Tips for Renting an Apartment if Your Credit Is Less Than Average

Most apartment complexes have property management firms running them. One of the primary goals of any property manager is finding good, reliable tenants. To do this, property management firms complete screenings on all potential tenants, and a major factor they examine is a person's credit score.

A person's credit score represents their trustworthiness with paying bills. A tenant with a high credit score typically values his or her credit and does whatever possible to prevent causing a decrease in the score. This results in a tenant who will pay rent reliably, and that is exactly what property management firms want.

The only sure way to find out if your credit is good enough for renting an apartment is by calling around and asking what apartments require in terms of credit scores. In addition to this, look up your credit so you know exactly what your score is. Talk to a property manager about the credit score requirements they have. This conversation should instantly tell you if you have a chance at renting the apartment.

If your credit score is close to their target score, ask if they make exceptions. There is no harm in asking, and this affords you the opportunity to discuss with the property manager regarding your personal situation. Through this conversation, you may find out that your score is high enough, or that the manager is willing to make an exception for you due to the circumstances in your life.

One important thing to understand when it comes to renting is that honesty is the best policy. If you filed bankruptcy in the past due to a divorce you went through, tell the manager what happened. If you lost your job due to plant layoffs and could not find a new one for months, explain this to the manager.

There are times in life when unfortunate things like this happen, and one incident of this nature can turn good credit to bad credit overnight.

After explaining your story to the manager, you might want to switch the focus around to your income. If you earn a good salary, this could be a huge advantage for you. Many property managers have standards relating to an applicant's income, and a common standard is that the person's income must be at least three to four times as much as the monthly rent for the apartment.

If you have verifiable income that covers this standard, focus on that more than your credit. Just because your credit score is not exactly as high as the standards, there's a chance the manager might approve your application if everything else meets their tenant requirements.

The other option you have is offering extras in exchange for an approval. For example, you could offer to pay several months of rental payments upfront, or you could offer a larger security deposit. By offering to pay more for the unit, the risk the landlord assumes in renting to you decreases, and this could help you get the approval you need.

Are you ready to rent an apartment but worry that your credit isn't good enough? Find out today by contacting Wilson Property Management.