Renting a Property With Bad Credit: It Can Be Done!

Having an adverse credit history can have an impact on how you conduct your financial affairs. When it comes to living independently, you may find that you cannot obtain a mortgage. What is more, renting can be somewhat more difficult too. But, you don’t have to give up on your dreams of living independently. On the contrary, there are some key things that you can do to ensure that you can obtain a rented property.

Bad Credit and a Negative Credit Rating
Bankruptcy, CCJs and IVAs can all have an impact on attaining property. Some landlords may not look beyond this, and as such, renting a home can be more complicated. Of course, you can ensure that you have references. Your salary can be a good indication of obtaining property, in spite of a bad credit history. So, do make sure that you have these in place when you go to an estate agent.

There are some other things that you can do in order to secure a rented property.

Credit Checks
Renting a home with bad credit can seem like an impossible feat. But, making sure that you have a full credit check is vital. See where the issues lie. What does your credit history show? Be honest with your letting agent about your credit and its history. That way, they can ensure that you have a property in your midst. They will line you up with the appropriate landlord who may be willing to bend the rules. Getting a credit check and report means that you are in the know about where you have gone wrong.

credit checks

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Talk to the Landlord
Not all landlords will take umbrage to you having a bad credit history. If you earn a good salary, pay slips can prove to be a useful tool in your arsenal. So, take your payslips and your references to the landlord and discuss your options. They may still rent a property to you.

Do You Really Need a Credit Check?
In some instances, landlords prefer references to your credit history. This can be a positive sign. So, make sure that you are seeking out a landlord that favors this method of renting.

Of course, we have talked about references a lot. It’s because they are important. If you have rented previously, ask them for a reference. Get them to countersign your application. This can be a positive way of reassuring any landlord or estate agent that you are a prompt payer.


Image Source: Mark Moz

Guarantors can ensure that you obtain your dream rental property. This should be someone with an impeccable credit history. A guarantor can be the savvy solution to getting a home that you want. They will be responsible for the property should you fail to keep up with payments. So, make sure that you don’t miss your rent, to avoid causing issues with your guarantor.

Sharing is Caring
Of course, if you are sharing with another person it may be advisable to get them to take on the tenancy agreement. Your spouse or sibling may have a good credit history. Therefore, they should be the primary signatory on your application. Do be aware, you will both still be eligible for the rent and costs of your home.