Rentals in Indianapolis>Question Details

Makingchange…, Home Buyer in Highland Park, IL

How do I rent a home with bad credit?

Asked by Makingchangesin2013, Highland Park, IL Sat Jun 22, 2013

I am looking to rent a 3 or 4bedroom home in Indianapolis , IN. I have an eviction on my credit that is almost 3yrs old. So, that is where my problem begins. I have cosigned for daughters fathers car and that has now been repossed and is now on my credit as well. I am having a terrible time trying to find a home to rent for my children and I.

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5
The eviction is the biggest negative, but if you can provide a solid explanation, it may be acceptable. Unfortunately, you may have to accept a "hard to rent" place (near a noisy road, in less than perfect condition, etc.). because the best places are easy to rent to people with good credit. Some landlords will require a larger deposit for people with poor credit. The important thing is the written explanations - such as having cosigned for someone else.

Peter Knight
RE/MAX Ability Plus
(317) 529-4178
0 votes Thank Flag Link Sun Jun 23, 2013
First, you need to find a REALTOR you can trust. Your REALTOR works for you and is your advocate. They will be able to communicate with the landlord's agent who will communicate with the landlord. Many times knowing the past situation and being up front about it is a good sign to a landlord. In other words you aren't hiding anything. The landlord will be able to see your credit history and that it has improved.

Also, you could contact an experience lender who may be able to provide you with some tips on improving your credit score without going to full blown credit repair.

Again, every situation is different. Good luck!

Darby Grimmett
KW The Woodlands
0 votes Thank Flag Link Sat Jun 22, 2013
You may want to consult with a credit counselor to get a game plan that would improve your credit and put you on the quickest path to being able to convince a Landlord that you are credit worthy.

Best wishes, always.

Penny
0 votes Thank Flag Link Sat Jun 22, 2013
Also you may wish to include reference letter from previous landlord & letters of recommendation from your employer or house of worship to name a few.
0 votes Thank Flag Link Sat Jun 22, 2013
Most landlords shy away from tenants who have a history of bad credit. That said, each situation is different. If there are extenuating circumstances, some landlords may work with you. For instance, if there is a good reason for the eviction, ie medical, etc., the landlord may take a chance. Another alternative is to have someone with good gredit co-sign for you and act as a guarantor. I wish you all the good luck in the world and I hope you find something for yourself and your children.
0 votes Thank Flag Link Sat Jun 22, 2013
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