Credit Repair

Is It Possible To Get An Apartment With No Credit History?

Though it is true that landlords usually check the credit history of the applicants before renting their apartment, they do not always make it a mandatory qualifying criterion. Therefore, if you do a thorough research and follow the right strategies, it is possible to get an apartment with no credit history. The eligibility requirements for tenants vary significantly from one landlord to other. There are some landlords who will never approve your application if you have no credit history. But, if you look around, you can find many other landlords who will be willing to offer you the apartment based on other factors. So, you just have to focus on those factors. Following is a brief rundown on it.

Be Willing To Make A Heavy Security Deposit

The easiest way is to offer a heavy amount of money as security deposit. Most landlords will take it as a guarantee that you will never fail to pay the rent in time. Even for you, it should not be big issue; after all, this is just a security deposit and that it is still your money and that you will get it back when you decide to leave the apartment and shift somewhere else. The only issue here is that whether you have that much money available or not at this moment. If not, you can consider other options to get an apartment with no credit history.

Get A Letter Of Reference From Your Previous Landlord

If you are shifting from another rented apartment to a new one, you can request your previous landlord to write a letter of reference, mentioning that you have been very good to them and that you always paid your rent in time. If your previous landlord had allowed you to live in the apartment with no credit history, the chances are that you can find another landlord easily by showing that letter of reference. However, obviously, this option can work for only those people who have already rented an apartment. If it is the first time you are renting an apartment, you should consider other alternatives.

Proof Of Steady Income

Another great alternative to get an apartment with no credit history is to show proof of steady income to the prospective landlord. If you have a regular income source and you get a decent amount of money every month deposited into your checking bank account on a set date without fail, it can work as a guarantee that you will always be able to pay your rent in time. Show the pay stubs for the previous six months to the landlord. You can maximize your chances by also showing your willingness to make a certain amount of money as security deposit.

Get A Co-Signer

If none of the above options work, you still have a chance to get an apartment with no credit history if you can manage to have a co-signer. A co-signer is a person with great credit history and good employment record and who signs the agreement that if you fail to pay the rent in time, they will pay on your behalf. In short, a co-signer takes the responsibility for timely repayment of the rent. For college students and young adults, this is probably the only option available out there in this regard. They can ask their parents to sign as a co-signer.

Overall, it might be a little challenging task to get an apartment with no credit history, but it is not impossible. There are plenty of alternative ways, as you can see above, that can help you get your foot in the door.

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