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7 Tips for Getting an Apartment without a Credit Check
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(image: https://cashwiki.org/files/cash/images/thumb/e/ee/Payday-loan-advance.jpg/400px-Payday-loan-advance.jpg)7 Tips for Getting an Apartment without a Credit Check
Consider offering references, obtaining a roommate, paying a larger deposit as well as working through an individual property owner.
Written by Erin El Issa Senior Writer | Personal finance, analysis of data credit card Erin El Issa writes data-driven studies on personal finances, credit cards investments, travel, and student loans. She loves numbers and aims to simplify data sets in order to assist consumers in improving their finances. Prior to becoming an Nerd during 2014, she was a tax accountant and freelance personal financial writer. Erin's work has been mentioned as a result by The New York Times, CNBC and on the "Today" program, Forbes and elsewhere. In her spare moment, Erin reads voraciously and struggles to keep on top of her two kids. Her home is in Ypsilanti, Michigan.
, Tiffany Curtis Lead Writer Tiffany Lashai Curtis is a chief writer for the core financial team of NerdWallet. Her previous position was as the health editor for Livestrong.com and a freelancer for various publications like Refinery29, Business Insider and MTV News, where she focused on the issues that affect communities with marginalized populations. In her role as a health facilitator, she has led conversations with organizations such as Planned Parenthood and Harvard University. She is based in Philadelphia.
as well as Amanda Barroso Lead Writer | Credit scoring, budgeting, personal finances Amanda Barroso is a personal finance writer that has joined NerdWallet in 2021 and focuses on credit scoring. She also wrote data-driven studies and has contributed to NerdWallet's "Smart Money" podcast. Prior to joining the team, Amanda spent more than 10 years covering issues facing numerous Americans including writing for the Pew Research Center as well as a policy analyst at the National Women's Law Center and a professor at the college level. Amanda earned a doctorate from The Ohio State University.
Updated Dec 19 2022
Edited by Kirsten VerHaar Senior eBay and Yahoo! Kirsten VerHaar is an editor of personal finance, with an English literature degree from the University of Colorado Boulder. In her previous roles, she was a lead editor at eBay, where she managed the writers team that produced coverage for the site's global content team. She also wrote for Yahoo. Since her joining NerdWallet in 2015, she's covered subjects as diverse as vacuums (yes, really) budgeting, as well as Black Friday.
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A strong credit history is essential for a variety of reasons -- including acquiring credit cards or cell phone contracts. In many cases, you'll need credit to rent an apartment. Don't be afraid to inquire with your landlord about whether they have a particular credit score requirement prior to you make the effort of applying.
No credit apartments tend to be located in low or rural populations than in big cities where lots of competition can mean landlords face more demanding requirements.
What are the reasons landlords generally need a credit score to lease an apartment
The majority of landlords employ a combination of credit checks and background tests to evaluate a potential tenant's ability to pay rent in time. While these tests don't provide the whole story of a person's finances but they are among the most widely employed tools to determine liability and protect the landlord.
If you are looking over the credit reports of your clients, landlords are likely to search for items like previous bankruptcies, expulsions or late payments. The presence of large amounts of debt or a history of collections may be red flags.
>> MORE:
How to 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 options to overcome this and (hopefully) be approved.
1. Rent from an individual owner, but beware of frauds
Most apartment complexes and management businesses require a . However, some owners are willing to let you rent with no credit history.
Generally, these landlords will nevertheless require proof of income stability. You can only rent apartments within the city , even if you can get approved for higher-priced apartments.
And be cautious of listings that advertise no credit check apartments that appear too good to be true. A few signs that renting listings are fraud, as per the Federal Trade Commission include:
A rental owner asking for an initial security deposit or the first month's rent before you've agreed to a lease agreement or seen the property.
A rental owner says that they're in another country but has someone who is working for them to set you up with the apartment. Don't transfer money to another country, and be suspicious when you're unable to meet with anyone or view the apartment before committing.
A rental owner asks you to wire them money. Wire transfers are similar to handing over cash, and you can't get it back.
2. Invite you to relocate immediately
Having one or more empty apartments is expensive for landlords. They must pay for the rent and utilities with no repayment in the form rent. Due to this -- especially if you reside in an area that has a low demand for rentalyou might be able to lease a property without a credit history in the event that you can move in right away.
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3. Show proof of savings or income
Even if you're not able to establish a solid credit history, you might be considered if your income is stable and can pay for the cost of rent. It's generally recommended that you limit your rental expenses to less than one-third of your income from your home If you earn an average of $3,000 per month, it's best to consider apartments that have a monthly rent of less than $1000. Keep in mind that as rents for median homes rise, it's often not possible to stick to that guidelines. Try to locate a property with a monthly rent that is .
If you don't have a stable income, a high savings account may be sufficient. The savings required will vary according to the management or apartment complex company, but ideally it should cover several months of rent.
4. You can pay a couple of months' rent in advance for a deposit security
Landlords will be more likely to rent to you if they have the rent funds in the bank for a short period of time. By paying at least two or three months in advance the landlord will not run the risk of not being able to pay, at the very least for a short period of time. Make sure this payment is properly documented so that you can claim refunds at conclusion of the lease.
5. Provide reference letters
Prove your credibility by providing references from past employers, professors , or teachers. The assumption is that people who are responsible at school and work tend to be responsible with their money. These reference points to your character can show you're a hardworking, responsible person who won't be late with the rent.
Know how your credit is assessed
Find your free score and the factors that impact it, as well as suggestions on how to build your score.
6. Offer to start out month-to-month
When you sign a lease that is three months or going on a month-to-month basis the landlord has the option to not renew your lease for a longer period in the event that you're not paying. Of course, you're sure you'll pay rent on time, but you have to show your landlord that you're a good tenant with a solid history of punctual rent payments.
7. Get a co-signer or a roommate with a strong credit score
If you don't have other options, ask an intimate friend or family member with good credit to sign on your behalf. Understand that if this person is willing to sign, they can cancel your loan if you fail to complete the payment in a timely in a timely manner. To keep your relationship in good standing, make sure you pay your payment in full and on time.
It's also a good idea to consider finding a roommate. If the person you're considering rooming with is creditworthy, it could help increase the chances of you getting an apartment. Sharing rent will help your budget.
Methods to build credit
If you don't plan to move immediately or are having difficulty finding a place to live, it doesn't hurt to take a look .
You can apply for an secured credit card. These cards require the user to make 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, that would be your credit limit as well. The most secure cards permit the possibility of upgrading to a non-secured card that doesn't require a deposit, so make sure to do your research prior to applying.
Ask someone you trust to add you to their card to be an . You won't be responsible for paying bills and benefit from having more credit, which will reduce the amount you use and increase your credit score.
You can take out an . The lender, typically a credit union, or a small Lbank, holds the total amount as you make repayments over time. Once you've paid the loan in total, you receive the full amount. This kind of loan helps you build the habit of paying on time as well as accumulating funds to be used to cover an emergency or any other goal to save for.
Get credit to pay for utility bills and rent. This can assist in getting you credit scores to be reflected in rent payments. The use of this method allows utility and rent payments to be counted toward your credit score at the credit bureau. It is important to ensure you pay your bills on time so that you can get credit and build your score.
About the authors: Erin El Issa is a credit card expert and studies writer at NerdWallet. The work she has written for NerdWallet was highlighted by USA Today, U.S. News and MarketWatch.
Tiffany Lashai Curtis is a lead writer on the team for personal finance. She has over 5 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 her doctorate at The Ohio State University.
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