After having a difficult time financially for quite some time, I realized that part of my problem was my personal housing costs. I really began evaluating what I wanted out of a home, and I realized that I needed to shop for a place that would work better for what I needed. I started paying more and more attention to real estate risks, and it occurred to me that I hadn't invested in a smart property. After talking with my real estate agent, I started focusing on changing my ways, and it was incredible to see how much brighter my future became.
Your credit plays a role in a lot of things you do in life, including when you rent a home. When you fill out a rental application for a home, the landlord might tell you that he or she will check your credit. If you currently do not have any credit on file, this could cause issues with getting approved for the home. If you have no credit but need a home, here are some tips to help you get approved for the unit you choose to rent.
Look for a place that is offered by a private owner
There are many different types of landlords that offer rental properties, and most of the big companies will run credit checks before approving applications. Small companies or private individuals, though, do not always do this. If you can find a person who has just one rental property to rent out, this person might not run a credit check. If this is the case, you would not have to worry about the fact that you have no credit, because it would not matter to this landlord.
Provide proof that you are creditworthy
If you cannot find a private owner that will not run a credit check, you can expect to have a credit check completed. If this is the case, tell the landlord upfront about your lack of credit, and provide proof that you are a creditworthy person. For example, bring copies of your bank statements to show your cash inflow and outflow. You could also bring a letter from a past landlord to prove this.
Pay rent in advance
If you do not have credit, you could always try to persuade the landlord to rent to you by offering to pay three or four months of rent in advance. If you can do this, the landlord would be a lot quicker to rent the unit to you, because the landlord would not have anything to worry about for the next few months.
Provide letters of reference from credible people
One other thing you could do is bring a letter of reference from someone credible. This could be your boss at work, your minister from church, or a prominent member of the community. A letter from a credible source could persuade the landlord to approve your application, even if you do not have any credit.
Renting a home without credit can be a little tricky in some cases, but it is not impossible. If you are ready to do this, start looking around for homes for rent by contacting companies such as ABA Rental Properties Inc.