Tips for Renting with Bad Credit or Evictions

When looking for a home to rent, you must ensure you are trustworthy and reliable enough to honor your contract and afford the home.

When looking for a home to rent, you must ensure you are trustworthy and reliable enough to honor your contract and afford the home. This is especially crucial for landlords that look at your credit report before leaving the house. A bad credit report or history of evictions can lower your chances of rental approval as it depicts an inability to meet your financial obligations or honor the terms of the lease. However, all hope is not lost. This article offers tips on maneuvering renting with an eviction or bad credit and overcoming the grueling screening process.

How Evictions and Bad Credit Make It Difficult to Rent

Bad credit history or eviction history can make landlords reluctant to issue you with a rental approval. This is because landlords are out to minimize the risks associated with new tenants, which makes the screening process an essential part of accepting new tenants.

When you have a bad credit report, it shows landlords may have problems paying your rent and meeting other financial obligations. Similarly, having a history of eviction for safety and health violations and breaching the lease contract paints a poor picture of your character as a tenant. Factors that can ruin your credit include late payments, a high debt-to-income ratio, missed payments, bankruptcy, unfavorable court judgments, and home foreclosure.

Five Tips for Renting with Bad Credit or Evictions

If bad credit or evictions are in the way of your rental approval process, here are tips to get you through the renting process successfully.

1. Find a Cosigner or Roommate

Ask a family member or loved one with a good credit rating to cosign your lease. A cosigner can offset your bad credit rating, and landlords usually prefer them to be family members. If you fail to pay your rent, your cosigner for the lease will have to step in and take care of your financial obligation.

You can also get a roommate with good credit and no evictions. Your landlord will likely overlook your shortcomings if your roommate meets the requirement. What’s more, your roommate can sign the lease.

2. Provide References

Having someone to vouch for your character can dispel any fears the landlord may have about you. Get in touch with individuals with whom you have had good financial relationships, such as previous landlords, your employer, and even your bank. If you have unpaid bills or loans on your credit report, pay them off in full and ask the businesses to write a letter confirming the full repayment.

You can also explain the cause of your poor credit history or eviction situation through a letter whenever necessary. However, only do so when the landlord has checked your credit.

3. Offer to Pay More in Advance

If your landlord is on the fence about letting you rent the house, you can offer to pay more in advance. Increase the security deposit or prepay your rent for the next one or two months to inspire confidence in you. You pay the security deposit when signing the lease as a buffer against any defaults or damages. Also, it is refundable if you don’t go against any of the lease agreements.

While it is usually equivalent to one month’s rent, offering to pay more can increase your landlord's trust and prove your commitment and willingness to meet the requirements and take care of the house.

4. Look for Individual/Private Landlords.

Apartments for rent in miramar fl owned by property management companies have strict screening and demands, making it difficult to get approval. Look for privately managed property where you can speak to the landlord directly. They are less likely to conduct credit checks, and you can explain your situation if you have had previous evictions.

Check with your friends and family to recommend private listings in your area, or opt for Craigslist and agents in your area to find landlords who don’t ask for credit reports.

5. Proof of Income

Landlords want to be sure you can pay rent without defaulting, and having sufficient income to meet your housing costs can overshadow your lousy credit history. Besides meeting the landlord's requirements, it also proves you can afford your rent. You can show proof of income by providing pay stubs of up to three months that show your income stability. Also, providing bank statements of between 3 and 6 months can improve your chances.

Your employer's letter or contract can substantiate your income claims if you just started work. Tax returns from last year, a business license, and even a profit-loss statement will come in handy for the self-employed.

The Bottom Line

The best way to improve your odds is to do prior research when you plan on moving or renting with an eviction. This way, you can fix any issues on your credit report and develop good habits to overcome your financial struggles. It also enables you to prepare and meet the new landlord’s requirements.

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Trae Bodge

Trae Bodge is the shopping expert here at GiftYa. Trae helps people find the best deals and ideas on popular new items to purchase.

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