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7 Tips to Obtain an Apartment Without a Credit Check
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7 Tips to Get an apartment without a credit Check
Try offering references, getting someone to share a room, paying an additional deposit, or working with an individual landlord.
Written by Erin El Issa Senior Writer | Data analysis, personal finance, credit cards Erin El Issa writes data-driven studies about personal financial matters, credit cards, investments, travel, as well as student loans. She is a fan of numbers and hopes to simplify data sets in order to help people improve their financial lives. Prior to becoming the Nerd at the beginning of 2014, Erin was an accountant for tax and freelance personal financial writer. Erin's work has been cited as a result by The New York Times, CNBC as well as The "Today" program, Forbes and elsewhere. In her free moments, Erin reads voraciously and is unable to keep up with her two kids. Erin is from Ypsilanti, Michigan.
, Tiffany Curtis Lead Writer Health and Wellness Tiffany Lashai Curtis is a leading writer for the core Personal Finance team within NerdWallet. The former health writer for Livestrong.com as well as a freelancer for various publications such as Refinery29, Business Insider and MTV News, where she was a specialist in issues that affect marginalized communities. In her role as a health facilitator, she's led health-related discussions for organizations like Planned Parenthood and Harvard University. She is located in Philadelphia.
as well as Amanda Barroso Lead Writer | Credit scoring, budgeting, personal finances Amanda Barroso is a personal finance writer that joined NerdWallet in 2021 and focuses on credit scoring. She has also written data studies and participated in NerdWallet's "Smart Money" podcast. Prior to joining the team, Amanda was a journalist for over a decade covering issues facing numerous Americans including her role as a journalist at the Pew Research Center and a policy analyst for the National Women's Law Center and an instructor at a college. Amanda earned a doctorate from The Ohio State University.
Updated Dec 19 2022
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A good credit score is essential for a variety of reasons, including the possibility of obtaining credit accounts or contracting for cell phones. In many cases, you'll need credit in order to lease an apartment. Do not be afraid to ask your landlord if they have a particular credit score requirement before you spend time or money applying.
No credit homes tend to be located in low or rural populations than in big cities with lots of competition mean that landlords face more demanding requirements.
The reason landlords usually require a credit check in order to lease an apartment
The majority of landlords employ a combination of background and credit checks to determine a potential tenant's ability to pay rent regularly punctually. While these measures don't tell the complete story about a person's financial situation but they are among the most frequently used tools to assess the risk and protect the landlord.
If you are looking over you credit score, landlords are likely to be looking for signs such as previous bankruptcy or expulsions or late payments. A history of large debts or of collections might be indications of trouble.
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How do I find a place to live with little or no credit
If you do not have a credit history yet -- or your credit is lower than you'd like -- there are some methods to get around this and (hopefully) be accepted.
1. You can rent from an individual owner, but beware of frauds
The majority of apartment complexes and management businesses require an . However, some individual owners will allow you to rent without established credit.
Usually, landlords still ask you to prove your income stability. Apartments are rented only within the area your budget, even if it is possible to get approved for an expensive property.
And be cautious of listings that advertise no credit check apartments that seem too good to be real. There are a few indicators that indicate renting listings are scam, according to the Federal Trade Commission include:
A rental owner asking for a security deposit or the first month's rent, before you've signed a lease or visited the apartment.
The owner of a rental property says they're out of the country but has someone acting on their behalf to arrange for you to get the apartment. Don't transfer money to another country and be cautious when you're unable to meet an individual or visit the property before making a decision.
A rental owner wants you to wire them money. A wire transfer is similar to handing over cash. You can't return it.
2. Offer to move in right away
A few empty homes is costly for landlords. They must pay for the utility bills and mortgage without compensation in the form of rent. Because of this -- especially if you reside in an area where rental demand is low- you may be able to rent a house without a credit history when you are able to move in immediately.
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3. Document your income or savings balance
In the event that you do not have a solid credit score, you could be approved if your earnings is stable and can pay for the cost of rent. It's generally recommended that you limit your rent to less than one third of your income from your home, so if you make an average of $3,000 per month, it's best to consider apartments that have rents that are less than $1000. Remember that as rents for median homes increase, it's not always feasible to adhere to this guidelines. But try your best to find a place that has a monthly rental that is .
If you do not have a steady income, a substantial savings balance could be enough. The amount of money you need to save will vary according to the management or apartment complex company, but in the ideal case, it should cover at least a month of rent payment.
4. Pay a couple of months' rent in advance to secure the deposit
Landlords are more likely to lease for you when they've got the rent funds in the bank for a couple of months. By making payments of two to three months upfront, your landlord won't run the risk of not making a payment, at least for a time. It is important to ensure that the payment is well documented, so that you can claim your money back when you reach the conclusion of your lease.
5. Provide reference letters
Show your credibility by providing references from former employers, teachers, or professors. It is generally believed that those who are accountable at work and school tend to be accountable in their spending. These reference points to your character are a great way to show you're a hardworking and responsible person who will not pay rent late.
Be aware of how your credit score is scored
Check your score for free and the factors that impact it, and get insights into ways to keep building.
6. Offer to start out month-to-month
By signing a three-month lease or going on a month-to-month basis your landlord may decide to not renew you for a longer term if you aren't paying. Of course, you're sure you'll always pay your rent in time however, you must demonstrate that to your landlord by proving a track record of on-time rent payments.
7. Get a co-signer or a roommate with a strong credit score
If there's no alternatives, consider asking a close friend or family member with good credit to sign for you. Be aware that if the person accepts the co-signer, you will be held accountable in the event that you don't complete the payment in a timely way. To keep your relationship solid, you must make your payment in the full amount and promptly.
It's also a good idea to look into an roommate. If your potential roommate is creditworthy that could boost your chances of being able to rent an apartment. Sharing rent will help your budget.
Strategies to build credit
If you don't plan to move right away or if you're having trouble finding a place to live It's not a bad idea to get started .
Request an secured credit card. These types of cards require users to put down a cash deposit before the account is established. The amount of the deposit is equivalent to the credit limit of the card If you deposit $250, then that would be the credit limit, too. The best secured cards allow you to upgrade to a non-secured card which doesn't require deposit, so be sure to conduct the research prior to submitting.
Ask anyone you trust to see if you can be added to their credit card as an . It will not be a burden for making payments and will benefit from having more credit, which will reduce your usage and boost your credit score.
Take out the money from . The lender, typically a credit union or small lbank, holds the full amount until you pay over time. Once you've paid the loan in full, you get the full amount. This kind of loan helps you build a history of on-time payments as well as accumulating funds to be used for an emergency or for other goals to save.
Credit can be obtained for rent and utility payments. This can assist in getting you credit scores to be reflected in rent payments. Using allows your utility and rent payments to be credited towards your credit score at the credit bureau. The key is making sure that all your payments are in time so that you can get credit and increase your score.
The authors' bios: Erin El Issa is a credit cards expert and a writer for studies at NerdWallet. Her work has been highlighted on USA Today, U.S. News and MarketWatch.
Tiffany Lashai Curtis is a lead writer on the personal finance team. She has over 5 years of experience in reporting on issues that affect marginalized communities.
Amanda Barroso covers consumer credit and debt for NerdWallet. She was previously employed at the Pew Research Center and earned an honorary doctorate from The Ohio State University.
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