Are you looking apartments for rent, but without a credit check? It is possible to work around the problem. Getting independent from your parents and finding a new place to live is generally a tricky thing. And if you want to rent an apartment in a nice area of the city but without a credit check, it can be a more significant challenge. But it is not impossible. Keep in mind that, in that case, the apartments will only be available for a few days since the demand is usually higher than the supply.
So it is not surprising that landlords and real estate agencies carefully study each candidate. Also, they request a check of their credit score. And it is that this simple practice will allow them to discard applicants who do not inspire confidence or who cannot pay the rent at the end of the month.
Does this mean that those without a credit history cannot afford rental housing? Not necessarily. Remember that everyone should look for their first home at some point and if they can find it, so can you! Find out how and get ready to move.
How to rent apartments without a credit check?
Be transparent with your income
The fact that you do not yet have a credit history does not mean that your profile as a candidate is not attractive. If you can prove to the apartment owner that your monthly income is enough to pay the rent and, in addition, take care of the maintenance costs, you will have a foot in it.
To make sure you don’t get turned down, check that your total income is more than three times your monthly rent. If you can spend a third of your monthly rent on rent, you will be as splendid an applicant as anyone else.
Do you want to try this idea? So, gather the last three pay stubs from your job and attach them to the application. If you wish, you can reinforce your credibility by adding a statement from your savings account.
Find a cosigner
The best way to get a great apartment at a reasonable price when you don’t have a credit life yet is to find a responsible person with an excellent rating to sign with you. If you are too young and propose this to the landlord, you may earn some points because an adult will support you not to cover the rent.
However, be careful! Remember that if you do not pay, the legal responsibility will fall on the cosigner of the contract. That is why you must be realistic and choose a property that fits your budget.
Find an owner who acts on your own
Condominiums, property managers, and real estate agencies are often very wary of rental applicants. But don’t let that put you off! If you are looking for an apartment for rent managed by its owner, you will have a considerable advantage.
Keep in mind that landlords tend to be more flexible than businesses, so dealing directly with the landlord would increase your chances of moving soon.
Offer to move in immediately.
Rental properties are challenging to maintain when empty. Remember that if you did not have a tenant, the owner would bear all maintenance costs. And that’s not all: if the property were constituted as collateral, for example, for a mortgage loan, each monthly payment would come out of the owner’s pocket, as well as property taxes and any repairs you need.
In conclusion, not taking advantage of an apartment’s profitability for rent is a big mistake, and the owners know it. This landlord’s weakness could be your strength: If you offer to move out right away, the landlord may be tempted to sign the lease. It is so much that you may rent the apartment without even getting a credit check.
Get the perfect roommate.
A great way to get a no-credit-check rental is to share a home with good credit and a steady income. And, in that case, the savings, income, and history of both will be combined into one, increasing the chances that the owner will step forward and rent to them.
Of course: you have to make sure you fulfill your part of the contract. Since, otherwise, you would be not only affecting your credit score but also your friendship.
Consider a short-term rental.
Although the standard term of the rental contract is one year (especially if the landlord and tenant do not have a long-term relationship), nothing prevents you from negotiating a shorter contract. This move could be beneficial to both:
The owner wants to find someone who inspires confidence. If you sign a three-month contract, for example, you will have the time to prove that you are.
Signing a short-term contract is also an opportunity for you, as you will see what life is like in the area and if the maintenance costs are within your budget.
If there are no problems during the three months of the contract, you can negotiate with the owner a nine-month extension to end the year. Just remember to keep up with payments, just like you did during the trial period.
Ask your friends and employers for references.
Most landlords request contact information from previous landlords and employers to verify that a candidate is a trustworthy person. But you have the opportunity to go the extra mile by asking your friends, colleagues, and employers for a written recommendation. Having the support of employers (or even your college professors) is a great way to show that you are someone you can trust.
Offer to pay a few months in advance.
One of the easiest ways to rent your first apartment without a credit check is to offer to pay a few months in advance or give a guarantee higher than what the owner asks for. That would be an excellent way to show the owner that you are a serious, responsible person with enough savings.
Talk to him and explain your situation.
Many homeowners need applicants to attach a letter to their application explaining why they do not have a credit history. So if there’s an understandable or legitimate reason why you don’t have yours yet, write an explanatory letter, attach it to your application, and ask to speak to the landlord.
As you can see, renting an apartment without a credit check is not an impossible mission. However, this is not to say that it is not good to start working on your credit score to avoid problems in the future. You think that having good credit is very important, whether it is buying a car, applying for loans, accessing lower APRs, or renting an apartment.
Not sure how to rent apartments with no credit check?
It’s simple: talk to a bank agent and ask how you can apply for a secured credit card, even if the limit is low. That will be a great way to start building your credit without risks or headaches.
What are the factors that usually put tenants at a disadvantage during this hectic period of housing search? Have several children or a pet, display an exotic name (for those who doubt the phenomenon of systemic racism, I invite you to look for accommodation with the first name Mohamed, you will change your mind …), be a smoker. But the worst downside has a bad credit score.
Quick reminder: the credit score is a rating assigned to you by credit reporting agencies based on your credit report. The latter is made up of two agencies, Equifax and TransUnion. The more disciplined they see you, the better your rating will be.
The score varies between 300 and 900, 900 being the perfect score. According to Equifax, if your score is below 560, your credit is terrible.
Virtually every homeowner these days conducts a credit check.
Some newly arrived immigrants are exceptionally creditworthy, but their records are blank, which puts them at a disadvantage. If you declared bankruptcy three years ago, but you are again solvent, despite a high income. Or you will be at a disadvantage in the credit check.
FAQ on No credit check apartments for rent
1. What is a credit score?
Your credit rating is calculated based on the use of your money, mainly your credit cards and bank loans. The better you manage your money, the more credit card you have and, therefore, a higher credit limit if you pay your bills on time… all this contributes to your credit score.
But to have a credit score, you need seniority in the United States, especially a Social Security Number (SSN).
2. What is a Social Security Number (SSN)?
It is the unique identity number of everyone who lives legally in the USA. And it all starts with the SSN. So first thing to do when you land in the US: ask for your SSN!
It is the SSN that will unblock part of your situation. It will allow you to start a lot of administrative procedures. Without a Social Security Number, you don’t know if you are legal in the territory, and therefore you won’t be able to do much without it. Once requested, it takes 2 to 3 weeks to receive your security card with our number printed on it.
3. How is rent paid in the US?
In the United States, you pay in cash or by bank transfer. Finally, regarding the signing of the contract, we want to point out that the drafting will be carried out by a registered lawyer in the city where you are going to rent.
4. What can I do if I don’t have an endorsement?
Acquire a surety with a surety.
One option is for the potential tenant to acquire a bond with a surety company endorsed by the National Insurance and Bond Commission. That is a contract that serves the landlord. He can fulfill the obligations that he acquires from the tenant.
Conclusion on No credit check apartments for rent
Some owners will agree to hire you if you present a letter from your employer confirming your seriousness. Your professionalism … and your salary. A recommendation from a previous owner will often do the trick.
You can ask a loved one to co-sign your lease. The latter then guarantee you personally. If you stop paying rent, damage the accommodation, or leave without notice. It will be forced to pay for you. We have seen friendships come to an end and families tear apart over these issues.