Understandably landlords want the best tenant they can find who pay their rent on time, and finding landlords that don’t check credit or are okay with a low credit score is rare. Most landlords want to delve deep into your financial past. Plus California has a tight rental market. So how can you help improve your application?
A landlord will check your credit score; which sums up how well you’ve paid off past debts. So what if your credit score is less than stellar due to a few late or missed payments, or worse? Poor credit doesn’t mean you’re destined to live on a relative’s sofa. There are landlords that accept bad credit out there.
Check your credit report.
Your first step toward getting a home or apartment (with bad credit or not) would be to check your credit report. You are entitled to a free copy at AnnualCreditReport.com you want to do this before you start looking around; because it’s one of the worse things you can do is go thorough the entire process of applying for a lease and then you don’t get approved because you had no clue you had bad credit or an eviction.
Plead YOUR case.
Because you checked your credit report and know you have a low credit score: Consider writing a letter to go with your application to the landlord explaining your financial situation, be sure to include what steps you are taking to repair your credit: That may help swing the landlord and perhaps help convince them to let you rent with a low credit score. In a tight rental market a letter covering the reasons why you want to rent that particular home might help.
Use a co-signer.
Renters with low credit scores often get help from a co-signer (also called a guarantor). If you use one, that person’s credit score is taken into consideration, which helps compensate for your lower score. But before you ask Mom or Dad to co-sign, make sure they understand the risk involved.
Increase Money paid in advance to the landlord.
Tight rental market and/or low credit score: One way to strengthen your application is by offering to pay some rent in advance or increase the security deposit, because it gives the landlord more assurance that you’re going to be a responsible tenant. NOTE: For unfinished residences paying more than three-times the rent violates California law or paying more than four-times the rent for furnished residences also violates California Law.
Include written recommendation from past landlords.
Tight rental market and/or low credit score: To demonstrate you will be a good tenant, provide positive letters from previous landlords. These should specify that you paid rent on time, respected neighbors, and kept the property in good shape.
Your Employer can help.
Tight rental market and/or low credit score: Many landlords will contact your boss to verify income, and this is especially true if you’re making a case that you should rent a residence with a low credit score in your past. Take an extra step and get your manager or Human Resources to write a letter to the landlord. “Have them speak to the fact that you are a valued employee”. This should demonstrate to the landlord that you have job stability-a compelling factor for every rental applicant that may just give you the edge to get a home despite your low credit.
Robin Shidler, California Real Estate Broker for Shidler Development Inc. Real Estate & Property Management, actively engaged in renting, leasing, management since 1969.
