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, therefore, explains why most people are striving to maintain a solid credit score to have a good financial reputation. 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. If one could not secure a house to rent due to the comprehensive check which is mandatory with some landlords they can enlist a friend with a better credit score which may change the mind of the landlord. When such persons cosign with you, they accept liability for any unpaid rent or damages on your behalf thus may serve to convince the landlord.
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. Whether you are meeting the landlord in person or you are applying through a rental application, it is advisable that you mention your financial status and in doing so one needs to be honest. Not everyone finds themselves in a bankrupt situation or having poor credit scores due to factors they had control over. It is better to inform the landlord in advance rather than let the find out on their own.
One may also promise to pay up front where one may promise to pay their rent one month in advance. Another option is where one offers a bigger security deposit even when they have poor credit scores. 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.
When applying one should also ensure their application stands out where they can offer to pay bigger security deposit, sign a longer contract or promise to move in ahead of schedule.
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