Be independent from your parents and find a new place to live it is usually a difficult thing. And if on top of that you want to rent an apartment in a nice area of the city but without a credit check, it can be a bigger challenge, but it is not impossible.. Think that, in that case, the apartments will be available only for a few days, since the demand is usually higher than the offer.
That is why it is not surprising that the owners and real estate agencies carefully study each candidate, requesting a check of your credit score. And it is that, this simple practice will allow them to discard applicants who do not inspire confidence or who cannot pay the rent at the end of the month.
Does this mean that those who do not have a credit history Can’t access a rental home? Not necessarily. Remember that everyone has to look for their first home at some point and if they can find it, so can you! Find out how and get ready to move.
Be transparent with your income
The fact that you do not yet have a credit history does not mean that your profile as a candidate is not attractive. If you can prove to the owner of the apartment that your monthly income is enough to pay the rent and, in addition, take care of the maintenance expenses, you will have a foot in.
To make sure you are not rejected, verify that your total income exceeds three times the monthly rent. If you can afford to spend a third of what you earn each month on rent, you’ll be as splendid an applicant as anyone else.
Do you want to try this idea? Then, Gather the last three pay stubs from your job and attach them to the application. If you wish, you can reinforce your credibility by adding a statement of your savings account.
Find a cosigner
The best way to get a fantastic apartment at a good price when you don’t have credit life yet is to find a responsible person with a good rating to sign with you. If you are too young and propose this to the landlord, you may earn some points because there will be an adult to back you up in case you can’t cover the rent.
However, be careful! Remember that, if you do not pay, the legal responsibility would fall on the co-signer of the contract. That is why you must be realistic and choose a property that fits your budget.
Look for an owner who acts on their own
Condominiums, property managers and real estate agencies they tend to be very wary of rental applicants. But don’t let that discourage you! If you are looking for an apartment for rent that is being managed by its own owner, you will have a huge advantage.
Keep in mind that owners are usually more flexible than companies, so dealing directly with the owner would increase your chances of moving soon.
Offer to move immediately
Rental properties are difficult to maintain when empty. Remember that, if you do not have a tenant, all maintenance costs will be borne by the owner. And that’s not all: if the property was constituted as collateral, for example, for a mortgage loan, each monthly installment would come out of the owner’s pocket, as well as property taxes and any repairs needed.
In conclusion? Not taking advantage of the profitability of a rental apartment is a big mistake and the owners know it. This weakness of landlords could be your strength: If you offer the landlord to move in right away, he may be tempted to sign the lease. This is so so that you may be able to rent the apartment without even going through a credit check.
get the roommate perfect
A great way to land a no credit check rental is to share a home with someone with good credit and a steady income. And it is that, in that case, the savings, income and history of both will be combined into one, increasing the chances that the owner will step forward and rent to them.
Yes, you have to make sure you fulfill your part of the contract, since otherwise, you would not only be affecting your credit score, but also your friendship.
Consider a short-term rental
Although the standard term of rental contracts is one year (especially if the landlord and tenant do not have a long-term relationship) nothing prevents you from negotiating a shorter contract. In fact, this move could be beneficial for both:
- The owner wants to find someone who inspires confidence. If you sign a three-month contract, for example, you will have the time to prove that you are.
- Signing a short-term contract is also an opportunity for you, since you will be able to see what life is like in the area and if the maintenance costs fit into your budget.
If there are no problems during the three months of the contract, you can negotiate with the owner an extension nine months to the end of the year. Just remember to keep up with your payments, just like you did during the trial period.
Ask your friends and employers for referrals
Most landlords ask for contact information from previous landlords and employers to verify that the candidate is trustworthy. But you have the opportunity to go further asking your friends, colleagues, and employers for a written recommendation. Having the support of employers (or even your college professors) is a great way to show that you are someone who can be trusted.
Offer to pay a few months in advance
One of the easiest ways to rent your first apartment without a credit check is offer to pay a few months in advance or give a higher guarantee than the one requested by the owner. This would be an excellent way to show the owner that you are a serious, responsible person with enough savings.
Talk to him and explain your situation
Many landlords simply require applicants to attach a letter to their application explaining why they don’t have a credit history. So if there’s an understandable or legitimate reason why you don’t already have yours, write a letter of explanation, attach it to your application, and ask to speak to the landlord.
As you can see, renting an apartment without a credit check is not an impossible mission. However, this does not mean that it is not a good idea. start working on your credit score to avoid future problems. He thinks that having good credit is very important, whether it is to buy a vehicle, apply for loans, access lower APRs or rent an apartment.
Don’t know how to start? It’s simple: talk to a bank agent and ask how you can apply for a secured credit card, even if the limit is low. This will be a great way to start building your credit without risks or headaches.