Q:

What is a good way to approach an apartment search with bad credit?

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Quick Answer

A good way to approach an apartment search with bad credit is to find either a guarantor or co-signer, put down a higher security deposit, find a roommate who has good credit, or pay more for the apartment to compensate the landlord for taking a risk, according to Forbes. An individual with bad credit can also bring letters of recommendation from employers, past landlords and past roommates.

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Full Answer

A co-signer or guarantor can make it easier for a person with bad credit to be approved for an apartment, notes Forbes. It's best that the individual keep up with rent payments in order to keep his co-signer from bearing his financial responsibility, making it essential that the tenant find an apartment within his financial reach.

A higher security deposit can put landlords at ease about renting to a tenant with bad credit, according to Forbes. Specifically, a two-month security deposit or paying rent in advance can help secure an apartment.

If only one tenant signing the lease is acceptable, finding a roommate with good credit or moving in with someone in the middle of his lease can help a person with bad credit find an apartment, notes Forbes. An additional benefit of having a roommate is that bills can be split, which eases the financial burden for everyone.

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