One of the things a lot of people avoid but sometimes can’t control is bad credit. Having bad credit can make apartment searching very difficult. Your credit score is very essential because it plays a major role when you want to rent an apartment. Most landlords demand to know the credit scores of their tenants so they don’t rent out to a tenant with bad credit. If your roommate has bad credit, this can pose major problems. Here are a few tips that can guide you.
Be aware of your credit score
This is because the landlords have access to credit bureaus. They check if you are a worthy tenant or a tenant with negative information on your credit score. This check can drastically reduce your chances of getting an apartment. You should know what is on your credit report so that you can correct any errors. You should also be aware of your roommate’s bad credit.
Some sites can help you check your credit score for free. You can use Credit Karma, Credit Sesame, Credit.com, or FreeCreditReport.com.
Get financial recommendation
To avoid situations where your roommate has bad credit, you need to get a financial recommendation before getting a roommate. You need someone to vouch for your roommate’s financial responsibility. This will prevent a situation of your roommate breaking the lease or having to sue your roommate for financial negligence. Your roommate can get someone to vouch for them by contacting their previous or current employers, previous or current landlords, or reaching the bank for a reference letter. Here are some concrete reasons why your roommate has bad credit.
- Unemployment
- Medical bills
- Divorce
Get a roommate with a good credit score
It’s said that you can get an apartment if you have a good credit score, even if your roommate has bad credit. However, it’s advisable to only get a roommate with a good credit score to avoid situations of unpaid rent or your roommate not paying for essentials that you both need. If both of you have good credit scores, it will help you make your payments on time and build your financial credibility for the future. Having no credit and a stable income that is 3 times more than the monthly rent is good. It shows reliability and gets you letters of reference from your former landlords when you need them. If your roommate has bad credit, they can submit any document that shows they are working on repairing their credit.
Make your payments upfront
Sometimes it’s a struggle to get a roommate, and when you finally get one that’s in sync with you, the roommate has bad credit. It is important to note that not all landlords check either your’s, your roommate’s, or both of your credit scores. This, therefore, enables you to provide proof of whomever’s credit score is better to secure the apartment. In addition, if that isn’t the case, you can pay a higher deposit upfront of 3 months. This will show how serious you are. It will show that you can be trusted and will subsequently ease the Landlord’s concerns. Also, the upfront payment helps to avoid your roommate breaking lease agreement.
Prove your worth and improve your credit score
The fact that your roommate has bad credit does not mean they have not been entirely responsible for their finance. Furthermore, a stable income can help fix their credit record and get that apartment for both of you. A stable monthly income, which is at least three times the monthly rent, will be a great indicator to your landlord when you provide solid proof that you can keep up with your payments. It is well known that having no credit is better than bad credit. Well, the first step to improve your credit is to catch up on all of your late payments and pay them in full to avoid additional interests. Sufficient income sometimes offsets a negative credit history.
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