Hunting for houses and apartments is challenging, but your search for an apartment or house will be harder if you are tied to bad credit. Of course there is nothing wrong with having a low FICO score in Detroit MI. The problem is that many Americans often find themselves tied to bad debts as a result of small factors that perhaps never appeared to have much effect on your finances. For this, always make sure that your credit standing is within the acceptable range.
Most apartments’ property managers and owners require that potential tenants undergo screening that also includes checking the background report before moving in. Many people keep wondering whether there are apartments in Michigan that accept bad credit and how they can find one. Below are tips to help you find the right apartment while having a bad credit score.
Know You Have Multiple Apartment Options
While you have the option of hiring a good realtor to find you potential apartments in your preferred areas, this is not always an option for some people. Regardless of whether you are close to the city that you intend to move, such as Detroit MI, apply for as many apartments as possible. This move improves your odds of at least finding something.
You should also remember that people are different, hence the reason why in some apartments you might find that the property managers or owners have different policies regarding poor credit. Before you schedule to view a home or apartment for rent, ensure that you have exhausted your options during the home search.
The internet is a good place to start with as you might come across reviews of apartments in Detroit that have stringent FICO score measures. In the process, you might also come across apartments that tend to soften their low credit policies – something that would work to your advantage.
Find Yourself A Cosigner
There are many people who are uncomfortable with having one of their family members or friends to cosign their rental applications. However, having a cosigner can greatly work to your advantage when searching for apartments while having a low FICO score.
The cosigner can improve the owner’s confidence in your ability to make your rent payments. Always choose apartments in Detroit that you know you can afford because when you bring in a cosigner to your lease agreement, they agree to paying your rent if no payments are made.
When you get to the point whereby you can make your rent payments reliably, ensure that you have the cosigner removed. This process might require you to enter into a new lease agreement with the apartment owners. However, it is a deal that most owners will be willing to take as it reduces the risks involved in the entire deal.
References Can Be Helpful
When trying to find rental apartments, references can go a long way in helping you get the right one, even when your FICO score is poor. Find someone, such as an employer or a former landlord, who can speak highly of you. This is the reason why tenants are advised that if you intend to move from an apartment in the future, you should establish a good rapport with the landlord.
Such references are also the ones who can collaborate your story regarding what factors led to your situation of having bad credit. When landlords come across people who are more willing to vouch for you, then they are a little less fazed by your bad credit situation. References are not only limited to former landlords or employers, but can be any important figure in your life whose word can be depended on.
Let Home & Apartment Owners Know Your Credit History Before Moving
Since you can already rent an apartment with bad credit, there is always the temptation of hiding your FICO history to the property owners. While this might appear effective in the short term, letting the landlord know the hard way is a bad move.
After the apartment owner discovers your bad credit status, they will be disappointed that you never came out clean when you had the chance while signing the rental agreement. A good rule of thumb is to be honest and allow the property owner to decide whether they can revise their policy on FICO ratings.
Many people are aware that there are unique situations that can explain your FICO score and that no situation is permanent. With an understanding apartment owner, you will still get the apartment or home. Once your credit health improves, your credibility is restored for being honest and confronting your challenges with confidence.
Try & Clear Your Credit Card Bills
It might take a while to improve your FICO score, possibly years, but even during the house hunting it helps a lot trying to clear these bills. This is one of the ways to establish a good financial record. Even if you are limited on cash, especially when moving, being organized can see you make small payments while still hunting for an apartment. Doing this will enable you to acquire an apartment more easily in future.
When organizing your bills, be sure to at least make a list of a number of things that you do not really need. You can also make some adjustments to your life and cut down on some of your expensive hobbies. This way, you will get to enjoy the same in future, but not while servicing a debt.
The issue of spending rather than clearing your bills only adds to your financial woes. Remember, you will already have spent quite a substantive amount when making the rental deposit. This means how you spend your finances is a huge factor when you are looking to get out of your bad financial position.
Use Cash Payments To Your Advantage
Any property owner in Detroit, Michigan wants to know that the tenant is serious about the tenancy. If you are tied to bad credit, show that you are dedicated to paying the rent by putting down a large deposit on the apartment upfront.
Another option is to declare your current financial status at the time of first contact as opposed to declaring the same when you were struggling to make the payments that led you to your current financial position. For example, declaring your steady income is some sort of deal breaker to many property managers and owners. It serves to assure the landlord that rent will always be paid on time, while any damages to the property will be taken care of.
You are never short of options when using cash to your advantage. You can gain confidence in your commitment to pay rent by paying directly from your paycheck to the property owner. This way, they know that you are even more committed to rental payments.
Apartments In Michigan That Accept Bad Credit
When searching for the right apartment in Detroit, Michigan, a low FICO score should not deter you from searching for a place to stay. It is assumed that you are well aware of what got you tied to bad credit and have a plan to improve your FICO score.
The next time you are searching for apartments in Michigan that accept bad credit, use the same attitude to address your apartment search and ensure that there is full disclosure of all the details that can get you approved for the rental.
Never narrow your search to a certain neighborhood that you have always dreamed of since there is no guarantee that you will get an apartment there with a poor FICO score. There is also the possibility that affordability might be an issue and since you are already in financial distress, go for a property that will have you struggling to pay the rent in future.