WHAT TO DO IF YOU HAVE A
LOW CREDIT SCORE
B
ut don't lose hope of renting if you have a
lower score.
It really depends on the particular landlord and
what they will consider acceptable for a credit
score. Sometimes landlords will consider a
tenant with a score in the 600 to 680 range if
they have some form of an additional deposit,
in case there are future problems. Again, specific
to Seattle landlords are not allowed to collect
more than a deposit equal to one month's rent,
although they may require last month's rent up
front. For both a security deposit and if required
a last month's rent, tenants must be given the
option to pay over a 6 month period with no
interest.
Another option is to have a guarantor co-sign
your lease, offering payment backup to make
the landlord feel more secure. I personally do
not like taking co-signers and don't advise my
owners to accept them either due to the fact
that it feels as if the tenant has no skin in the
game at that point.
Sometimes if you can provide a good reference
from a previous landlord and have a steady job
with verifiable paystubs to prove you meet the
landlord's income requirements, that may be
enough. But it all depends on how popular the
rental is and in what season. For example, if
it is a very popular rental and there are many
applications in, the chances of getting it are
slim with poor credit, on the other side hand, if
the unit is not popular and it has been on the
market for a while the landlord (or property
manager) may be more willing to work with you.
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