4 Ways to Rent With a Sub-Par Credit Score
Wouldn’t it be nice if simply finding the rental of your dreams and having the funds to pay for it were enough to make it yours? Unfortunately, even when this is the case, making your move may prove to be difficult if you have poor credit. That said, it isn’t impossible to rent a property in this situation.
Here are four ways to jump the hurdle of bad credit when searching for a South Florida rental.
1. Consider a Roommate
For many with bad credit, getting a roommate is an excellent way to secure a rental. Of course, this individual’s credit score must be adequate to qualify for the application. In addition, if your credit score is reflective of debt you have accumulated, you’ll benefit from splitting the cost of living with another person.
2. Enlist a Cosigner
One of the most common ways to rent when your credit is unsatisfactory is to ask a close friend or relative who has good credit to cosign on the rental agreement. In doing to, he or she will guaranty that payment will be delivered, even should you be unable to do so yourself. Essentially, this removes the element of risk for the landlord. However, keep in mind that failing to keep up with rent payments will not only reflect on you, but on the guarantor as well. This is important for both of you to understand before anyone signs on the dotted line.
3. Put Your Cards on the Table
Before submitting your application, be sure to run a credit score check. If you know from the beginning that your score will be a concern, be upfront with the landlord. Explain your situation, and above all else, do not lie about what lead to the score you have today. In many instances, it proves beneficial to offer up recommendations from individuals who can support your ability to manage money responsibly, such as past landlords and employers.
4. Be Willing to Compromise
One of the best ways to convince a landlord of your commitment to being an upstanding tenant is to compromise on the specifics. Often, extending the timeline of your lease or offering to pay more for the property will make all the difference. Something else that can tip the scales in your favor is to volunteer to pay a higher security deposit.
If you’re in the market for a South Florida rental, our real estate professionals are here to help. Give our skilled team a call today to secure your ideal rental property.