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Dec. 1, 2019

How to Rent a House with Bad Credit and Evictions

 

 

Bad Credit Stress

 

Renting a house can prove to be a challenge for almost anyone. However, when you have bad credit and a history of evictions, those difficulties can become so much worse. Rental companies or even individuals looking to rent out their houses are looking for some sort of guarantee that you’ll be able to pay what you owe them, and those kinds of negative remarks are just the thing to convince them otherwise. However, that doesn’t mean that you’re completely out of luck. There are a few tips and tricks that can actually help you get around those marks and get you into a house sooner than you could even imagine. Here are a few things that you should keep in mind if you’re thinking of trying to rent a home with bad credit and other issues anytime soon. 

Understand Your Score 

First things first, you need to know and understand what your current credit score is. All too often people end up trying to rent a house or even an apartment and come to find that their credit history is full of negative reports that they weren’t even aware of. Checking your report with all three credit bureaus will give you a much better idea of what negative marks your rental team may bring up, and this will help you prepare accordingly. 

Additionally, there is always a chance that there is false information being noted on your report, which could be causing you to have a much lower score than you deserve. False-negative remarks can have a tremendous impact on your credit score, and so getting that sorted out as quickly as possible will be absolutely crucial in ensuring that you’re able to rent the kind of house you deserve. Make sure that you use your disputes wisely and get those items removed as soon as you can so that you can fight bad credit. 

Have a Steady and Provable Income 

Another important factor in making sure that you’re able to rent a nice house will be having proof of a steady paycheck. Whomever you’re renting from wants to make sure that they’ll be able to receive the money they’re owed on a monthly basis, and so being able to show them that you have the necessary money coming into your account will help give them the confidence they need to rent to you. Keep in mind that your paycheck should be able to cover the rent, and housing expenses such as water and electric, as well as other necessities. Generally speaking, rental agents like to see a monthly paycheck that’s about three or four times what you would be paying just for the rent alone. 

However, it’s important to remember that one month’s pay won’t be enough to prove you can maintain this position. The longer you’ve been at this particular job, the better. However, for the most part, three or four months' worth of paystubs is what is expected when you try and prove stable income. 

Have a Cosigner 

The biggest problem facing individuals who are looking to rent a house with negative marks and evictions will be the lack of credibility that they bring to the table. However, if you have someone who sits in good standing with their credit history help co-sign your lease, your rental party may be willing to forgive your history. Having someone co-sign your lease will help guarantee that the group renting the house will receive their payment one way or another. So, even if you happen to miss a payment, your co-signer will be completely responsible to make up the unpaid amounts. Make sure that you find someone you trust and who has complete confidence in your ability to pay so that they’ll be willing to make the deal on your behalf. 

Look for Opportunities That Don’t Check Reports 

Believe it or not, there are actually a lot of homes for rent that don’t require credit checks as part of their application process. Generally speaking, these kinds of opportunities will be found with individuals who are renting on their own rather than with a group or a rental agent. Individuals looking to rent out their homes are much more willing to give you a chance if you have the necessary proof of income at this particular moment. Take advantage of this by looking for housing opportunities with people who won’t be anywhere near as concerned with your credit report as they are with your ability to pay them what they need right now. 

Have Recommendations 

Negative marks on your credit report can cause your score to lower for years without any sort of let up, even if you’ve already had that bill paid for a substantial amount of time. However, if you’re aware of what’s causing your low score and have already had it taken care of, you can always have the company or lender in question write you a letter of recommendation explaining that this particular negative report has already been resolved in full. That way, your rental agent will be able to overlook those particular points and may even overlook your credit history altogether. 

In addition to these recommendations, if you’ve been renting at a previous location where you were able to make all of your payments in full and on time, you may want to ask the landlord for a recommendation so that your new rental company can have the confidence they need to feel sure that you’ll pay what you need to when you need to. 

 

Trying to find a place to rent can seem like an impossible challenge, especially if you’re also trying to fix bad credit and a history of evictions. However, these kinds of negative marks don’t have to mean that you’re completely out of luck. In fact, there is a wide range of tricks that can help get you into a safe and comfortable house in no time at all. Keep these tips in mind, and start your search for the perfect home today.

Posted in Credit Repair
July 31, 2017

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