The only problem? Someone with a better application charmed the landlord and stole your apartment.
If you’re tired of being second best, keep scrolling. Here are some tips to help you get your dream apartment, once and for all.
Have a good credit score
A landlord wants to see you’re good for rent, and a credit score helps them determine this quickly.A credit report is a reflection of how you’ve managed credit in the past. If you have a high score, you have a history of paying your bills on time. From this, your landlord can reasonably assume you’ll do the same for rent.
Raising your score isn’t always easy — especially if you already have bad credit. Sometimes, it simply takes time for bad examples to fall off your report.
Other times, it takes building a positive payment history.
This might be difficult if your score is low because you’re relatively new to the credit game. Without enough open accounts divulging how you use credit, you may seem like a risk in the eyes of traditional banks.Therein lies the problem. You need to open an account to improve bad credit, but bad credit prevents you from opening an account.
Luckily, not all lenders are the same. Some, including CreditFresh, don’t require flawless credit before they issue an unsecured line of credit that contributes to your score. They look at other factors, like your income and employment history, to assess your creditworthiness.
If you have bad credit and want to start building credit, CreditFresh may have a solution for you. Take some time to look over your options to decide if an unsecured line of credit for bad credit is right for you.
Just remember, your credit score is the result of long-term credit habits. An unsecured line of credit for bad credit won’t make a difference if you ignore your other financial responsibilities.
Get a cosigner
If you can’t improve your credit before you need to move, getting a cosigner may help. This strategy helps you piggyback off of someone else’s good credit, so you’re less of a risk in the eyes of a landlord.Being a cosigner is a huge responsibility. To put it bluntly, a cosigner has to cough up the cash if you ever miss rent.
Nobody ever plans to do that, but things happen. If they do, your cosigner is on the hook. Their name will be on the lease, so they’re legally responsible for any delinquent payments.
This is a big ask, so make sure you choose your cosigner wisely. Not only do they have to have good credit and stable finances, but they also have to understand the risks they take on.
Have a larger deposit
Sometimes, a little extra cash is all it takes to persuade a landlord you’re a cut above the rest.If you have it, you might be able to sweeten the deal by providing a larger security deposit or by paying several months’ worth of rent upfront.
If that’s not possible, your paystubs may hold the answer. If you can show you regularly earn more than what rent costs, you may be able to improve your application.
As a general rule, you’ll look financially secure if your monthly income is three to fours times more than your monthly rent.
