Many people choose the convenience of renting over the responsibilities of being a homeowner. However, whether you’re submitting a tenant or mortgage application, your credit history will play a major factor in your approval odds. If you have significant credit card debt, this can make it challenging to find a place to live. Landlords often conduct credit checks to ensure potential tenants are financially stable enough to make the rent each month. Those with a high amount of debt are generally considered to be more of a risk. Here are some tips for securing housing under these circumstances.

How to Get Approved for a Rental With Credit Card Debt

1. Start Paying Down Debt

Before beginning the application process, it’s wise to decrease your credit card debt as much as possible. First, stop all non-essential spending and establish a budget you can stick to. Then, decide which payoff strategy to follow. It’s common to either pay down the card with the lowest balance first while making minimum payments on all the others or focus on paying off your highest interest card. You may also consider getting a lower interest balance transfer card that allows you to consolidate everything you owe into one payment.

2. Get a Co-Signer

If someone is willing to be a co-signer on your rental lease, it will alleviate much of the landlord’s risk. This could be a friend, family member, or someone you plan to move in with as long as they have better credit than you. Be sure you only enter into this type of agreement with a person you trust, and keep in mind they become responsible for paying the rent if you fail to do so.

3. Provide a Reference Letter

Obtaining reference letters from employers and past landlords can go a long way toward showing that you’re a credible tenant. Ask your current employer to verify a steady income and the responsibility you’ve demonstrated at work. If you’ve consistently paid your rent on time in previous years, request a recommendation that confirms your positive rental history.

4. Offer to Pay More in Advance

While this may be difficult if you’re struggling with credit card debt, many landlords will approve a tenant who offers to pay a higher security deposit or several month’s rent before moving in. A larger upfront payment provides them peace of mind and improves your position as a credible renter.

If you’re having trouble renting a home due to credit card debt, turn to Attorney Robert A. Schwartz in Rochester, NY, to explore your options. Backed by more than 30 years of experience, he has helped countless residents throughout Monroe County successfully reduce or discharge their balances. This seasoned legal professional will carefully review your finances and recommend a debt relief plan suitable for your specific situation. Call (585) 334-4270 to schedule a consultation, or visit his website for more information on achieving a fresh financial start.