Bankruptcy and Home Rentals: A Guide
One of the most analyzed aspects of anyone in the recent times is their credit scores where they are mostly analyzed when one is seeking a loan approval. Our credit scores are also analyzed by potential business partners as well potential employers when we are seeking employment or interested in investing in different businesses. It is, therefore, the wish of every person to maintain a healthy credit score or 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.
If you are interested in renting a house, but you have a poor credit score you can enlist a friend or a family member who will act as a guarantor. If you enlist a friend or a family member who has a good financial reputation chances of renting a house which requires comprehensive credit check chances of being successful are high. 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.
One needs to build trust with a landlord when they are seeking for a house to rent and this is achieved when one outlines their credit scores to the landlord for them to analyze along with an explanation. 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. It is better to inform the landlord in advance rather than let the find out on their own.
One may also promise to pay up front where one may promise to pay their rent one month in advance. One can also offer a bigger security deposit which may see the landlord having a change of mind. One should also consider sharing a house with another tenant who has a strong credit score. One will not therefore need to sign the lease contract as the other tenant signs it.
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.