Apartment Credit – Debt And Credit Building Tips For Renters

If you have a low credit score IE Bad Credit that can certainly make it tough to rent an apartment. However it’s not uncommon for renters to have bad credit and your landlord has likley seen all sorts of bad credit. They key to renting with bad credit is to be upfront about it to save time for yourself and your landlord. Call around and ask for the screening requirements. If credit is going to be a problem the landlord will tell you to save time. You may find that renting from a mom and pop operation vs a large apartment complex will increase the chances that you can be approved for the apartment even with bad credit. If you are finding it tough to get approved for an apartment you need to start working on repairing your bad credit. Pull your credit report and start trying to bring all debts current. Just doing this can move your score higher in a few months.

In many states renters are entitled to a renters rebate with the theory that their rent paid is used to pay property taxes on the unit they are living in. The landlord is usually required to provide statement showing how much rent was paid in the year. Then the state provides a renters refund based on the amount of rent paid. In many states this is called the Certificate Of Rent Paid and is usually due to be given to the renters by January 31st. The renters refund can be a timely infuse of cash and is great for stimulating the economy because many treat it like found money and go buy things vs paying off debt etc. To find out if your state offers a renters refund Google is a great place to start. Just do a search for state renters refund or certificate of rent paid state replacing the word state with the state you rented in. If you find that your state does offer a renters refund and you have not received your certificate of rent paid contact your landlord around the 15th of January and ask when they will be sent out.

If you think you might be moving to another apartment or rental house or even buying a house you will want to ensure you can get a good reference from your current landlord. How can you do this? Well start by paying your rent on time or even a week early. Hopefully you are already doing this and you can just keep your current habits. If your sending in the rent just prior to the 5 day grace period to avoid the late fee start getting it in on the last day or the 1st of every month. If you need repairs made, be polite and send your requests in writing. Follow up with the landlord to provide feedback on the repair and if the experience went well thank them for the prompt response. Hopefully you have a good landlord who is responsive so you can just provide positive feedback to keep the response quick and increase the chances of you obtaining a good reference. If you feel comfortable it wouldn’t hurt as well to make contact with the landlord and ask for feedback based on their experience. You could just say that you are doing a yearly update on your credit and references and wanted to see how the landlord was feeling about your relationship. Feedback is always key in knowing where you stand so you can be sure to get a good reference when needed.

Many renters wonder if paying their rent on time or early will boost their credit score.  The sad fact is that generally your landlord will not report your payment to any credit bureau so it will not increase your credit score to pay rent early and on time.  You should know however that paying rent late will also not show up on the credit report but if you are evicted or sued by your landlord the judgement will then be reported on your credit report.  So if you want to keep your good credit be sure to pay your rent at least on time and if late communicate well with your landlord.  In addition to your credit it’s good to pay on time and early to maintain a good reference which you will someday need when moving to another rental.