How to Rent a House When You’ve Declared Bankruptcy
Our credit scores are analyzed in almost situation which will involve finances including when we are 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 everyone’s wish that they maintain a healthy credit score and also have a fine financial reputation as it affects many aspects of our life. With a bid to eliminate risky tenants when leasing a home or an apartment, landlords are also keen on the individual’s financial reputation by reviewing their credit scores. When one is having a poor credit score it does not mean they are completely locked out of renting a house but the following ideas are useful when one is out to seek a house to rent.
In the event of one being unable to secure a house for rent due to poor credit score they can seek a helping hand from a friend or a family member where they are enlisted in the lease agreement. 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.
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. Whether you are meeting the landlord in person or you are applying through a rental application, it is advisable that you mention your financial status and in doing so one needs to be honest. Not everyone finds themselves in a bankrupt situation or having poor credit scores due to factors they had control over. Informing the landlord of your financial status is better than letting them find it on their own.
It is possible to convince a landlord if one offers to pay up front such as promising to pay rents one month in advance. Another option is where one offers a bigger security deposit even when they have poor credit scores. Sharing a home with another tenant who has a better credit score is also an option. 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.