How important is rental history when your trying to get that new apartment you just viewed? Apartment owners and landlords use a variety of different metrics to determine whether or not your rental application will be approved. Nowadays, your actual credit score may come into play too. But in the end, your history is extremely important and will be used in the evaluation.
Why is your rental history examined with a fine toothed comb? Good rental history is a strong indication of your ability to balance your finances. It also may be an indication of how responsible you are in regards to paying your other bills like your credit cards and utility payments. If you have a positive history of paying your bills on time, and no negative items are currently part of your credit profile, chances are you will earn the lease.
Your Landlords Can Check Your Credit…
In fact its really easy for landlords to check your credit history via the big the credit bureaus. With a few clicks of a button, your entire profile will be immediately available. This can be both a positive and negative aspect.
Its always a great idea to pull your own credit report and see if you have any negative items that have been reported to one of the 3 credit bureaus. They include Experian, TransUnion, and Equifax. You can actually check each one free of charge yearly.
Being a First Time Renter…
If you’re a first time renter you might ask how you can be approved for a lease when you’re applying for the first time. There is not much to worry about here. No credit is always better than bad credit. Also, many apartment communities around the nation accept first time renters. And you can also go about getting a co-signer.
The co-signer will usually be a parent or a close family member. Although they will not be a tenant in the community in question, they will be held liable if rent is not paid on time by you.
Pay Your Rent…
Keeping good rental history can go a long way. Making sure you have paid your rent for the entirety of a lease will assist you in renting your next place and even buying a new home. When you apply for your next apartment home, you will feel great knowing that you will have a strong chance to be approved.
If for some reason your complete rental history is not reflected on your credit report, you might want to consider contacting the former landlord on the property. They might be willing to share your rental history with any future communities in which you may apply.
Keep in mind that if you have failed to pay your rent on time, or have any broken leases on your credit report, that you may be fighting an uphill battle. It doesn’t mean that you won’t be accepted. You just have your work cut out for you.
Remember that your good credit will go a long way. Be sure that you do your best to pay all of your bills on time. And if for some reason you have any bad marks, attempt to reconcile them the best you can.
- Image source: SmartPhotoStock
- Image by My Blog Guest
- Image by My Blog Guest
- License: Image author owned
Henry Hernandez is an entrepreneur and veteran from Texas. Henry works with Houston apartment locator http://www.houston1apartments.com/. Henry can be found on Google+.