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Life can be cruel sometimes but it is not all the time. You might have had some rough patches in life but that does not mean there is no blessing left for you in this world. Having a bad credit score is bad but not bad enough to deny you the right to have shelter.
Without a doubt, having a bad credit score does not go in your favor and you shall take serious measures to improve that. However, we have found some tips to let you survive meanwhile.
If you have a rough idea of your credit score, what you need to do first is to get a good insight into your credit score. For that, you may take the help of any reputed agency in the field.
One tip here is to look if there is any mistake in calculating your credit score. It does happen occasionally. If that is the case, get it to fix at the first convenience. You will have an excuse to cover up for your bad credit score. Do let your potential landlord know about it.
While this can be rare and hard to find but they exist. Landlords sometimes ignore the fact and find it convincing to rent an apartment. Sometimes, even management companies ignore this fact and rent out a unit without bothering much about credit scores.
There is no better solution to the problem than the elimination of the issues which have made your score look bad. You shall get in touch with the relevant agencies and update them about the latest developments. Try writing a letter and explain how you have been coping up financially and meeting the obligations and you are all set to settle your bills.
You shall attach documents that support your claim for evidence. If you have found an apartment already, update the agency about your rental history to make your case strong.
A reference letter can be very instrumental in getting you out of trouble. If you have a bad score but lately putting up an effort to pay rent in time, your landlord must be very satisfied with your history. You have to use that goodwill in securing a new deal.
The more reference letter you can get the stronger will be your case.
You have a bad score, no worries: find a roommate with a good credit score. If you can find a roommate who has a good credit score and credible history and co-sign a lease with you, it is equally good as signing a lease by yourself.
What you need to take care of here is that you will have to be very conscious about managing rent in time or else it would damage your relationship with a roommate.
Instead of relying on your report, go ahead and speak with your potential landlord or property manager and convey your sentiments, honestly. Speak your heart out and let them know why you have had a bad history. Besides, show them that you have come a long way and those numbers n longer represent you.
If you cannot convince them with words, do some trick with dollars. Landlords have only one concern and that is to receive rent in time. If you have a bad credit score, submit more money upfront as security and they will be quite happy with it.
Along with other tips, it would add more weight to your idea. If you have saved some money for rough days, let them know about it. It would not only make their content but also prove that you are quite a responsible person.
The idea is if you lack in at one front you shall try to make the most at others. Another idea is to stay well prepared for the desired house. When you meet the landlord, impress her with your preparation. Show the documents and reference letters. Also, add documents that show your recent financial history.
The landlord shall get this vibe that you are very serious about this deal and would behave well if she strikes a deal with you.
NY Rent Own Sell is an established real estate firm in NYC. We will be more than happy to assist you in your apartment hunting job no matter how limited your options are. Feel free to contact us at any time.
Having a bad credit score is not good enough but that does not mean there is nothing left for you in the store. Credit score matters because landlords or property managers remain insecure about the rent payments in time. The best tip you can have is to find a way to convince your potential landlord that you can pay the rent in time. If you can somehow manage it, congratulation! You have won a home form yourself even with a bad credit score.
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