If you are applying for a new credit card, a home loan, looking to lease a new home, or pretty much anything else, your FICO scores will play a big part in the approval process. In most situations, a low FICO score will result in you automatically not qualifying, except when you are applying to lease a home. Don’t get me wrong, most landlords will want tenants with high FICO’s, however this isn’t always the ultimate deciding factor.
Landlords want PIECE OF MIND. They want to feel comfortable knowing that the monthly rent will be paid on time and that the home will be taken care of by the tenants (just as if it were their own home).
It’s pretty simple…….show the landlord that you, as a prospective tenant, will be responsible and have the capability of being a great tenant and your chances dramatically increase, even with the lower credit scores (I’ve done it for my clients).
Some ways to overcome having lower credit scores is to show the landlord/owner that you have OTHER strengths as a prospective tenant.
Below is 5 other ways you can show the landlord you are qualified and can be a STRONG tenant – (nothing is guaranteed but it is a great start.)
- Complete application thoroughly and NEATLY – Providing a neat, legible, and complete application will show the home owner that you are thorough and detail oriented. By leaving certain fields black and/or having a messy application may give the landlord the wrong impression of you (EVEN IF IT ISN’T TRUE). If you don’t think landlords judge tenants by the application, you are wrong!
- Letter of explanation of lower credit scores – Just because you don’t have high credit scores doesn’t mean that you are incapable of paying rent on time. Many tenants have gone through a short sale and still have the ability to pay rent, however can’t qualify to buy a home and need somewhere to live. They may have lost their job temporarily and it took a couple of months to get back on their feet. Explaining this to a landlord will eliminate any doubt in their minds and help them make a decision based on the facts.
- Verification of employment including paycheck stubs verifying income - If you can show you can afford the monthly rent it will create more certainty for the owner. By providing 2 recent paycheck stubs you verify your employment and your income. Most tenants do not provide this initially until the landlord requests it. A strong prospective tenant provides all the information up front with nothing to hide to eliminate the doubt any landlords may have.
- Letters of reference from current landlord and past landlords with option for a call to confirm (only if it is good) – Have you been living in a home for several years and never missed a payment? Do you have good relationships with past and current landlords? If so, suggest that the landlord of the home you are applying for call your old landlords to describe how your rental history was/is and how you would be a good tenant for them.
- Offer to pay rent via direct deposit – show the owner that he/she will not have to worry about collecting rent from you and it will be automatic on the day it is due. Remember that the key to getting a landlord to accept your application is to create a situation where there will be little to know work on their end during your time as a tenant. What better way to provide security to a landlord than offering to have the rent directly deposited into their account AUTOMATICALLY!
All of these will show the landlord that you are motivated and STRONG, and may increase your chances of finding the right place.
Good Luck in finding your new place and remember, if you ever need help (for anything) please call me directly at 949-209-7309 or email me at robertmack10@gmail.com.
To search for available rentals go to http://www.IrvineRealEstateLink.com TODAY!!
{ 9 comments… read them below or add one }
Your writing style is really great i am regular reader of your blog but fist time i am leaving comment and thanks for sharing about 5 Ways To Get Your Rental Application Accepted – Even with Low FICO Scores!!
thank you so much for your kind comments…it is very encouraging to me to know that there are people out there reading my blog posts!
Great Blog Post! This is very timely information with all the short sales and foreclosures. You have a great blog! keep up the good work!
thanks so much for the kind feedback…I wrote this post for exactly the reason you statend in your comment.. There are some great potential tenants out there who have recently faced a short sale or foreclosure, but other than that have spotless credit. I’ve been working with many of them and know others are too!
I look up real state blogs time to time. I came across this blog and found good information. thanks….
thx so much! Ever since all of these short sales, foreclosures, and bankrupcies I have met so many great families who just need a home to live in, and despite their lower credit scores I still believe that they are great candidates for renters and have found that providing all this information upfront has increased their possibilities ten-fold! thx for your comment!
Good Concept of post.
Thanks
Good one Robertmack! I like all things piked. Despite of low credit score one can make his rental application accepted. This can be done by “showing the landlord/owner that you have OTHER strengths as a prospective tenant.” Great Job!
thx for taking the time to read and giving input! These 5 ways have been tested and in 80% of the cases I work with, I was able to overcome the low credit scores! I hope this was helpful to you…..cheers!