Tips for Getting an Apartment Without Credit

It is common and natural for a student seeking admission in a college or university to have no credit history. You have been making use of your dad’s credit card to purchase items till now.

But there are several ways in which you can overcome this problem of no credit and get approved to find accommodation.

Try to Find an Apartment Owned by Private Individual

Most of the complexes with apartments run a credit check of the applicant before approving him. It is futile to try your luck in these places. It is better to find an apartment privately owned by an individual. You can approach him and talk directly to rent his property. All that private landlords are interested is your source of income or financial backup.

Keep Your Savings Passbook Ready

You can convince the owner if you can show a decent balance in your savings passbook. You can also get approved if your salary in new job is much more than the rent of the apartment. In general, if your salary is more than $3000 per month, owners do not hesitate to approve you if their rent is around $1000. If you have landed a job, you can also produce a checking account passbook to impress your landlord.

Offer to Pay Rent of Few Months in Advance

If you can afford, make an offer to pay rent of 3 or 6 months in advance to be kept as a security deposit by the landlord. Landlords are more likely to approve you secure in the knowledge that they have rent of few months with them. This is similar to applying for a mortgage loan from a bank as the landlord has security deposit to fall back upon in case you are not able to pay your rent for a month or two.

Find a Cosigner

This is the best way to be approved for the apartment. Though easier said than done, getting a close relative to become a cosigner for you makes it very easy to get an apartment for yourself. This is because the landlord can always ask your cosigner to pay the rent if you default for a few months. You can also ask a friend to move in along with you if has a good credit history and can become a cosigner for you.

Arrange Letters of Recommendation

Many landlords ask for referrals or recommendations to feel confident before giving their apartment on rent to you. It is a good idea to secure these recommendation letters from your employers and previous landlords to create a good impression on the landlord.

If everything else fails, you can suggest short lease of 3-6 months to prove that you are sincere and ready to move out if you are unable to pay. You can get the lease extended after some time.