Your credit score and file is very important when it comes to renting, most landlords will require that you allow a credit check before they decide if to rent to you or not. This is because your credit history will give an indication to the landlord of how likely you are to keep up your monthly rent payments.
The unfortunate part of this requirement is that most people who want to rent have little or no credit histories and are therefore declined and unable to rent.
So here are a few options to rent without credit:
Get a guarantor:🌂
In most cases, landlords will require you have a guarantor before they rent to you due to your low credit score or lack of history.Your guarantor essentially signs up to cover any defaults you may incur during your tenancy. In any case you should look to increase your credit score as it offers you a more balanced financial life.
Offer a larger deposit:
In some cases offering a bigger deposit for the landlord to hold will get you over the line as you now have more at stake if you don't pay your rent or if you damage the property. Be sure to document this in writing and evidence the state of the house in pictures before beginning your tenancy.
Explain your circumstances and get reference letters:🎈
A lot of us still underestimate the power of reference letters. A reference letter from your bank, employer or even your doctor can go a long way to building some trust between you and your landlord. And if that doesn't work some proof of regular income and a kindly worded letter explaining your current situation should suffice.
Skip the agents and rent from the owner:
In most cases estate agents will not move a muscle but follow protocol and this of course means if you fail their credit eligibility test they will not rent the property to you, even though you might have provided irrefutable evidence of your good behaviour. The reason for this is simple. Estate agents have to be held accountable by the landlords who give them their properties to manage. In a scenario where you are renting directly from the landlord there is sure to be more room for negotiating and compromise.
Get a trial rental agreement:🌟
A landlord might not be willing to trust you for 12 months but they might just give you 4 weeks to see if you are a good fit after all. Prove yourself with a short lease initially and you should be just fine.