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. With a bid to eliminate risky tenants when leasing a home or an apartment, landlords are also keen on the individual’s financial reputation by reviewing their credit scores. When one is having a poor credit score it does not mean they are completely locked out of renting a house but the following ideas are useful when one is out to seek a house to rent.
In the event of one being unable to secure a house for rent due to poor credit score they can seek a helping hand from a friend or a family member where they are enlisted in the lease agreement. Enlisting a family member or a friend who has a stronger a credit score they can help you increase the chances of one securing a house that requires a comprehensive credit check done by the landlord. 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. When applying for a house through a rental application or when one meets the landlord in person it is advisable that one is honest about their credit scores and financial situation. 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 may also promise to pay up front where one may promise to pay their rent one month in advance. One may also offer to provide a bigger security deposit which may convince the landlord even when they had initially turned down one due to poor credit scores. One should also consider sharing a house with another tenant who has a strong credit score. One will not therefore need to sign the lease contract as the other tenant signs it.
When applying one should also ensure their application stands out where they can offer to pay bigger security deposit, sign a longer contract or promise to move in ahead of schedule.