Is a Bad Credit Rating Harmful When Applying for a Rental?

A landlord may check your credit score to see if you are trustworthy and if you will pay your rent on time. As a result, does having a poor credit rating exclude you from the opportunity to lease property? A bad credit history does not always imply that someone will be rejected. Some landlords may be more understanding and ready to take tenants with inferior credit ratings or even ask for a deposit as security.

Instead of fully paying upfront, you could ask a guarantor to co-sign your lease. If you’re ever unable to make a payment, the landlord would still have someone else they could contact.

Your credit report will also include information from rental databases, which may show your credit score. Your credit rating is also revealed by credit checks for tenants, as well as any prior late or missed payments. Data from tenancy databases might be included in your credit profile – for example, how many landlords have reviewed your rating.

Landlords don’t have a designated time to check credit scores, but if multiple applications come in rapidly, the landlord might subliminally think you’ve been turned down for other rentals. Even with damaging credit, sometimes tenants can submit extra documentation or provide a detailed explanation of their current attempts to improve their renting history–which could potentially persuade the landlord into giving them this opportunity.

Although landlords usually care more about your credit history than your score, a low score may suggest to them that you’ve had issues with repayment in the past. If your score is categorised as good, very good, or excellent- which equals an Equifax credit score range of 622- 1,200- they probably won’t investigate too deeply.

If you are struggling with bad credit, don’t worry. Clear Credit Solutions can help you get your finances back on track. Our fix credit rating process is simple and straightforward, so you can be sure that we will take care of everything for you. Let us help you fix credit rating and take control of your financial future today! Begin our credit fix process today and finally obtain the finance you need.