It is sometimes assumed by consumers that if credit isn’t used by them, there is no need for them to worry at all about the credit rating. However, credit rating is something that will play a major role in determining whether you will be able to get your next rental apartment or not. You’ll probably be able to rent an apartment even with your bad credit history, but the options available for you are fewer than the ones available to somebody that has good credit.
Bad credit may prove to be a hindrance for you to rent an apartment as the landlords usually perform credit checks for all the rental applications they receive. Items that are seriously negative, like civil judgments and bankruptcy, tend to send the red flags for the landlord and he may be forced to think that you’ll be involved in late rental payments or may default on the contract. Most of the landlords and creditors often consider a 620 FICO score to be bare minimum to be called “good credit”, however, if the score is better than that it will be a source of increasing your chances to get approved for the apartment.
Just like the credit report, there is a consumer report as well. Rental history is normally not part of the credit report; therefore, landlords tend to buy rental history of the consumer from separate agencies. Hence, you shouldn’t have broken your lease ever or shouldn’t have any other such negative items as part of the rental history report, such as late payments on frequent basis. This will definitely help you a great deal to get apartments for rent in Oklahoma City.
Use ACR for running a check on your personal credit history. ACR is a website that the government has set up for giving the consumers an annual credit report for free. Your reports can be scanned through all the main credit bureaus against any negative items such as late payments, civil judgments and collection accounts. Your credit score isn’t included in the credit report, but you can be able to estimate the credit score.
You will be able to rent the apartments with bad credit; however, it can take longer for you to find the landlord who will not be willing to run any kind of credit check compared to what it would have been if you had average credit rating at least. It might be required by you to make some concessions with your landlord for renting the dwelling. For instance, there is a possibility that you offer paying for your entire lease right upfront or you can offer bigger security deposit compared to what may have been expected by the landlord. It may be required by your potential landlord to produce a guarantee or even co-sign the lease.