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Can You Rent A Home With Bad Credit?

In this current economy, missing payments for many consumers is commonplace. With the economy in a downturn many people have late payments and collection accounts on their credit. Should unprecedented economic conditions preclude a potential renter from being able to rent a home? It does not have to. You can definitely rent a home with low credit scores. Landlords understand the current market conditions and will compensate for them. There is a general perception that many American got caught by surprise in the mortgage meltdown. Nobody planned on getting their hours reduced or getting laid off. This may be the easiest time to rent a home with bad credit but you need to be prepared.

You definitely can rent a home with sub par credit. Many landlords will look at your payment history on other bills such as recent rental payment history, utilities, cell phones and auto insurance policies. If you have bad credit you may want to have a plan to explain your current financial circumstances. Your plan could include any or all of the following suggestions:

  • Get a copy of your credit report so you understand where your credit issues are.
  • Write a letter of explanation on the negative items on your credit report.
  • Offer to pay more rent or a larger deposit.
  • Have someone with better credit co-sign for you.
  • Offer to put some sweat equity into the property to improve the condition of the property like painting.
  • Have a list of references available. You should try to include at least two former landlords.
  • All the landlord to view the property that you are currently living in. This could give them assurance that you will take good care of their property.

The best advice is to just be honest. A landlord will respect you more if you are straight about what your financial condition is. People know when you are trying to hide something. They will respect you more if you tell them the truth and have a plan laid out about how to address it.