Explaining your credit record and letter of recommendation from previous landlords are helpful ways to prove your trustworthiness.

There is one more option you can choose is to getting someone having excellent credit record, who will agree to cosign a lease with you. But you have to remember that if you some reason falter on paying rent, your co-signee can get into trouble of credit reporting and eventually paying off the rent. One last option which is sometime useful in renting apartment in this situation is to pay 3 months’ rent in advance or paying large amount of security deposit.

So for the future if you don’t have the best credit history for renting apartment, you should always try to find you apartment very early before finishing your leasing period. The best option is to resolve your credit card debt or set aside some money while star looking for your new place to live.

choosing 1 among millions

Chasing a shadow

Best way to search apartment is through, Craigslist also have complete resource affordable renting properties. There are some properties which you can rent through agents and pay nominal fees for their service. Let me talk about an incident that happened to my close friend to support my hub page related to Apartment Dilemma. He was planning to move to Boston from San Antonio very urgently with his family. He was looking for renting places. Suddenly he found a very nice property with reasonable price. It is nice, located close to downtown in the heart of Boston. The property owner sends lot of pictures and everything. As the owner mention that he live out of the country for years because of his physical disability , so you can only sign lease after putting 500$ to the escrow fund of the owner and then he will FedEx the key from Italy. He sends his picture and always had a good communication on daily basis. Everything was going correct. My friend finally decides to visit Boston after getting the key for the property. When he reached this place, it is perfectly same that has been depicted through pictures, a luxurious building with all the amenities. Unfortunately the apartment number XYZ does not open with the key provided. Finally he came back to lobby for help. He realize he was bilked 500 $ already as these are the apartment building for rent not a personal property. The picture that has been sent was totally dissimilar from the actual interior of the building, while the exterior is perfectly same. After trying to recover those funds already deposited he came to know that address, name identity everything is fraud and key has been made by some local locksmith store in Boston.

It is a great lesson for me and everyone, to never believe on online identity of a person until and unless you have some kind palpable prove for it.

renting or owning

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