How To Rent An Apartment With Bad Credit but High Income

March 18th, 2019

Your credit history report or credit score can affect the outcome of your rental application. For landlords or apartment managers, the credit records demonstrate your financial capability and how well you manage your finances.  If you have a poor credit history, snagging a good apartment could be difficult.

However, there are other factors that landlords consider when it comes to approving rental application. If you have a high income but your credit score is below average, you can certainly rent a good apartment. Below are some tips and advice on how you can rent an apartment even without the strongest credit score.

Apartment Building Complex

Be honest and upfront about your bad credit

Don’t try to cover up your bad credit score.  Be honest and upfront about it with your potential landlords. Explain the reason why you have that kind of record and what are you doing to improve it.  Just explain it thoroughly and always come up with a solution. This tip works best for individual landlords as opposed to big management company as they might not be able to bend their rules when it comes to acceptable credit score.

Show your high salary or income

If you are earning big, your potential landlord may set aside your poor credit score. Prove your high income or salary by showing your pay stubs for the past 12 months or past year.  Back it up with your bank account statements that show your money flow.  If you have a good flow of income, your potential landlord might see it a huge plus factor thus making him or her accept your application. And to add more, suggest that you can also setup an automatic deduction on your bank account for your monthly dues.

Offer to pay more upfront

The typical rental fee upon moving in is 1st month’s rent plus security deposit.  Don’t settle with this usual set up if you have a bad credit. Since you are earning big now, offer to pay not just one month and security deposit.  Tell your potential landlord that you want to pay 3 or 4 months worth of rent in advance.  With this kind of offer, landlord will have a hard time to say no. More often than not, doing this kind of tip alone can help you grab the apartment that you want.

Find and use a co-signer

If above tips doesn’t help, ask a friend or someone you know to co-sign with you. If the one you’ll ask has a good credit history and agree to shoulder the payment if ever you fail to do it, your application will surely get approved.

Apply for rentals that don’t do credit check

If everything fails, then you must consider looking for rentals that don’t do credit check.  You should start looking for apartment rentals or homes that are owned solely by an owner. Big apartment complexes are owned and managed by big players in the real estate industry. Stay away from them as they always require thorough credit check.

Image by Free-Photos from Pixabay


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