Creating Credit ond fixing bad credit can be keys to rental stability
The Story
The issues
Credit invisibles
Correcting errors on a credit record
Don't get ripped off. Unfortunately, negative information generally remains on your credit report for 7 years from the date of last activity. Companies who promise to remove bankruptcies, foreclosures, and other negative items from your credit report are likely running scams. No one can remove accurate negative information from your credit report. If there are negative, but accurate debt items on your report, the only way to improve your report and score is to pay them off. If you are struggling to pay your debts, it could help to contact a local consumer credit counseling organization. Morehere
Best Bank Rates offers some good advice on renting an apartment with bad credit 1. Bypass the credit issue entirely. Many privately-owned homes and apartment buildings do not look at credit, preferring to find tenants with good references from previous landlords. Hint: multiple references is good. Prospective landlords are skeptical of references from current landlords. 2. Clean Up Your Credit. Get a copy of your credit report and check it carefully. Dispute any inaccurate information. Sometimes companies report a late payment incorrectly, or you might have been charged for something you did not purchase. 3. Talk to Your Prospective Landlord. If you had a few late payments to a hospital five years ago, you are far less likely to be turned down by a landlord than if you had three evictions last year from apartment complexes for non-payment of rent. 4. If Necessary, Find a Cosigner. If you have a parent or friend with good credit who is willing to sign for you so the landlord knows that your cosigner will be on the hook for any rent you do not pay. PS: this is a great way to lose a friend or alienate a relative if you default. 5. Pay More Up Front. Offer rent in advance or offer a larger security deposit. Cash up front can reduce risk for the landlord.
How to build great credit from scratch: Plain Dealing
