it even if you could. Good credit shows regular payments and a habit if living within your means.
Long and Foster Realtors
540 903 6686
I haven't list of homes in several areas that we place people in with your situation. We help people with bad credit/credit issues. We understand what people are facing in these times and want to help as much as we can. Please feel free to email me privately at email@example.com or call me at the number below.
Have a great day!
You may have success renting from an individual in lieu of a managed property. While both should check your references and job/income source, an individual may not have access to credit reporting bureaus. As others have mentioned, some credit blemishes can be explained: divorce, reduction of hours, loss of job, medical reasons, etc. If you have a verifiable income and good payment history, consideration may be given.
You may want to reach out to your circle of friends. See if they know of anyone with a home to rent. A personal reference could be in your favor.
Get your free credit report and check for accuracy.
Best of luck!
Long and Foster Realtors
540 903 6686
If you find a private rental, you may have better luck. I hate to say it, but sometimes people renting privately and not through a broker are not as diligent about doing credit checks. Maybe a letter of explaination will help when meeting with the landlord.
As stated below, the landlord is taking a risk that they will get paid each month. They want to be sure that they are getting credit worthy tenants. Good luck
Your credit score / report not only impacts your ability to rent but also the rates you pay for car loans, credit cards, and insurance.
Unfortunately, a persons credit rating impacts more than just their loan rate or being approved for a credit card. Credit ratings are used as an indicator, or to predict, future behavior. Many academics have provided research that does not support this theory, but for many it is a fast and easy way to "approve" or "decline" someone, even when renting. In most states banks are even allowed to refuse to open a savings account for a person with questionable credit.
I agree with what others have said, if you can explain the "why" there is a problem with credit a landlord or owner may be willing to over look the actual score. Was there health problems? Loss of job? Over extended but now on track? The worst thing you can do is apply and say nothing.
Wishing you the Best!
If there are reasons for the poor credit - short-sales, foreclosure, divorce, loss of employment, loss of income, medical, then perhaps an explanation will help offset the poor credit. Be sure to include what steps have been taken to resolve the issue and can you show that you are back on track. Some times an additional security deposit or a guarantor may help you obtain a positive decision in applying for a place to rent.
However, if the bad credit stems from failure to use credit with discipline and refusal to save or limit expenses, you are indeed a high risk candidate and very likely will not pay your obligations in the future.
When I'm renting one of my apartments, I like to meet the potential tenant in the parking lot to review the condition of the car. If you don't take care of your car there is very likely other things in their life they are not going to take care of. But my purpose for meeting in the parking lot is say, "That car looks really comfortable. That's where you will be sleeping if you are late with your payment."
If the wrong person ends up in the apartment and must be booted to the curb, the owner must pay the legal costs for the eviction, refurbish the unit, clean and paint, make repairs and lose the income from the rent. This is not an insignificant cost. One bad tenant can cost YEARS of potential profit.
As a potential renter with bad credit you may consider providing a deposit of sufficient size to offset the cost the owner must incur if you fail to perform in accordance to the rental agreement. If the cause of your bad credit no longer exists, be certain to communicate to the owner what caused the problem, how it was corrected and that you are well on your way towards a good credit profile.
The answer to 'Why is it so hard.." is your credit history suggests you are a bad investment. People wanting to make money on their real estate investment will lose money if they invite bad investments into their property.
Depending on your situation, there are at least two steps you can take.
However, the most important one is to get your expenses under control. use credit sparingly, budget frugally, live beneath your means, and SAVE.
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William E Wood & Associates