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Renting an Apartment Despite Poor Credit: Finding Alternatives and Polishing a Credit Report

© Regina Ludes

Poor credit doesn't have to stop you from renting an apartment. By demonstating responsibility, good faith and offering to pay larger deposits or guarantee a co-signer and reference, you can still find an apartment or condo despite your credit situation.

Recovering from Poor Credit Ratings

1. Have someone be a co-signer on the lease agreement. The co-signer shares the responsibility with the renter for making sure the rent is paid on time. Think of the co-signer as insurance or a promissory note that lets the landlord know that the rent will be paid either by you or the co-signer, regardless of the circumstances.
2. Rather than pay one month's security deposit, offer to pay two months. Often this is a good faith gesture to the landlord showing your willingness and ability to pay rent.
3. Offer to pay additional rent each month, say 5 or 10 percent over the requested rent. Again this gesture shows the landlord that you are willing and able to pay for the apartment. Just be sure you are truly able to pay the amount you promised. Do not promise more than you can deliver. 
4.  Provide references from previous landlords. If you were quiet and neat, took good care of the apartment, and had few problems with previous landlords, you will likely receive favorable comments from them. A good reference from a former landlord may offset any negative impression you might present with your shaky credit history.
5. Offer to provide some maintenance or housekeeping service in the apartment building, such as washing windows, mowing the lawn, or vacuuming the hallway carpeting. The landlord may be willing to give you a discount on rent in exchange for these services.

Not all landlords will be open to these ideas. If so, it is probably best to move on and find a landlord who is more flexible.

Keep Your Credit Report Up-to-Date

Credit experts suggest obtaining your credit report and reviewing it for accuracy at least once a year. Before you even begin your apartment search, obtain a copy of your credit report from a source such as Equifax or Transunion. Review it for any possible errors or omissions and contact the credit bureau immediately if you notice any incorrect information. You will need to provide the bureau with written proof that the information has been corrected so your record can be updated.

If you find any outstanding debts on the report that perhaps you had forgotten about, clear them up as quickly as possible. Contact the source where the debt exists; once the debt has been paid, you will receive legal documents showing that the debt has been cleared. Be sure to send a copy of these legal documents to the credit bureau so they can update your record.

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