Everyone makes mistakes with their finances at one point or another. Unfortunately, those mistakes can haunt you for years. Most items stay on your credit report for seven years before falling off. That means that even if you are on solid financial footing today, mistakes that you made years ago can drag your credit score down, making it difficult to find a place to rent.
The good news is, there are some techniques that you can use to rent apartments in iowa city even if you have bad credit. Although you still may run into some challenges along the way, you should eventually be able to find a place to rent as long as you follow these tips:
- Take steps to raise your credit score as much as possible. You are entitled to a free copy of your credit report each year. Order a copy before you begin searching for apartments. Carefully scour all of the items on the report, looking for any mistakes. If you find errors, dispute them with the credit bureaus to have them removed from your report. If you have credit cards, pay down the balances as much as you can. Lowering the percentage of your available credit that you are using can give you an almost instant boost in your credit score.
- Gather together recent financial documents. Being able to show potential landlords that you have regular income or that you have money in savings can go a long way toward easing their fears about renting to you if you have bad credit.
- Search for apartments that are managed by individual landlords rather than property management companies. Most large companies that manage apartment complexes have well-defined credit requirements that they have to adhere to. Independent landlords, on the other hand, have a lot more flexibility.
- Obtain a letter of reference from your current landlord. If you have been renting a place for a while and have always been on time with your rent, ask your landlord if they would be able to provide you with a reference. In most cases, they will be happy to oblige. Again, this can help alleviate any worries that your new landlord may have about your ability to keep up with rent.
- Consider offering to pay several months’ worth of rent in advance. The biggest worry that most landlords have is that you will move in and stop paying rent. If you are willing to pay a few months’ worth of rent in advance, it can go a long way toward helping the landlord see that you are serious about being a good long-term tenant.
Even though it can be challenging, it definitely is possible to rent apartments in Iowa city even if you have less-than-perfect credit. Although there are some additional hoops that you may have to jump through, putting in a little bit of extra effort can make a big difference when it comes to increasing the odds of having your application accepted.