Tips for Renting with Bad Credit

So you need a place to live but your credit isn't score isn't anything to brag about...does that mean no apartment will take you? Nah, there are always apartments that will work with your situation, the question is - which apartments work with bad credit? Answering this question BEFORE YOU put down an application fee will save you a lot of money and a lot of time. Finding that answer starts with knowing your credit score (sometimes called your FICO score) and what it means.

Did you know that you can get 1 free credit report a year that includes scores from all 3 credit bureaus: Experian, Equifax, and TransUnion? It's important not only to know what your current credit score is, but also to ensure that no fraudulant financial activity has occured in your name.

Here's a general idea of how to interpret that score:

700+: Considered very good credit, indicating you are a low credit risk.
620-700: Considered average credit, indicating that you are a reasonable credit risk
580-620: Considered poor credit, indicating that you are an above average credit risk
300-580: Considered extremely poor credit, indicating that you are a high credit risk

Why do apartment complexes check credit? The higher credit risk you are as indicated by your credit report, the more risky apartments believe it would be to rent to you. In the apartment's eyes they are incurring a high risk that they will NOT get paid all rent owed if they lease to you. Is this true? Not always.

There are lots of reasons why people end up with low credit scores, not all of them due to irresponsbility with your finances. Here are few tips regarding how apartment read these reports:

*Some apartments just look at the scores, others look at the lines of trade (line of you open) in addition to the score. Apartments that look at your lines of trade are more likely to consider why you have bad credit then just that you have bad credit.

*Apartments tend to view medical debt or student debt less harshly than other unpaid debt

*If you have bad credit it is important to find an apartment that will consider not just the credit score, but the reason's behind it

Looking for this on your own could take a lot of phone calls, driving around, meeting with leasing agents and describing your situation many times over. A qualified apartment locator can really help you cut down on the time and effort it takes. Apartment locators work with the Austin apartment market every day. They know which apartments look at scores versus listening to stories and which ones are likely to work with your situation and their service is completely free to you!

Need an apartment in Austin that works with bad credit? Call us at 318-2504 today or fill out the form on this page, we'll start a free customized search for you today!

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