When people file abruptly they do so because they are sure that they will never be able to pay off their bills. They also do so in order to give themselves a fresh slate and a chance to start all over again when it comes to their credit history. Unfortunately what many people don’t realize is the long term affect it can end up having on your life. Since most bankruptcy reports have to stay on your credit report for at least seven years it can take a long time before your credit is good enough to actually get you something.
Many people find that after filing bankrupts even if five years have passed since they have applied for any credit that they still can not rent anything. Most apartment complexes and even landlords have found that they think negatively about any one who has filed bankruptcy and therefore would prefer not to rent to them. Even if a complex will you to rent from them with the bankruptcy they will usually require that you get a co-signer and you pay more of a deposit. What many people don’t understand is why it matters when you are just renting and not actually purchasing anything. Usually apartment complexes and landlords will check your credit for any landlord tenant disputes. Nowadays however it seems that they want a lot more than that.
If your credit score is too low than they don’t want you as a tenant. Is it fair? No it is not fair, which is why more and more people are finding themselves homeless. This is because in most states like New Jersey the requirements to rent are becoming just as difficult as the requirements to purchase. Many people are finding that it is just best to find a person to rent from who is willing to give them a chance despite their credit history. Than save up as much cash as you possibly can in order to buy a place outright. Nowadays this is about the only way that you can get things done. The other problem is that a lot of people have been victims of fraud, which means that people have used their credit to purchase things. Unfortunately this is very difficult to get taken off of your credit report and can sometimes take years to remove. This is why so many people feel that it is unfair to base a decision on just a person’s credit rating or what it says on the credit report.
So if you are trying to rent and they tell you that you can not rent from them because of your credit and you know that some of the items on your credit report are inaccurate than you will need to bring papers with you to prove that this information is incorrect. Basically renting nowadays is more and more like applying for a mortgage.
