Does a Landlord Make a Decision Based on My Rental History?
When you’re trying to rent an apartment, you’re expected to submit an application, where you authorize your landlord to check your credit history and background checks.. Checking a credit history of a prospective tenant is extremely important to a landlord, because it will give your landlord a reasonable indication of what to expect from you as a future tenant. How Bad Can My Credit Really Be? Your credit history can show something as small as delinquent credit card bills over 30 days to unpaid bills and even collections. These issues can be amended much faster and fixed on your credit report. However, bankruptcies and evictions are huge red flags to every landlord. These records could stay on your credit report for up to 7 years and inconvenience your lifestyle. It’s always important to keep on monitoring your credit report on a monthly basis, so that you’re aware of any updates. If Credit Report is Good, What Else Can Be Wrong? Criminal background check is one of the most important factors for every landlord. Every landlord’s job is to minimize their risk and make sure that he doesn’t rent a unit to a sex offender, who may put other neighbor’s children at risk. Same thing goes for if background checks reveal that a prospective tenant has ever been caught with drugs or has been convicted of anyting. What If I Have No Credit History Established? No credit history is not so bad, but a landlord wouldn’t know what to expect from you. Usually, folks with no credit history established are mainly college students who have never rented on their own before. However, their parents are commonly cosigning on their leases, which helps them get approved. Some tenants won’t have a family or a friend who’s willing to cosign. Although, it’s not the end of the world. There are many understanding landlords. However, to protect themselves, landlords would actually request a larger security deposit to help them get approved on their own.