How to Rent a House When You’ve Declared Bankruptcy
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. 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. 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. 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.
If you are interested in renting a house, but you have a poor credit score you can enlist a friend or a family member who will act as a guarantor. Enlisting a family member or a friend who has a stronger a credit score they can help you increase the chances of one securing a house that requires a comprehensive credit check done by the landlord. 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.
One needs to build trust with a landlord when they are seeking for a house to rent and this is achieved when one outlines their credit scores to the landlord for them to analyze along with an explanation. 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. Most individuals find themselves in difficult financial situations due to factors they couldn’t control such as sudden job loss or sudden medical illness. One is better placed if they inform the landlord of their financial situation rather than letting them find it 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. Whether it is partner or a friend if they have a better credit score they sign the lease agreement and also an agreement between them and you.
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.