With a blemished credit score, you might think you’re in the clear when it comes to renting. However, just because you have a flawless rental history and no evictions doesn’t mean you won’t get denied for a rental property based on your credit score. As we explore how your credit influences your rental ability, and how to overcome this challenge, ensure you protect your dwelling with a Ypsilanti Renters Insurance policy.
Get familiar with your credit score.
Check your credit score before you start apartment hunting so you know what’s in your credit history. You have credit reports with the three major credit bureaus and you should check all three of your credit reports since the landlord could check any of them. If you spot any inaccurate information, now’s the time to use the credit report dispute process to have the errors removed. The less negative information you have on your credit report, the better your chance at getting approved for an apartment, explains The Balance.
Prove your income.
Having steady and sufficient income can be enough to offset a less-than stellar credit score. Ensure you make at least three times the rent amount and that you can provide paystubs for the previous three months. This should give your landlord some peace of mind that you can afford the monthly payments.
Get a cosigner.
If you’re struggling to find a landlord who will accept you and your flawed credit, consider getting a cosigner. This person should be a trusted family member or close friend who has good credit and meets the landlord’s financial requirements. Keep in mind that if you default on your rent, the landlord can legally seek the funds from the cosigner, so use other people’s credit more carefully than your own.
About Thayer Innes and Freeman Bunting Insurance Agencies
At Thayer-Innes Insurance Agency and Freeman Bunting Insurance Agency, we strive to protect renters like you with comprehensive packages. We pride ourselves on serving Washtenaw County with affordable and customizable policies. For more information about our products, contact us today at (855) 395-6316.