Is there a disadvantage to renting an apt. that doesn't require credit checks or deposits?

Question

My credit is HORRIBLE, as a result of Hurricane Katrina, trying to replace things. I'm looking for an apt. & my family is too evil to co-sign with me. I'm a college student staying in a homeless shelter, & my financial aid refund check of $5,000 is coming tomorrow or Wednesday. When I get my check, I'm afraid I might be turned down for an apartment because of bad credit.

I don't see how my twin sister & her husband have bad credit & they can still rent apartments.

By my credit being so bad, is there any way I can pay extra to get to qualify for an apartment, or is it that if my credit gets turned down, I can't rent an apartment at all?

Answer 1

I don't really know what disadvantage there would be to renting an apt that doesn't require these things, except that perhaps the building is not that well-maintained. That would be a concern.

I would write a cover letter with your application explaining the situation and telling the future landlord what you are doing now and where you will be getting the money to pay the rent. He or she may require an additional deposit but you may be able to get that back in six months. You may be able to get letters of reference too from people who know you are clean in your house and a respectable person.

Answer 2

I'm a retired UK Banker with 30 years experience. I presume you are in the USA and despite being in different countries there are certain principles that never change, like honesty.
Firstly, can you obtain a Credit Report on yourself from a Credit Reference Agency?? If you can that would be extremely helpful because you will know exactly what sort of Reports are going out on you. From that point you seek out an affordable apartment. Go to the Real Estate people and tell them you would like to rent the apartment and show them your credit report (don't give it to them, you need it). See what happens.
Next, you are a college student; what chance is there of sharing an apartment with a similar college student as yourself?? What about asking the Admin/Welfare people at college if they can help you. Note:- always ask people if they can help you with a problem. Most civilised people are only too glad to be able to help someone who is in need.
Can it be the case that although you are getting the $5000 check that you actually have a lot of debt around which will burn up your money? And what is to be your funding source to pay rent and food??
Finally, your twin sister would obtain a higher credit score than you because she is in a stable marriage, probably has a telephone, there is an income each month and these sort of things look better on a credit analysis.
Be wary however of getting caught up in some seedy operation with a dubious Landlord.

Answer 3

If your bad credit was caused by the hurricane I'm sure many landlords will be understanding. Don't ever offer to pay more than you need to. Some landlords however may ask for a larger deposit if a possible tenant has bad credit. I've done that myself. Just make sure that it is all refundable when you move out.

Answer 4

A credit verify isn't required and a fraud alert won't remember. even regardless of the undeniable fact that, a debit card won't be suitable. in many cases talking, the two standards to lease a automobile are (a million) a driving force's license, and (2) an easily mastercard.

Answer 5

u might have to pay an extra months security, can u get a rental verifcation letter form ur landlord of the past 2 yrs to prove u pay on time and have not been the subject of any complaints. worse case scenario, if u can get rental verification and pay an extra months security most people will still rent to you, good luck and keep your head up!

Answer 6

Ii have neverr been asked for a credit check.to rent When wee moved here 3 years ago we were bankrupt iwas on old age pension lita was working No problem...If credit is a problem where do people on welfare live???

Answer 7

Id check it out, [the area/building] at night, might be run by gangs......