Introduction
So you decided to apply at your dream apartment in the middle of the city! The layout and the square footage are perfect and you can even make the rent, and then some! You start packing your bags as soon as you apply and then it happens...
The waiting for the approval. One day goes by. Then two days. By the third, you get DENIED because you are trying to rent with BAD CREDIT.
Let's talk about what to do next. With rental prices through the roof, it's super hard to find a place that you can afford, let alone to continuously get denied because of your poor credit score.
I am Victoria The Credit Solutionist, and I have gone through this myself. I also used to be a Property Manager, so some of the tips I'm gonna give you they actually work!
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In this video, you will learn proven secrets to get approved for an apartment with a bad credit score. Despite the common belief that a low credit score means you can't rent an apartment, there are strategies you can use to increase your chances of getting approved for an apartment you'll love. We'll cover the key steps you can take to show landlords that you are a responsible and trustworthy tenant. By the end of this video, you will have a clear understanding of how to get approved for an apartment with a bad credit score
Good luck with your search!
#rentingwithbadcredit #rent #securitydeposit #credit
In this video, we'll discuss:
Can I still rent an apartment with bad credit?
What credit score is required to rent an apartment?
Will bad credit affect my ability to get approved for an apartment?
What are some ways I can improve my chances of getting approved for an apartment with bad credit?
Can I get a co-signer to help me rent an apartment with bad credit?
What kind of fees or deposits can I expect to pay if I have bad credit?
How can I explain my bad credit to a potential landlord?
Are there any government programs that can help me rent an apartment with bad credit?
Can I still rent an apartment with bad credit if I have a good rental history?
Will renting an apartment with bad credit affect my chances of getting approved for future rentals?
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Content
Hey girl, hey, so you decided to apply at your dream apartment in the middle of the city.
The layout and the square footage are perfect and you can even make the rent and then some you start packing your bags as soon as you apply, and then it happens.
The waiting for the approval one day goes by then two days by the third you get denied, because you are trying to rent with bad credit.
Let's talk about what to do next, with rental prices through the roof, it's super hard to find a place that you can afford, let alone to continuously get denied because of your poor credit score.
I am Victoria.
The credit solutionist and I have gone through this myself.
I also used to be a property manager, so some of the tips I'm going to give you they actually work.
Now the minimum credit score to really just get right on through the door with no issue is going to be about a 680.
If you don't have that, then this is the video for you having bad credit, is going to be more expensive, so a very easy way that you can just get rid of all of these.
Denials is just to Simply pay more money, tell them that you will put down a double deposit or you'll pay first and last month's rent.
Okay, listen! If you have to go without a couch for a couple of months after you move in, do it.
If this is a place, you really want to be go ahead and sacrifice assist.
Now, let's talk about some factors on your credit report that you may not know are actually an issue if you have never rented before you're gonna have a hard time actually finding a place, because right now people are defaulting on their rent.
We don't know what your history is going to be like.
This is why Money Talks, okay, so save up before you actually try to make this move.
If you have hardly any credit, that's actually just about the same as having bad credit as well.
So it's going to be hard for an owner or a management company to actually trust you when you get the denial letter, read it because it tells you that you have the right to request further information.
Very few people will actually take this step and the management company knows that.
But if you actually question them- and you want to have a dialogue about it, they will see you a little bit differently and you may just very well get that apartment right.
You want to plead your case.
Okay, now, here's another sneaky Factor, you may not know about you- may be too young and you may be too old.
This is one that they're very sneaky about hiding when you're too young.
They do think that you're going to default on the rent, because you don't have experience paying bills if you're too old and you're on a fixed income.
They plan on raising your rent every year.
So if your income stays fixed, they know that you are not going to be a good candidate for that apartment.
Now, if you're able to prove that and you're able to you know, you can see that that's why they denied you, you might have a fair housing case on your hands baby, because age is a protected class.
Let's talk about your income sources, because money is going to be the name of the game, because you have poor credit, hey good or bad.
Whatever it does doesn't matter, we have to put money on the table.
Okay, did you report all of your income sources? If you just reported your job but you're getting child support alimony? If you do side hustles, if you Uber, you need to report all of those income sources to them.
So they know that.
Not only can you make two times the rent, but you can make three or four times the rent based on your money situation.
Right, A lot of people only give pay stubs when they have a ton of other payment, um types that they receive every single month.
So you need to report everything baby they're, never going to say no to money, here's some more complicated ways.
Okay, we talked about putting cash down finding out why we were denied and all that good stuff right.
If you have a thin credit file, not too much is going on.
Okay, you can get a co-signer.
This is very delicate because if you ever do default, your co-signer, who could be your mother, your dad somebody with really good credit if you default you're gonna now ruin that person's credit score as well, which could really create some bad blood.
So I want you to look at the pros and cons if you're going to be doing a co-signer okay, because that could be pretty pretty dangerous.
Here's an Ace in the Hole that you could possibly try it's up to you if you want to when you write into the corporate office, to plead your case and show all your income and all that good stuff write to the supervisor.
That's the person, that's above the leasing agent, the property manager and all the maintenance men.
This is the person that really knows the money and all that good stuff.
All right so plead your case to the property supervisor.
Typically, at the corporate office now uh here is the last and final thing that you could do and and I've actually done this and it did work you you could tell them that the negative items on your credit report are news to you and that you don't actually know if those are yours or or not, and you're in the process of disputing I actually did that once and the property supervisor that I wrote to this was in Hollywood when I first got my uh apartment, they actually countered by saying okay.
Well, we'll trust you.
If they're in dispute, that's fine but we're gonna call your bluff give us three times the security deposit.
If you really want to live here, y'all I took my happy butt right down the road and ended up getting an apartment the same day with a minimal security deposit.
So sometimes it just depends on where you actually rent from so here is my last recommendation: it's okay to rent private right.
It doesn't have to be a big management company.
You guys drive around your neighborhood that you want to live in.
If you see the red and white for rent signs in the in the yard nine times out of ten, that's a private owner and they're really about helping the people, because at the end of the day your rent is helping pay their mortgage and they probably feel that you will not ever move okay.
So those are my tips for you, guys and I hope.
You found this video helpful if you need help drafting a letter to plead your case.
To one of these companies have no fear.
We got you at PX, Credit, Solutions, Book, a call at mycreditcall.com and get your hot girl summer on in that at downtown apartments.
Sis we got you all right, I, hope you found this video helpful and I'll see you guys on the next one happy renting creative solutionist out.
FAQs
How to Get An Apartment With Bad CREDIT | Never Be Denied Again!? ›
Can You Get an Apartment with a Credit Score of 500? Yes, you can rent an apartment with a credit score of 500 but you should give yourself time to look. You'll need to get creative and consider a higher security deposit, taking over a lease as a subletter, or paying more rent upfront.
Can you get an apartment with a credit score of 500? ›Can You Get an Apartment with a Credit Score of 500? Yes, you can rent an apartment with a credit score of 500 but you should give yourself time to look. You'll need to get creative and consider a higher security deposit, taking over a lease as a subletter, or paying more rent upfront.
What is the lowest credit score to rent an apartment? ›There's no set minimum credit score to rent an apartment, but you'll have the best luck with a score approaching 670. This score is considered “good” according to FICO scoring models. A score lower than 620 could make renting more difficult.
What credit score won't get you approved for an apartment? ›If you have a credit score that's below 620, you will find it more difficult to rent an apartment. You can work around the situation by renting with a smaller landlord, finding a cosigner or guarantor for your rental payments, or getting a roommate.
How can I move out with no credit? ›- Apply for a No-Credit-Check Apartment.
- Rent From a Private Landlord.
- Get a Guarantor.
- Cosign With Roommates.
- Letters of Recommendation.
- Offer to Pay More Upfront.
- Establish Credit With Experian Go. TM
The simple answer is yes. You can rent an apartment even if you have bad credit, but you may need to do some extra work to convince the landlord to accept you as a tenant. Another option is to look for apartment rentals that do not require a credit check at all.
How accurate is credit karma? ›Here's the short answer: The credit scores and reports you see on Credit Karma come directly from TransUnion and Equifax, two of the three major consumer credit bureaus. The credit scores and reports you see on Credit Karma should accurately reflect your credit information as reported by those bureaus.
Which FICO score do landlords use? ›It's up to the preference of the landlord, but they may check either your FICO score or your VantageScore (but probably not both). FICO scores tend to be more commonly used.
What is an OK credit score to rent? ›Most individuals or companies renting an apartment want credit scores from applicants to be 620 or higher. People with credit scores lower than 620 may indicate a high risk of default on rent owed.
How can I build my credit fast? ›- Request Your Free Credit Reports. ...
- Verify the Contents of Your Credit Reports. ...
- File a Credit Report Dispute If Errors Are Present. ...
- Pay Your Bills on Time — Every Time. ...
- Become an Authorized User on a Credit Card. ...
- Pay Off Debt and Accounts-in-collections Quickly.
How strict are apartments on credit score? ›
2) The Standard Requirement is 620 and Above
The average accepted credit score for a rental can vary greatly depending on the region, the property, and even your preferences. A good starting point for many landlords conducting a tenant screening seems to be at around a 620 or above to be eligible for consideration.
Most apartment complexes and management companies require a credit check. However, some individual owners will let you rent without established credit. Generally, these landlords will still ask you to prove income stability.
Which credit score do most apartments look at? ›Most landlords use FICO credit scores to determine if an applicant qualifies for an apartment. The typical categories for those scores are: Exceptional: 800 to 850. Very Good: 740 to 799.
Can I borrow money to move out? ›If you don't have the cash to pay for your moving costs upfront, a moving loan may be a good option. Also known as a relocation loan, a moving loan is an unsecured personal loan used to cover a variety of relocation or moving expenses.
Should I get out of debt before moving out? ›Keeping Debt Under Control
If you have huge debts, it doesn't make much sense to move out and rent your own apartment. Ideally, you want a debt-to-income ratio of no more than 43%. In the best case, it will be less. Make a goal for ending your debt, and then determine the day you'll move out of the area.
It's said that you can get an apartment if you have a good credit score, even if your roommate has bad credit. However, it's advisable to only get a roommate with a good credit score to avoid situations of unpaid rent or your roommate not paying for essentials that you both need.
What is the lowest credit score to rent a house? ›Generally, most landlords require applicants to have a credit score of at least 620 to be considered for rental housing. This means that if your FICO score is lower than 620, you may be denied an application or asked for additional security deposits or co-signers before being approved.
Can I rent with a credit score of 300? ›Credit scores range from 300 to 850, and a credit score of 700 or above is generally considered good. With proof of income, a valid photo ID, and a good credit score, a renter should be able to apply for an apartment without difficulty. However, if your credit score is below 700, you might find renting more difficult.
How much credit you need for an apartment? ›“Each landlord is different, but most landlords and property managers look for a credit score above 600,” Fluegge says. FICO® and VantageScore® credit scores typically range from 300 to 850. An applicant with a higher credit score might be considered to have shown a pattern of managing their finances responsibly.
Can paying off collections raise your credit score? ›And if you have multiple debt collections on your credit report, paying off a single collections account may not significantly raise your credit scores. But if you have a recent debt collection and it's the only negative item on your credit report, paying it off could have a positive effect on your score.
How many points is Credit Karma usually off? ›
In some cases, as seen in an example below, Credit Karma may be off by 20 to 25 points.
What app has the most accurate credit score? ›myFICO: Best App for Monitoring Your FICO score
myFICO is the credit score and credit monitoring app provided by the same company that gives your FICO credit score. In addition to being a credit monitoring service, they also offer identity theft insurance, identity restoration, and identity monitoring.
TransUnion gives landlords an easy-to-understand residential score that helps them determine if the potential tenant is a risk for skipping out on a payment or leaving the property in disrepair. Experian can help landlords get a complete view of prospective tenants and predict future rent-payment information.
What is the average renter FICO score? ›Most landlords are looking for a score somewhere between 600 – 650 since renters don't have the credit history of making mortgage payments to boost their credit score.
What raises credit score? ›Factors that contribute to a higher credit score include a history of on-time payments, low balances on your credit cards, a mix of different credit card and loan accounts, older credit accounts, and minimal inquiries for new credit.
How fast can you build credit? ›It usually takes a minimum of six months to generate your first credit score. Establishing good or excellent credit takes longer. If you follow the tips above for building good credit and avoid the potential pitfalls, your score should continue to improve.
Do apartment credit checks lower your score? ›Since most credit checks for renting are considered soft checks, they won't negatively impact your credit score. The FICO® credit-scoring model, one of the most popular credit scores, ignores inquiries made within 30 days of scoring.
How is rental score calculated? ›How is my rental score determined? Rental scoring systems assign points to certain factors identified as having a statistical correlation to future financial lease performance. Your rental score results from a mathematical analysis of information found in your credit report, application, and previous rental history.
How to get your credit score up 100 points in 30 days? ›- Check your credit report. ...
- Pay your bills on time. ...
- Pay off any collections. ...
- Get caught up on past-due bills. ...
- Keep balances low on your credit cards. ...
- Pay off debt rather than continually transferring it.
- Add Rent and Utility Payments. Your credit report and score are meant to help demonstrate whether you can manage money responsibly. ...
- Pay Down Debt. ...
- Keep Utilization Low. ...
- Pay Bills on Time. ...
- Get a Secured Credit Card. ...
- Get a Credit Builder Loan. ...
- Become an Authorized User. ...
- Dispute Errors on Your Credit Report.
What is the 609 loophole? ›
A 609 Dispute Letter is often billed as a credit repair secret or legal loophole that forces the credit reporting agencies to remove certain negative information from your credit reports.
What hurts the credit score apartment payment? ›Your landlord could send the debt owed to collections.
A late payment on your credit report can have a significant negative impact on your credit score. However, a collection account can damage your credit score even more because it indicates that the debt has been past due for a while.
In the majority of states, employers can deny you employment if you have bad credit. Some states and cities have passed laws that prohibit the practice, though there are some exceptions, such as for jobs in the financial sector.
Does renting an apartment build credit? ›If you regularly pay your rent on time and in full, you can have your good payment history reported to credit bureaus to help raise your credit score through a rent-reporting service.
Is Experian credit score accurate? ›Credit scores from the three main bureaus (Experian, Equifax, and TransUnion) are considered accurate. The accuracy of the scores depends on the accuracy of the information provided to them by lenders and creditors. You can check your credit report to ensure the information is accurate.
What is a soft credit check? ›A soft credit check is when your credit report is pulled but you haven't applied for credit. For example: Insurance companies or potential landlords may look at your credit report to assess risk; potential employers may do background checks.
What is a good resident score? ›What is a good TransUnion resident score? A good TransUnion Resident Score that you can have confidence in ranges from 538 to 850. The ResidentScore report also provides a list of score factors that impacted the numerical value assigned along with a detailed report exploring the prospective tenant's history.
What is FICO score 8? ›The FICO Bankcard Score 8 is a FICO® Score that's created specifically for credit card issuers to help them understand the likelihood that a borrower will be 90 or more days late on a credit card payment in the next 24 months. The score has a wider scoring range—250 to 900—than the base FICO® Score range of 300 to 850.
Do apartments use FICO or Vantage? ›Most landlords use FICO scores, just like most mortgage, credit card and auto loan companies. Vantage has gained some popularity. Yet, FICO is still used in the overwhelming majority of credit decisions.
Can you get an apartment with a 552 credit score? ›Most individuals or companies renting an apartment want credit scores from applicants to be 620 or higher. People with credit scores lower than 620 may indicate they are a high risk renter.
Can I rent with a credit score of 550? ›
FICO® Scores range from 300 to 850, and a FICO® Score above 670 indicates good credit. However, a FICO® Score below 670 doesn't necessarily mean a landlord will reject your rental application outright.
What credit score is used for an apartment? ›Most landlords use FICO credit scores to determine if an applicant qualifies for an apartment. The typical categories for those scores are: Exceptional: 800 to 850. Very Good: 740 to 799.
How to fix a credit score of 552? ›- Check your credit report and score.
- Pay down any credit card debt you have.
- Improve your payment history.
- Avoid opening too many new credit accounts.
- Use a credit repair company.
- Work with a credit counseling agency.
Credit scores range from 300 to 850, and a credit score of 700 or above is generally considered good. With proof of income, a valid photo ID, and a good credit score, a renter should be able to apply for an apartment without difficulty. However, if your credit score is below 700, you might find renting more difficult.
What credit bureau do most rental companies use? ›Credit bureaus
Equifax, Experian and TransUnion offer several credit screening products for the rental market. These services may require an applicant to initiate the check, and generally count it as a soft inquiry, which doesn't affect credit scores.
A late payment can drop your credit score by as much as 180 points and may stay on your credit reports for up to seven years. However, lenders typically report late payments to the credit bureaus once you're 30 days past due, meaning your credit score won't be damaged if you pay within those 30 days.
Does paying rent build credit? ›If you regularly pay your rent on time and in full, you can have your good payment history reported to credit bureaus to help raise your credit score through a rent-reporting service.
Does an apartment build credit? ›Does paying rent build credit? Simply paying your rent will not help you build credit. But reporting your rent payments can help you build credit — especially if you are new to credit or do not have a lot of experience using it.