Bankruptcy and Home Rentals: A Guide
One of the most analyzed aspects of anyone in the recent times is their credit scores where they are mostly analyzed when one is seeking a loan approval. During employment evaluation our credit scores are also analyzed and also when a business partner is determining whether one is fit to partner them in different business. It is everyone’s wish that they maintain a healthy credit score and also have a fine financial reputation as it affects many aspects of our life. In the recent times landlord are also keen on digging on one’s credit score where they avoid people who have poor credit score as they are considered a risk. 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.
When seeking a house or an apartment during a period when they have poor credit score they can enlist a friend or a family member. If you enlist a friend or a family member who has a good financial reputation chances of renting a house which requires comprehensive credit check chances of being successful are high. The the landlord may consider such agreements as the person cosigning the lease agreements commits to paying any liability on behalf of the tenant such as unpaid rent or damages.
It is also advisable that one is straightforward with the landlord from the start where you can provide information about your credit situations thus building trust. Whether you are meeting the landlord in person or you are applying through a rental application, it is advisable that you mention your financial status and in doing so one needs to be honest. Many people have found themselves in bankruptcy due to situations which they couldn’t control such as sudden medical condition or illness or job loss. 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 can also offer a bigger security deposit which may see the landlord having a change of mind. Sharing a home with another tenant who has a better credit score is also an option. One will not therefore need to sign the lease contract as the other tenant signs it.
To secure a house one needs to convince the landlord where they can offer to sign longer contracts or bigger deposit amounts, and also they can attach a referral from the previous landlord.