Q:

How do you rent with bad credit?

A:

Quick Answer

Being honest about credit issues with potential landlords, as well as offering to pay a larger deposit, can improve the chances of a person qualifying to rent a room, apartment or home. A prospective tenant must explain that his financial situation has improved and provide evidence of current, consistent income.

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Full Answer

Credit scores are critical when buying a home, and they are becoming increasingly important for renters. Even if a person's credit score is less than stellar, it doesn't mean securing a rental is out of the question. When a renter offers to pay a higher security deposit, it shows that a renter understands the risk the landlord must take and that the renter shares in that risk.

A renter must be honest about his credit problems and let the landlord know there are blemishes in the credit history, before he looks at the report. It is important to assure the landlord that any financial problems are in the past. Providing proof to back up financial statements and overall trustworthiness is beneficial, according to Realtor.com. Letters of reference from landlords or printouts of on-time, rent payments can go a long way to ease the doubts that a poor credit report raises.

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