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How to Rent with bad credit?

Renting with bad credit
Let’s face it, things don’t always go as planned. This is especially true with the recent recession. No matter how great your intentions might have been, money mistakes happen. And when they do – they can haunt you.
But, just because your credit history isn’t ideal, doesn’t mean you can’t rent a home. While it might be a little more difficult than if your report was stellar, these tips can help.
Be in the Know
As obvious as it sounds, know your credit report. This is especially vital if there’s an error. If there are errors, dispute them. Plus, start rebuilding your credit history immediately. This includes paying all your credit card bills on time and keeping any accounts in good standing open.
Explanation
Is there an explanation for your poor credit history? Be prepared to share it. While not everyone will understand, some landlords will take your extenuating circumstances into account.
Get a Recommendation
Have you previously been a good tenant at another establishment? If so, ask your former landlord for a letter of recommendation.
Utilize a Co-Signer
A co-signer is another individual with a good credit history who agrees to be responsible for the lease if you fail to honor your agreement. But, it’s important to remember that if you fail to pay, your co-signer will be legally liable. Make sure they are willing to take on that burden.
Be Flexible
With a poor credit history, you’re not the most desirable tenant. However, sometimes other characteristics can make a great fit. This might include agreeing to move in immediately. (Remember, the landlord isn’t making any money if their apartment is empty.) This could include agreeing to a shorter or longer lease. Or, it could require you to pay a larger security deposit.
Be Budget Conscious
As part of your rental application, most landlords will request to see a paystub. Make sure your rent-to-income ratio is budget friendly. In most cases, landlords view 35 percent of your annual income as a reasonable ratio.
How do you recommend battling a bad credit history? Share your tips below!

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