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7 Tips for Getting an Apartment without a Credit Check
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7 Tips to Get an apartment without a credit Check
Consider offering references, obtaining someone to share a room, paying a larger deposit and working directly with an individual landlord.
by Erin El Issa Senior Writer | Data analysis, personal finance credit card Erin El Issa writes data-driven research on personal finance, credit cards, investment, travel, banking and student loans. She is a fan of numbers and hopes to demystify data sets to help consumers improve the quality of their lives financially. Before she became a Nerd at the beginning of 2014, Erin worked as an accountant for tax purposes and freelance personal financial writer. Erin's writing has been featured in The New York Times, CNBC as well as on the "Today" programme, Forbes and elsewhere. In her free moments, Erin reads voraciously and is unable to keep on top of her two kids. Erin is from Ypsilanti, Michigan.
, Tiffany Curtis Lead Writer Health and wellness Tiffany Lashai Curtis is a lead writer for the core Personal Finance team within NerdWallet. The former health writer at Livestrong.com as well as a freelance writer for 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 groups like Planned Parenthood and Harvard University. She is located in Philadelphia.
and Amanda Barroso Lead Writer | Credit scoring, budgeting, personal financial planning Amanda Barroso is a personal finance author that has joined NerdWallet in 2021, covering credit scoring. She has also written data studies and participated in NerdWallet's "Smart Money" podcast. Before joining the team Amanda was a journalist for over 10 years covering issues facing the majority of Americans, which includes writing at the Pew Research Center, a policy analyst at the National Women's Law Center and a college professor. Amanda received a doctorate degree from The Ohio State University.
Updated Dec 19, 2022
Edited by Kirsten VerHaar, Senior Assisting Editor eBay, Yahoo! Kirsten VerHaar edits for personal finance. She holds an English literature degree from the University of Colorado Boulder. In her previous roles as a chief editor for eBay and was in charge of a team of writers who wrote about eBay's global content team. She also wrote for Yahoo. After joining NerdWallet at the beginning of 2015 she's covered subjects as diverse as vacuums (yes it really is) as well as budgeting and Black Friday.
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A solid credit history is important for many reasons. This includes obtaining credit accounts and cell phone contracts. 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 certain credit score requirement prior to you make the effort of applying.
Apartments with no credit are more likely to be located in rural or low population areas than large cities with lots of competition means landlords can have stiffer requirements.
Why landlords typically need a credit score to let an apartment
Most landlords use a combination of background and credit checks to determine a potential tenant's capacity to pay rent consistently punctually. While these tests don't provide the whole story of a person's finances but they are among the most widely used tools for assessing liability and protect the landlord.
When checking the credit reports of your clients, landlords are likely to search for items like prior bankruptcies or expulsions or late payments. A history of large debts or of collections might also be red flags.
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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 isn't as great as you'd like -- here are a few ways to work around it and (hopefully) get approved.
1. Hire an owner who is an individual Beware of scams
Most apartment complexes as well as management firms require the use of a . However, some owners are willing to let you rent without established credit.
Generally, these landlords will still ask you to prove your income stability. You can only rent apartments within the city your budget, even if it is possible to get approved for a more expensive place.
And be cautious of listings of no credit check apartments that seem too good to be true. A few signs that renting listings are scam, according to the Federal Trade Commission include:
A property owner who wants an initial security deposit or the first month's rent prior to having signed a lease or seen the apartment.
The owner of a rental property says they're in another country, but they have someone who is working for them to help you get the apartment. Don't transfer money to another country and be cautious in the event that you are unable to meet someone or see the apartment before making a decision.
The owner of a rental property wants you to wire them money. A wire transfer is exactly the same as giving cash. You can't get it back.
2. Offer to move in as soon as possible
A few empty units is costly for landlords. They must pay for the mortgage and utilities without any compensation in the form of rent. Because of this particularly if you reside in a location with low rental demand -you might be able to lease a property without credit history when you are able to move in right away.
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3. Show proof of savings or income
If you don't have an established credit score, you could be approved if your income is stable and will adequately be able to pay the cost of rent. It's generally recommended that you keep rent expenses to less than one-third of your earnings from taking home pay which means that if you earn an average of $3,000 per month, it's best to take a look at apartments with a monthly rent of less than $1,000. Remember that as the median rent costs skyrocket, it's not always possible to stick to that guideline. Try to locate a property that has a monthly rental that is .
If you don't have a stable income, a large savings balance may suffice. The savings required will vary dependent on the management or apartment complex company, but in the ideal case, it should cover several months of rent payments.
4. You can pay a few months' rent upfront as a security deposit
Landlords are more likely to rent your property if you have the rent funds in the bank for a few months. If you pay two to three months upfront, your landlord won't run the risk of not making a payment, at least for a short period of time. It is important to ensure that the payment is documented so you can get refunds at conclusion of the lease.
5. Provide reference letters
Show your character by providing professional references from former employers, professors or teachers. The general assumption is those who are responsible in their work and at school tend to be responsible with their money. These reference points to your character can demonstrate that you're a diligent, responsible person who won't be late with the rent.
Be aware of how your credit score is scored
Find your free score and the factors that influence it, as well as insights into ways to keep building.
6. Start the month with a month-to-month offer.
If you sign a lease for three months or going from month to month your landlord may decide to not renew your lease for a longer term in the event that you're not paying. Of course, you're sure you'll always pay the rent in time, but you have to demonstrate that to your landlord by proving a history of punctual rent payments.
7. Find a co-signer, or a roommate who has a good credit rating
If you don't have alternatives, you can ask a close friend or family member with good credit to sign for you. Know that this person will be liable is willing to sign, they can cancel your loan if you fail to pay it on time in a timely manner. To keep your relationship solid, you must make your payment in the full amount and promptly.
It's also a good idea to consider finding your roommate. If the person you're considering rooming with is creditworthy this could increase the chances of you getting an apartment. Sharing rent will aid your budget.
Methods to build credit
If you aren't looking to move immediately or are having difficulty finding an apartment It's not a bad idea to take a look .
Request secure credit cards. These cards require users to put down a cash deposit before the account is established. The amount is equivalent to the credit limit of the card -- if you make a deposit of $250, then that will be the credit limit, as well. The most secure cards permit the possibility of upgrading to a non-secured card which doesn't require deposit, so make sure to do your research before applying.
Ask anyone you trust to see if you can be added to their credit card as an . It will not be a burden for paying bills and benefit from the increased available credit, which will lower the amount you use and increase your credit score in the process.
Make the money from . The lender usually a credit union or small lbank, holds the full amount while you make payments over time. When you've paid back the loan in entirety, you'll receive the entire amount. This type of loan helps you build an enviable record of timely payments and accumulates funds that can be used to cover an emergency or for other goals to save.
Get credit to make utility and rent payments. will help you get the credit report to show your rent payments. The use of this method allows utility and rent payments to count towards your credit score from that credit bureau. The most important thing is to make sure that all your payments are in time to get credit and improve your score.
The authors' bios: Erin El Issa is a credit card expert and a writer for studies at NerdWallet. The work she has written for NerdWallet was highlighted on USA Today, U.S. News and MarketWatch.
Tiffany Lashai Curtis is a lead writer on the personal finance team. She has more than five years of experience in reporting on topics that affect communities that are marginalized.
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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