and a butler always greets you with a glass of wine when you get home.
OK, maybe its just four walls, a roof and a place to plug in your coffee maker.
And youre not the only one: Nearly more thanone-third of Americanshave credit scores lower than 601.
But the magic number landlords are looking for in potential tenants?Its 600 or higher.
No Interest Til Almost 2027?
Balance Transfer = Credit Card Cheat Code
Heres the deal: Renting with bad credit ishard.
But remember issues involving money often putexcessive strainon relationships.
double-check youre able to make the monthly payments before involvingsomeone elsesgood credit.
If you flake out, theyre responsible for covering your rent.
Or, consider going through a company likeAnchor Your Assets.
It charges a fee, but only if youre approved for an apartment.
Now if youve found a guarantor, youre good to go.
Youll find out exactly whatslowering your score, along with some tips on how to pull it back up.
Start with the glaring mistakes, like a bill you know you paid (and have proof!).
Then, pay off some of your easier to manage debts (i.e.
overdue water bills and small medical bills), and work to get out from under those peskycollection agencies.
(Pro tip: you’re free to evennegotiate some things off your credit report entirely.)
Some of the smudges on your credit report will be there a little longer.
Think:big medical billsor loan defaults.
Its a good idea to know exactly what youre dealing with.
Keep These Things in Mind When Negotiating a Lease
Everything is negotiable ifyou negotiate it.
Whats the worst that can happen?
They say no, and you move on.
Call the office and ask what criteria are used for approval, then formulate your plan.
Most places look for good credit (bear with me!)
and take-home pay of roughly three to four times the monthly rent, so have those paystubs ready.
Letters of recommendation will prove to your landlord that youre serious about being a responsible renter.
Or, consider starting with a month-to-month, three- or six-month lease.
Some landlords will be willing to take the risk for a higher price.
Cities are competitive competitive jobs, competitive parking and competitive housing.
Apartment complexes have to have a system for narrowing down potential tenants.The easiest decision maker?
Besides, there are plenty of ways to make the commute sting less, likemaking money by carpooling.
Finding a Roommate Could Be the Answer to Your Renting Woes
I know, roommates are the worst.
In most cases, youll be able to move right in no credit check required.
Either way, your roommate is trusting you to pay your rent, even if theres no contract.
(Yep, even if youre family.)
Some Apartments Dont Check Credit
If all else fails,there are apartment complexes that dont check credit scores.
While these may be outside of your target area, theyre worth considering.
Youll be able to nail down a lease with just your direct deposit history and those letters of recommendation.
If youre near a college town, look into university-affiliated housing.
These places often dont request a credit check because most students dont have any credit at all.
Theyll be serious about your proof of income, though!
Budget Extra Time for Your Search
Start apartment hunting yesterday.
Your search is going to take some extra legwork and consequently, some extra time.
And if we know one thing as side-hustlin Penny Hoarders, its that time is money!
Focus onpaying off your credit card debtand consider taking on aside gigto help you meet yourfinancial goalssooner.
And one final tip: Ask to have your rent payments reported to the credit bureaus.
Your landlord might already be prepared to do this, but if not, you cando it yourself.
Be careful though if youdofail to pay the rent, it will only bring your score down further.
Your Turn: Have you ever had trouble renting an apartment because of your credit score?
Disclosure: You wouldnt believe how much coffee The Penny Hoarder team goes through.
This post contains affiliate links so we can keep the grinds stocked!
Grace Schweizer is a junior writer at The Penny Hoarder.
And yeah, she likes her coffee.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
