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When the tough work of finding a property to rent is over, the next part of the process is the paperwork. All homes that are rented in the U.S. require some form of a legally binding agreement that is most often featured as a rental application. These are used by property owners to make approvals and denials of potential renters. Knowing how to minimize the risks of being denied for a house rental application could help you.
The denial process is part of the renting industry. Not all people who apply for a rental home are approved. Each landlord or property owner uses the information inside the application as one strategy to help with a renting decision. There are easy steps to take to help with reduce your risk of receiving a rental denial letter.
1. Know Your Credit Report
Every person in the U.S. can access a personal credit report from all three reporting agencies for free each year. Knowing what is listed inside of your report can give you an insight into what a potential landlord will see. Past debts that are unpaid, judgments and long history of late or missed payments could affect your chance of being approved for a rental application. Studying your credit report 30 days before you apply for a home to rent can help you.
2. Have Bank Statements Handy
Employer references can be a part of the rental application approval process. Entering salary information into an application is used by a landlord to determine your ability to pay rent on time each month. Most applications require verification of employment or banking information. Having your bank statement handy can help expedite your application instead of delay it.
3. Have Current References
Having a good list of current references could improve hearing a “yes” when a rental application is considered. Current friends, co-workers, associates or family members that are able to go to bat for you on your behalf is important. Including references that are old or not able to be checked accordingly could increase the risk of a denial of your rental application.
4. Be Honest About Past Rental History
If you’ve ever been evicted new landlords want to know this. Most will find out anyway if your credit report is reviewed. Some credit reporting agencies allow rental scores to be accessed. An honest history of your past rental experience could work wonders for a new application. There are many circumstances that lead to eviction and having one on your application might not hurt you.