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. During employment evaluation our credit scores are also analyzed and also when a business partner is determining whether one is fit to partner them in different business. 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. The fact that landlord is keen on one’s credit score does not mean that a person with poor credit score cannot afford to rent a house as they can employ the following ideas to secure a lease or an apartment.
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. 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. The the landlord may consider such agreements as the person cosigning the lease agreements commits to paying any liability on behalf of the tenant such as unpaid rent or damages.
It is also advisable that one is straightforward with the landlord from the start where you can provide information about your credit situations thus building trust. 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. Many people have found themselves in bankruptcy due to situations which they couldn’t control such as sudden medical condition or illness or job loss. It is better to inform the landlord in advance rather than let the find out 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. One can also offer a bigger security deposit which may see the landlord having a change of mind. Another option will involve sharing the house with an individual with better credit scores. One will not therefore need to sign the lease contract as the other tenant signs it.
To secure a house one needs to convince the landlord where they can offer to sign longer contracts or bigger deposit amounts, and also they can attach a referral from the previous landlord.
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