That’s why I encourage everyone to be aware of their credit, whether it’s good, bad, or non-existent.
New York, NY (PRWEB) January 26, 2013
RoadFish.com men’s lifestyle and finance magazine today issued their statement regarding potential renters plagued by bad or no credit, looking to rent out a unit in which to reside and coming up against a hurdle due to their poor score. RoadFish.com dished out some personal advice on how to go about successfully finding a co-signer, and pointed readers towards other resources to help them strengthen their credit for next time.
RoadFish.com’s Senior staff writer feels very close to this topic because of a personal experience had as a young adult with no credit history. RoadFish.com’s Senior staff writer is quoted as saying, “It’s hard to do certain things with bad credit, and it’s really hard to do those same things with no credit. My parents never taught me about the importance of a credit history, and I didn’t own a credit card until I was 23 years old. I managed my money really well and put everything on debit all through college, but I didn’t have a leg to stand on in terms of credibility with borrowing money when lenders ran a credit check on me. It was like a blank slate, telling them nothing about my trustworthiness in paying them back. I had to get co-signers, front extra cash to rent units, and sit on pins and needles hoping everything would work out. That’s why I encourage everyone to be aware of their credit, whether it’s good, bad, or non-existent. Nobody wants to have to worry about not having a place to live because of credit.”
RoadFish.com points out that most property management companies and landlords will accept a co-signer with good credit as a way to guarantee that the monthly rent gets paid. According to a Fox Business article written by Donna Fuscaldo, there are co-signing companies who will be the guarantor on a renter’s lease for a monthly fee, in the event that a friend or relative is unwilling to co-sign—or the renter chooses not to go that route.
RoadFish.com’s Senior staff writer is quoted as saying, “I personally hate merging family and friendships with money situations. I’ve just seen too many great relationships fall apart after money comes between them, and have never liked mixing the two. But if you’re forced to find a co-signer and turn to family or a friend, I highly recommend drawing up a contract with the person who is co-signing for you. Don’t even think about it, I would just do it if I were you. I’ve seen it get hairy in the event that a job is lost, rent payments can’t be made, the responsibility defaults to the co-signer, and then that person is all of a sudden being asked to pay your rent. In the event this does happen, having something on paper about the payback terms will keep things straight. Consider it a legally binding document and not just some money that you ‘ought’ to pay back ‘eventually.’”
In the above-mentioned Fox Business article, Fuscaldo recommends an attempt at explaining a difficult situation instead of trying to pretend the credit score isn’t as low as it is when applying to rent a unit. Fuscaldo also reports that many landlords will accept a higher security deposit or several months advance rent upfront in lieu of a co-signer for somebody with a low score. Realty One real estate agent Ron Denhaan is quoted as saying, “People with poor credit have to be willing to work with a landlord. The worst thing in the world is someone with poor credit that wants a discount on the rent and security deposit.”
RoadFish.com urges all consumers to take care of bad or no credit before it even becomes an issue. RoadFish.com’s Senior staff writer is quoted as saying, “People who have good credit, have the financial world as their oyster. They get better rates, better deals, pay less money over time, and don’t have to go through the hassle of jumping through hoops to buy, or in this case rent, a place of their own. Better to avoid the headache and start building credit, or repairing credit, well before needing to have it ran.”
The Fox Business article reported something similar, encouraging renters to work on improving their score by paying unpaid balances on credit cards, other bills, and perhaps even previous landlords. Chris Brown, the Vice President of products at Apartments.com is quoted as saying, “Being proactive is really the best thing you can do.”
RoadFish.com is an online lifestyle and finance magazine that reports on the best online dating sites, restaurants, and luxury items for men. It is aimed towards gentlemen in their 30’s and 40’s who are goal-seekers and motivated minds who enjoy working towards new endeavors. RoadFish.com commonly features financial articles about topics such as misconceptions about credit, how to pay off debt, and how to successfully keep a budget. RoadFish.com is owned and operated by Purpose, Inc.