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A cosigner, sometimes called a guarantor, is a person with great credit and income who can vouch for you. Keep in mind that your apartment cosigner will be responsible for any unpaid rent you leave behind. Apartment rentals that do not require a credit check are rare in most places. One of the most common ways to bolster your rental application when you have a low credit score is to use a co-signer.
Secure a Guarantor
Alternatively, you can provide a larger security deposit, depending on if your state and local laws allow this practice. However, landlords in areas with fewer renters— think rural and suburban areas— may be less concerned about your credit score. In these cases, landlords will likely want some proof of your renter worthiness. So be prepared to present your proof of income, good rental history, and references from employers and past landlords. Similar to getting a guarantor, signing a lease with roommates who have good credit scores may be the ticket to renting an apartment.
Get Your Free Credit Score
With rents skyrocketing across the states, move-in costs were becoming unaffordable for renters, especially for furnished properties. Going forward, if you charge a monthly rent of $2,500 p/m, the move in cost will be capped at $5,000 inclusive of security deposit and first month rent. Typically, rent-to-own companies that don’t check credit will instead require proof of income, a down payment, a background check, and information on your previous rental history. If you’ve missed rental payments in the past or have a criminal history, you can safely assume your ability to get approved for a no-credit-check home will be impacted. Finding a house to rent without a credit check can be a real help for some people. Remember to check with private landlords and local organizations that can assist you.
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The minimum credit score you need will vary depending on the apartment, location, and landlord. However, many landlords will find it difficult to accept scores below 680 when prospective tenants with higher scores are available. Many landlords won’t even consider an applicant with a score below 620. Co-signing simply means that if you are unable to pay your rent, your co-signer will then be responsible to cover these costs.
Submitting your credit history to potential landlords is stressful for anyone who is navigating a competitive rental market—and doubly so for those with less than stellar credit. In fact, for renters who know their credit score is a liability, the best way forward may be to skip the credit check process altogether. As Rick Drew, a residential property manager of Renters Warehouse in Miami notes, credit scores don’t always tell a landlord the renter’s full story. For one thing, he says, “A credit score might not tell you whether or not the tenant will pay their rent on time,” he says.
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Setting up autopay for your rent payments is a simple but effective way to convince a landlord that you mean business. You’ll need to show that you have the funds, and you’ll also need to use a system that is easy to present to the landlord. Experian Go is a service that can help you create an Experian credit report and start the journey to a credit score. Simply download the Experian app and enroll in a free Experian membership to begin. If you monitor your credit regularly, these errors can be easier to spot.
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Keep in mind that all these strategies take planning on your part to make them work. If you’re unsure of your current credit score, you can get your score for free by using a service from your bank, credit union, credit card company, or another provider. Be sure to get your credit score from all three credit bureaus - Experian, Transunion, and Equifax - for a more accurate credit report. The primary goal of credit checks for landlords is to vet prospective tenants to ensure they will fulfill the duties of a good tenant by paying their rent on time and caring for the property. If you don’t have an established credit history, you may be approved if your income is stable and will adequately cover the rent. Keep in mind that as median rent prices skyrocket, it’s not always possible to stick to that guideline.
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This year it seems as if this is easier with furnished apartment rental listings than unfurnished. Most property managers and individual landlords use a combination of credit checks and background checks to determine a potential tenant’s ability to pay rent consistently on time. While these measures don’t tell a person’s whole financial story, they are the most commonly used tools to assess liability and protect the property owner. If the landlord isn’t placing importance on an applicant’s credit score, then it may be possible to rent no credit check apartments with a lower credit score of 500.
Use Your Rent Payments to Boost Your Credit Score
Finding a new home can be tough when your credit history isn’t perfect. I’ve had to rebuild my credit, twice, after a series of financial missteps. Anyone who thinks that it can’t happen to them will be shocked when it does.
All information, including rates and fees, are accurate as of the date of publication and are updated as provided by our partners. Some of the offers on this page may not be available through our website. You might consider having your parents co-sign if their credit is good. Alternatively, consider a roommate with good credit, which could give you a year to straighten out your credit kinks and build a solid rental history. If you go this route, keep in mind that those relationships could be negatively affected if you fall behind on rent. If you find a property through Apartment List, you can use our messaging system to reach out to prospective landlords and inquire about income and credit requirements.
While this is possible, there are some important considerations to keep in mind to ensure you’re finding a legitimate and safe living situation. Finally, be sure to make your rent payments on time and comply with the rules of your lease. Being a model tenant will make it easier to qualify for an apartment or house the next time you want to move.
For people hovering around the minimums, a reference can help push your application to the top of the pile. Your reference(s) should provide a short written statement with a phone number so the landlord can follow up if they need to. Belong PRO homeowners don’t have to worry about constantly changing regulations, as our team of experts do all the work for you and are available 24/7 to answer any questions.
If no one is available or willing to serve as a guarantor, you can pay a service to act as your guarantor. Be prepared to pay them a fee of 4% to 10% of the rent, and carefully review the contract so that you understand all limitations and costs. Word of mouth can help you find these apartments, which may be in buildings like duplexes or basement-style apartments in townhouses. Be sure to ask around and let your family and friends know to keep an eye out for any "For Rent" signs in your area. Credit requirements might vary, depending on the apartment’s location and type of building. If you’re unable to secure your dream apartment, don’t fret — you may still be approved elsewhere.
A great way to do this is by showing how your credit score is already increasing. Many credit card companies already offer credit tracking to their customers. If you’re working with a credit counselor or credit repair company, you can also show how long you’ve been working with them. If you have the money to spare, you can offer to pay three or four months’ rent ahead of time or hand over a higher deposit. More money in advance may convince a leasing agent to rent to you despite any perceived credit risk.
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