At some point in all of our lives we have had less than desirable credit. Maybe it’s because we are in college and don’t really have any credit history, or maybe we made a few mistakes with credit cards in our early twenties that have been chasing us ever since. No matter the reason, having bad credit makes qualifying for apartment rentals much more difficult. 

While a low score is not a death sentence, a tenant needs to jump through a few extra hoops if they hope to get approved for a lease. Below we outline what a tenant with bad credit can do to increase their approval chances. 

For an in-depth guide to the apartment rentals process, see this recent post from our partners at Hattiesburg Apartments.

Know the Extent of the Credit Damage

First things first, you have to know your exact credit score before you even try to defend it. You may know it’s low, and it may be hard to look at, but pull off that band-aid and run a report. 

There are many resources out there to run a free and comprehensive credit report, our favorite being Credit Karma. In their detailed reports they provide credit scores and history from Equifax and TransUnion and if you find negative information that is incorrect and should be removed, you can let Credit Karma know and they will handle reporting for you. Removing these incorrect blemishes could help to potentially lower your score, making low credit a non-issue in the future. 

Ways Apartment Rentals Let You Get Around Bad Credit 

At this point you know your credit score and know where you stand, but bad credit doesn’t necessarily seal your fate as an undesirable tenant. While your score does play a large role in the ultimate decision, it is not the only factor that is weighed for acceptance or denial. 

If you have a low credit score and are worried about getting accepted for an apartment rental, here are some things you can do to increase your chances.

Prove Your Income

Bad credit is usually synonymous with low or non-existent income, which is why apartment rentals weigh a score so heavily as they clearly don’t want a tenant who can’t pay rent. If you are able to prove that you make the recommended monthly income of three-times the monthly rental rate, that will go a long way with a landlord or management company. 

Way to provide this proof includes a letter from your current employer; pay stubs for at least the past 6+ months, or your recent W2 or tax return. 

Use a Co-Signor 

In the event your credit score is too low and you may not make enough income, most apartment rentals will allow you to use a co-signor to lease the unit. By using a qualified co-signor, typically a family member or loved one, you are assigning all financial and legal responsibility for the rental to an individual with good credit. 

What this tells a management company or landlord is that if you default on rent payments, they are covered. This is a popular and widely accepted option for individuals with bad credit. 

Provide References 

A bad credit score doesn’t define you as a tenant; your rental history does which is why landlords and management companies weigh them so heavily. To help increase your chances being approved for apartment rentals make sure you provide a few qualified references. 

By proving you have a strong rental history of always payment on time, returning the unit in the same condition it was accepted, and leaving on good terms you will have a much better shot of getting a lease. 

Find the Apartment Rentals Suited For Your Situation 

Apartment Rentals are typically run by a dedicated management company who handles all of the day-to-day maintenance, tenant relations and leasing activity. As part of the leasing process, they will be the ones who put the policies in place regarding credit scores and what they are willing to accept. Some management companies are more lenient so be sure to do your research. Apartments Hattiesburg has a detailed apartment database that allows you search by management company, click here to search your area now.