Study: My Understanding of Finances

10 Oct

Study: My Understanding of Finances

Bankruptcy and Home Rentals: A Guide

One of the most analyzed aspects of anyone in the recent times is their credit scores where they are mostly analyzed when one is seeking a loan approval. The analysis is also carried out during employment evaluation or when a business partner is deciding whether to carry out business with us. It, therefore, explains why most people are striving to maintain a solid credit score to have a good financial reputation. With a bid to eliminate risky tenants when leasing a home or an apartment, landlords are also keen on the individual’s financial reputation by reviewing their credit scores. The fact that landlord is keen on one’s credit score does not mean that a person with poor credit score cannot afford to rent a house as they can employ the following ideas to secure a lease or an apartment.

When seeking a house or an apartment during a period when they have poor credit score they can enlist a friend or a family member. Enlisting a family member or a friend who has a stronger a credit score they can help you increase the chances of one securing a house that requires a comprehensive credit check done by the landlord. When a friend or family member are enlisted, and they cosign the lease agreement they accept liability where they are to pay any unpaid rent or damages on behalf of one.

It is also advisable that one is straightforward with the landlord from the start where you can provide information about your credit situations thus building trust. One should be honest with the landlord whether they are applying through a rental application or meeting in person and should mention their credit situation. 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 way of convincing a landlord is by promising to pay up front where one may even offer to pay their rent one month in advance. One may also offer to provide a bigger security deposit which may convince the landlord even when they had initially turned down one due to poor credit scores. Sharing a home with another tenant who has a better credit score is also an option. The other tenant signs the lease agreement but allows one to have some rooms.

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.