In my opinion, your ability to rent with bad credit will ultimately be limited BUT....
If you are dealing with a larger corporation, they will have tenant standards within their policies, and the employees are unlikely to break a company policy to rent to you. If you are working with a person, especially the actual owner of the property, they may possibly take into consideration the reason for your low credit. For instance, you may have had a divorce which led to the poor credit, fraud of some sort, foreclosure etc. If you are able to explain the situation and its not simply years of poor money management, owners I believe will consider you in that regard.
We're all human and everyone experiences ups and downs.
Best of luck on your new home search.
Yours in Real Estate,
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Times are tough, so many potential renters have had or are having trouble with the economy. My wife does a lot of rentals and it's becoming more common than not.
Many renters have faced either a foreclosure or short sale. If you can provide some answers to potential questions before they arise, it may help you. A good rental history would help as well.
Landlords would prefer someone with good credit, and remember it all depends on why your credit is bad, many times you can explain your circumstances and a landlord may be more forgiving.. The fact that you have been employed by the same employer for 29 years is a big plus. If you run into a situation where a landlord won't to you, maybe your employer will co sign or you can offer 3 to 4 months rent upfront.
Good luck to you and should you have any further questions, feel free to contact me direct.
#1 Producing Agent
1. Do you have "bad credit" with other landlords?
3. Is "IT" under control?
4. Would you or can you pay some rent in advance or do a electronic debit
5. Can you get a guarantor (someone who can sign the lease with you - that has good credit)
6. Be upfront
7. Your landlord may use a tenant screening service