Q: I was a homeowner for eight years, but used much of my equity to get a new kitchen. Then I lost my job, and now I'm about to lose my house to foreclosure. I've been working sporadically, but my credit is a disaster. How difficult is renting with bad credit?
A: I'm so sorry to hear that. With so many people in the same boat, renting with bad credit may not be as difficult as you'd think, although you might be asked to give two months security instead of one. Start by checking your credit report
and dispute any inaccuracies you find. Pay off as many open accounts as you can.
The burden of proof is on you to show your financial troubles were a temporary glitch, rather than a lifelong pattern. You could write a letter to give to apartment managers explaining what happened, and how you’re getting back on track. Add any references you can get from those who have lent you money in the past. If all else fails, consider asking a co-signer with good credit, such as a parent, to go in on the lease. Just be mindful that if you don't pay your rent on time, you can damage that person's credit, too.
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