No Credit Check Apartments: Your Guide To Leasing Without Credit History
Apartment-hunting has its perks. It’s exciting to be on the hunt for a new roof over your head, so to speak. You get to check around your neighborhood, and perhaps, much further out, and discover places you want to consider residing in.
However, the speed bump you might find yourself hindered by is a credit check. Many endeavors today, from loans, leases, to businesses proceed with this tedious process. As for apartment rentals, a number of landlords and landladies have set it upon themselves to use this as a way to screen potential tenants.
If your credit history is far from sparkly, what, then, can you do for a hassle-free, no credit check apartment and finally put your name on one?
What Is A Credit Check?
First, let’s start by understanding what a credit check is and how it affects the acceptance or the rejection of a lessee’s proposal. A credit check, in its simplest and strictest definition, is an analysis of your credit information in the past and at present. This will give accurate data about your financial behavior, and acts as a form of evidence that you’re able to stay afloat with your finances, or the opposite. That you’ve run into trouble with debts one or more instances before.
For the latter, having debts and/ or loans won’t hurt your score. It’s not being able to make timely repayments that will. And if there are several instances of the latter, this may pose a threat to being able to seal the deal for an apartment.
It may be that you’re a student who doesn’t own a credit card, and thus, don’t have a credit history to serve as proof of your financial capability to pay for rent. It may also be that, as mentioned earlier, your credit history isn’t exactly impeccable. So, here’s how you can overcome this hurdle.
What To Do When Looking For A No Credit Check Apartment
- Look For A Co-Signer
This is easily among the easiest and most common methods to get through leasing an apartment without a credit check. The law defines a co-signer as a person with close ties with you, whether a family member, a friend, or a co-worker who will make a commitment to make repayments for your incurred debt in the event that you find yourself unable to.
In the context of leasing, he or she will need to pledge to and agree that he or she will be liable for any missed payments. Also, your co-signer should have a good credit score himself or herself as well.
- A Roommate With A Good-To-Excellent Credit Score
For a no credit check apartment, another way (and quite similar to the first), is to get a roommate who can provide the necessary paperwork for a credit check. A roommate with a spotless credit history will be your very own guarantee since both of you (or if the room is a shared space, then an N number of renters) will be responsible for paying the lease.
Just ensure that you’ll hold your end of the deal by being regular with your share of the monthly lease amount. Otherwise, it’ll be your roommate who’ll feel the brunt of unfulfilled rental obligations.
If trying to get a co-signer will prove difficult, go for references instead. When it comes to fishing for recommendations, it will be to your advantage to choose professionals who are, for lack of a better term, on a higher rank whether in school or at the office. Professors, bosses, managers, and the like. Their word is usually seen as more reliable than that of classmates and co-workers.
- Security Deposit
A security deposit is a solution for how to find no credit check apartments. A larger-than-the-minimum security deposit, that is.
Landlords and landladies tend to ask for the first month’s pay, plus an extra month’s security amount. In order to convince them that you’re a responsible tenant and are capable enough to be consistent with your rent, another advance can change their minds. Aside from the first month’s pay and the next month’s deposit, add in the third month’s rent. It will serve as a further rental assurance for your landlord or landlady.
- Savings And/ Or Proof Of Income
As long as you’re willing to disclose the data in your savings account or can provide proof of income, these too will work in almost the same way as a credit check. Only, it will be helpful if the record shows that you regularly drop in a fixed amount (or higher) into your savings. Or for your POI, that you’ve been working in the same company for more than three months, and counting, and that you receive a fixed salary per wage cut off.