Bankruptcy and Home Rentals: A Guide
In any financial situation one area that has been under intense scrutiny is the credit scores where they are analyzed even when one is seeking loan approval. The analysis is also carried out during employment evaluation or when a business partner is deciding whether to carry out business with us. It, therefore, explains why most people are striving to maintain a solid credit score to have a good financial reputation. Scrutiny on one’s credit score has also extended to the landlords who are keen on one’s financial reputation to ensure they avoid leasing their houses to risky tenants. But it is possible for one to rent a house even when they have a poor credit score and here are ideas on how to rent a house having financial difficulties.
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. 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. When a friend or family member are enlisted, and they cosign the lease agreement they accept liability where they are to pay any unpaid rent or damages on behalf of one.
Before a landlord can provide a house for rent to anyone they need to be convinced that one is trustworthy and thus to help such a situation one needs to be straightforward when they are seeking a house about their financial status. 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. Not everyone finds themselves in a bankrupt situation or having poor credit scores due to factors they had control over. Informing the landlord of your financial status is better than letting them find it 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. Another option is where one offers a bigger security deposit even when they have poor credit scores. Sharing a home with another tenant who has a better credit score is also an option. Whether it is partner or a friend if they have a better credit score they sign the lease agreement and also an agreement between them and you.
When one is applying for a house they should ensure that their applications stand out where there are different ways such as offering to sign longer contracts, offering bigger deposits as security and also attaching referrals and recommendations.