Credit issues are one common problem with many consumers after the 2008 recession. Some people lost houses, apartments and investment homes due to extreme financial hardships. Seeking a new home to rent if you have bad credit can be a frustrating experience. Finding out how to rent a house with bad credit can uncover sources you can use to your advantage.
4 Tips for Renting a Home with Below Average Credit
Good credit is not just for obtaining a loan or mortgage. A growing trend in the U.S. by property managers and landlords is the requirement of a minimum credit score for all renters. While the actual score needed will always vary, there are ways that a person can use to increase hearing a “yes” instead of a “no” when seeking a rental home.
1. Offer a Higher Down Payment
It is now standard in the real estate industry for landlords to request a security deposit. The actual dollar amount can be double the first month of rent or another figure that is decided upon by each company. By offering a higher down payment, this could show a landlord that intent to rent is stronger.
2. Bring a Co-Signor Into the Agreement
Just like mortgage or car loan, a co-signor can be a sign of strength to improve acceptance rates. Personal credit scores might be too low for an individual approval and getting a co-signor to benefit your application could help. Some property managers and landlords who review applications prefer the positive financial indicators that a co-signor can provide.
3. Dispute Items on Your Credit Report
Not all negative items on your credit report could be accurate. If bad debt is hurting your credit score, asking for validation from credit reporting agencies can help. Every consumer is protected under the consumer credit laws both nationally and statewide. Gaining access for free or for a fee to your credit report can be an asset before you rent a home. Items can be disputing when requested and must be validated or removed after credit reporting agency review.
4. Find No Credit Check Rental Homes
There are some companies that have removed credit check requirements for renters. Finding a company that does not put emphasis on credit reports can present new options for rentals. Some companies are using a background check in place of a credit check to help ease the credit restrictions placed on some renters with less than average credit ratings.
Jacksonville, FL Rental Homes
All homes featured on this website require no credit check to rent. Researching the properties for rent page can introduce properties that are ready for instant occupancy. The JWB Rental Homes contracts and rental information can be obtained through the chat system or by calling the local number provided.
In order to best serve future residents, please make sure to read all of the JWB Rental Guidelines before scheduling your showing.
JWB RENTAL GUIDELINES:
A background check and credit check will be performed for all adults.
A minimum of 4 years of rental history (or homeownership) must be provided, or an additional deposit may be required.
Evictions or felonies in the past 7 years are subject to an additional deposit.
Applicant must provide proof of income equal to 3 times the rent amount in gross income (before taxes).
The security deposit is equal to first month's rent and is required to reserve the home for up to 30 days; one half of the security deposit is required to reserve the home for up to 21 days with the remaining balance due at time of lease signing.
Our homes are pet friendly. A $500 non-refundable pet fee will be assessed for as many as 2 pets; additional pets are $250 each. Breed restrictions do apply.