Bankruptcy and Home Rentals: A Guide
In any financial situation one area that has been under intense scrutiny is the credit scores where they are analyzed even when one is seeking loan approval. Our credit scores are also analyzed by potential business partners as well potential employers when we are seeking employment or interested in investing in different businesses. It is, therefore, the wish of every person to maintain a healthy credit score or a good financial reputation. With a bid to eliminate risky tenants when leasing a home or an apartment, landlords are also keen on the individual’s financial reputation by reviewing their credit scores. The fact that landlord is keen on one’s credit score does not mean that a person with poor credit score cannot afford to rent a house as they can employ the following ideas to secure a lease or an apartment.
If you are interested in renting a house, but you have a poor credit score you can enlist a friend or a family member who will act as a guarantor. Enlisting a family member or a friend who has a stronger a credit score they can help you increase the chances of one securing a house that requires a comprehensive credit check done by the landlord. When such persons cosign with you, they accept liability for any unpaid rent or damages on your behalf thus may serve to convince the landlord.
Before a landlord can provide a house for rent to anyone they need to be convinced that one is trustworthy and thus to help such a situation one needs to be straightforward when they are seeking a house about their financial status. When applying for a house through a rental application or when one meets the landlord in person it is advisable that one is honest about their credit scores and financial situation. Not everyone finds themselves in a bankrupt situation or having poor credit scores due to factors they had control over. It is better to inform the landlord in advance rather than let the find out on their own.
One way of convincing a landlord is by promising to pay up front where one may even offer to pay their rent one month in advance. One may also offer to provide a bigger security deposit which may convince the landlord even when they had initially turned down one due to poor credit scores. Another option will involve sharing the house with an individual with better credit scores. The other tenant signs the lease agreement but allows one to have some rooms.
When applying one should also ensure their application stands out where they can offer to pay bigger security deposit, sign a longer contract or promise to move in ahead of schedule.