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7 Tips for Getting an apartment without a credit Check

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7 Tips to Get an Apartment Without a Credit Check

Try offering references, finding a roommate, paying an additional deposit, and working directly with an individual property owner.

By Erin El Issa Senior Writer Data analysis, personal finance credit cards Erin El Issa writes data-driven studies about personal financial matters, credit cards, investment, travel, banking and student loans. She loves numbers and aims to simplify data sets in order to assist consumers in improving their finances. Prior to becoming a Nerd in 2014, she was an accountant for tax and freelance personal finance writer. Erin’s work has been cited in The New York Times, CNBC as well as the «Today» show, Forbes and elsewhere. In her spare moments, Erin reads voraciously and struggles to keep up with her two children. She is based in Ypsilanti, Michigan.

, Tiffany Curtis Lead Writer Health and Wellness Tiffany Lashai Curtis is a chief writer for the core Personal Finance team within NerdWallet. The former health editor for Livestrong.com as well as a freelance journalist for magazines such as Refinery29, Business Insider and MTV News, where she focused on issues that affect marginalized communities. In her role as a health facilitator she has led discussions with organizations such as Planned Parenthood and Harvard University. She is based in Philadelphia.

and Amanda Barroso Lead Writer | Budgeting, credit scoring, personal financial planning Amanda Barroso is a personal finance author who was a part of NerdWallet in 2021 and focuses on credit scoring. She has also written data-driven studies and has was a contributor to the NerdWallet’s «Smart Money» podcast. Prior to joining the team, Amanda was a journalist for over a decade focusing on issues that concern the majority of Americans as well as her role as a journalist for the Pew Research Center, a policy analyst at the National Women’s Law Center and a college professor. Amanda earned a doctorate from The Ohio State University.

Jan 31, 2023

The edit was done by Kirsten VerHaar, Senior eBay, Yahoo! Kirsten VerHaar works as an editor for personal finance, with an English literature degree from the University of Colorado Boulder. In the past she was the chief editor for eBay as well as a manager of a team of writers who wrote about eBay’s content team across the globe. She also wrote for Yahoo. In the years since joining NerdWallet at the beginning of 2015 she has covered issues as diverse as vacuums (yes they really exist!) budgeting, as well as Black Friday.

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A strong credit history is crucial for many reasons. This includes acquiring credit accounts or cell phone contracts. Often, you also need credit in order to lease an apartment. Don’t be afraid to ask your landlord if they have a specific credit score requirement prior to deciding to invest time or money in applying.

No credit apartments tend to be found in rural or low population areas than large cities with lots of competition means landlords can face more demanding requirements.

The reason landlords usually require a credit check to lease an apartment

Most landlords rely on a mix of credit checks and background tests to evaluate a potential tenant’s ability to pay rent regularly in time. Although these checks don’t reveal a person’s whole financial story but they are among the most commonly used tools to assess liability and protect the landlord.

When you check the credit reports of your clients, lenders are likely to be looking for signs such as previous bankruptcy or evictions or a history of late payments. A history of large debts or of collections could also be red flags.

How do you rent an apartment with a low or no credit

If you do not have a credit history yet or your credit score is lower than you’d like — here are several options to overcome this and (hopefully) be approved.

1. You can rent from an individual owner However, beware of frauds

The majority of apartment complexes and management companies require a . However, some private owners will allow you to rent their apartments without establishing credit.

Generally, these landlords will ask you to show that you have a stable income. You can only rent apartments within the city , even if you can get approved for an expensive property.

Beware of advertisements that advertise no credit check homes which appear too appealing to be true. There are a few indicators that indicate the rental listings are a scam, as stated by the Federal Trade Commission include:

A landlord who is asking for security deposits (or the initial month’s rental) in advance of when you’ve signed the lease or visited the property.

The owner of the rental claims that they’re out of the country, but has someone working on their behalf to arrange for you to get the apartment. Don’t send money overseas and be cautious in the event that you are unable to meet someone or see the apartment before committing.

A rental owner will ask you to wire money. A wire transfer is the same as handing over cash. However, you aren’t able to get it back.

2. Offer to move in immediately

The burden of having empty units is costly for landlords. They must pay for the mortgage and utilities without receiving any compensation in the form of rent. Due to this particularly if you reside in an area with very little rental demand you might be able rent a house without credit history if you’re willing to move in immediately.

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3. Prove income or savings balance

Even if you’re not able to establish a solid credit score, you might be considered if your income is stable and can cover the cost of rent. It’s recommended to keep rent expenses to less than one third of your earnings from taking home pay If you earn $3,000 a month, you should consider apartments that have lower monthly rents of less than $1000. Keep in mind that as rents for median properties increase, it’s not always possible to stick to that guidelines. Try to locate a property with a monthly rental that is .

If you do not have a stable income, a high savings balance may suffice. The amount of money you need to save will vary dependent on the management company, but in the ideal case, it should be sufficient to cover a few months of rent payments.

4. A couple of months’ rent in advance for a deposit security

Landlords are more likely to lease your property if you have rent in the bank for a couple of months. If you pay for two or three months in advance the landlord will not run the risk of you not paying, at least for a short period of time. Make sure this payment is properly documented so you can get it back at the end of your lease.

5. Provide reference letters

Show your credibility by providing references from past employers, professors or teachers. The general assumption is those who are responsible in their work and at school tend to be accountable when it comes to their finances. These character references are a great way to prove that you’re a dedicated and responsible person who will not pay rent late.

Find out how your credit is evaluated

See your free score and the factors that influence it, and get suggestions on how to continue building.

6. Offer to start out month-to-month

If you sign a lease for three months, or going month-to-month the landlord has the option to not renew your lease for a long-term lease when you’re not making payments. Of course, you’re aware that you’ll always pay your rent in time, but you have be able to prove it to your landlord with the proof of on-time rent payments.

7. Get a co-signer or a roommate with strong credit

If you have no alternatives, you can ask your close family member with good credit to sign on your behalf. Be aware that if the person agrees, should you not pay it on time way. To ensure that your relationships remain intact, always make your payment promptly and in full.

It’s also a good idea to consider finding your roommate. If your prospective roommate is creditworthy, it could help increase your odds of getting an apartment. And sharing rent costs will aid your budget.

Strategies to build credit

If you’re not planning to move in the near future or if you’re having trouble getting an apartment It’s not a bad idea to take a look .

You can apply for secure credit cards. These cards require the user to put down a cash deposit when the account is opened. The deposit is equal to the card’s credit limit -If you deposit $250, then that will be your credit limit as well. The best secured cards permit the possibility of upgrading to an unsecure card that doesn’t require a deposit, so do your research before applying.

Ask anyone you trust to see whether you could be added to their card as an . You won’t be responsible for paying bills and benefit from having more credit, which will reduce your usage and boost your score as a result.

Take out the money from . The lender, typically a credit union or small lbank, holds the full amount as you make repayments over time. When you’ve paid back the loan in total, you receive the lump sum. This kind of loan can help you build a history of on-time payments while accumulating funds that can be used for an emergency or for other goals to save.

Credit is available for rent and utility bills. can help get you credit scores to be reflected in the rent you paid. This allows your rent and utility payments to be credited towards your credit score by the credit bureau. It is important to ensure all your payments are on time to get credit and build your score.

The authors’ bios: Erin El Issa is an expert on credit cards and studies writer at NerdWallet. She has had her work featured on USA Today, U.S. News and MarketWatch.

Tiffany Lashai Curtis is a leading writer for the team for personal finance. She has more than 5 years of experience reporting on issues that affect marginalized communities.

Amanda Barroso covers consumer credit and debt at NerdWallet. She previously worked at the Pew Research Center and earned her doctorate at The Ohio State University.

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