Renting an Apartment: Why Your Credit Score Matters

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When I graduated from college my parents cut me off financially. I was an adult and I made just enough money to pay the bills.

No problem, I thought.

It was time to rent my own apartment. And that’s when the problems started...

I had no credit. Not bad credit but no credit. In my mind, this was a neutral factor. I looked at it as having a clean record.

I knew a good credit score was important for buying a house but no one told me I would need one to rent an apartment!

I figured I still had plenty of time to start building credit.

Turns out, having no credit is generally considered a negative factor.

I had no way of reassuring landlords that my rent would be paid on time without a credit score.

Subsequently, no one wanted to rent an apartment to me: it was just too risky.

I applied for the cheapest apartments around. Eventually, after many weeks of couch surfing, I found a place to call home.

My best advice would be to start building your credit as soon as possible so you don’t have to settle for the cheapest place in town.

Possible Finance makes it easy to get started!

If it’s too late and you need an apartment now, here are some alternatives you could try:

  • Consider a co-signer

  • Look for an owner-rented apartment

  • Suggest a shorter lease

  • Suggest a larger security deposit

  • Provide letters of reference

  • Provide pay stubs or a savings balance

 
 
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By Natalie from Possible Finance

I’m part of our customer success team! My life could have been so much different if someone had offered me a helping hand along the way. Possible Finance gives me the opportunity to be that hand for someone else. Join the community today!