Solid credit history is important for many reasons, especially in getting an apartment. It included acquiring credit accounts or cell phone contracts, as well as getting an apartment.
If you don’t have a credit history yet, here are 4 ways to work around it and get approved for your first apartment.
1. Rent an Apartment from an Individual Owner
Most apartment complexes and management companies require a credit check. However, some individual owners will let you rent without established credit.
Such landlords will also usually ask you to show income stability. Just rent apartments within your budget, even if you can get a more expensive place accepted.
2. Offer to Move in Right Away
It is difficult for landlords to have one or more vacant apartments. They will pay the mortgage and expenses in the form of rent, without any reimbursement.
Because of this — especially if you live in a location with low rental demand — you might be able to rent a location without a credit history if you can move in right away.
3. Prove Income or Savings Balance
If you don’t have an established credit history, you may be approved if your income is stable and will adequately cover the rent.
So, if you make $3,000 a month, you’ll want to look at apartments with a monthly rent of less than $1,000.
When you have no stable income, a high savings balance may be enough. Depending on the apartment complex or management company, the savings needed can vary but hopefully it will cover several months of rent payments.
4. If All Else Fails, Get a Co-Signer
If there aren’t any other options, ask a close friend or family member with good credit to co-sign for you. Understand that if this person agrees, he or she will be liable for your rent payment if you fail to make it in a timely manner.
To keep your personal relationships intact, always make your payment in full and on time.