If you are a New York City resident, you probably already know that excellent credit history is required when applying for most city apartments. It maximizes your chances of getting the right apartment for you and your family.
What if you don’t have credit? This could be because of several reasons. You may never have possessed a credit card for personal reasons. You could also be a student, a recent graduate, or a foreigner. Fortunately, your lack of credit can’t stop you from landing your dream apartment in NYC.
Below are a few things you can do to get a no credit check apartment in NYC.
Finding a Guarantor for Your Apartment
This is one of the things you should do when you don’t have a credit check and still need one of NYC’s classy apartments. Getting a guarantor assures your landlord/landlady that they will get paid even if it’s not by you. Your rental guarantor could be a parent, relative, or close friend, and they must cosign the rental apartment agreement. They must also meet the qualifications set by your landlady/landlord. In most cases, they are required to earn at least eighty times your monthly rent.
If you are a foreigner, ensure that your guarantor is a New York City resident. NYC landlords/landladies don’t accept foreign-based guarantors.
To land a no credit check apartment in NYC, you could also ask your previous landlords to write reference letters for you; they should preferably be located within New York City. With them, the apartment owner might be willing to let you rent their property. Each reference letter should state that you always paid your rent in full and on time, even though you don’t have credit. It could also emphasize your other great traits, such as reliability.
Attach the reference letters to your cover letter. In the latter, you could explain your current credit situation. Additionally, state what you do and why you are confident that you can afford the apartment you are applying for.
Work With a Broker
A trusted real estate broker in NYC may also help you get a no check apartment situated in the city. They can advocate for you and tell the landlords they know that you deserve their vacant rental apartment despite your lack of credit. You should be comfortable with your broker. This allows you to explain your current situation with ease since they might be hesitant to vouch for you if they don’t know what you’re going through. It’s best to pick a broker who focuses on the NYC neighborhood you wish to live in. They know the landlords who accept clients without credit, and they’ll point you in their direction.
NYC is a great place to live. You can still get an apartment you like without credit, but you have to be smart when looking for it. The tips above should serve as a guide to those looking to rent their dream apartments without credit. However, it would be best if you carried out extra research to avoid embarrassment.