How to write a rental application cover letter when you have bad credit 5/5 (1)

How to write a rental application cover letter when you have bad credit

How to write a rental application cover letter when you have bad creditPlanning to rent a home in Phoenix but have bad credit? You’re not alone. Nearly a third of Americans have a credit score lower than 601 — the distinction between bad and fair credit — according to credit bureau Experian. Phoenix property management companies and landlords will run a credit report on you and if they discover your bad credit, they are more likely to deny your application. So what do you have to do to rent an apartment? One recommendation is to help make your rental application stand out with a cover letter that addresses their concerns and tells your story. Here are three tips on how to write a rental application cover letter when you have bad credit.

Offer assurance: A Phoenix property manager’s major concern about a new renter is that they will pay the rent each month when it's due. Start your rental application cover letter with an acknowledgment that while your credit report is not so great at the moment, you are working on improving it, have learned a lot about financial responsibility, and offer assurance that they can rely on you to honor your financial obligation to pay the rent every month.

Share your story: Is your credit bad because of a divorce? Job loss? Death in the family? Underwater mortgage? Briefly explain your situation simply, factually, and without self-pity or pointing the blame elsewhere. This will show the Phoenix property management company or landlord that you are aware of the situations that may have impacted your credit score. Then let them know how you plan to fix it. Working with a financial planner? Setting up debt repayment plans with your creditors? Show them that you are taking control of your credit.

Express interest: At the end of the day, a landlord or Phoenix property manager wants to know that their investment or property will be taken care of by the tenant who inhabits it. So expressing interest in the property and letting them know why you want to live there is important. Is it located close to work? Is the home in a good school district for your children? The idea is to show them that you value their property and would take good care of it thoroughly.

Want to know more about how to write a rental application cover letter when you have bad credit? Looking for a home for rent in Phoenix or a Phoenix property manager to find a tenant and take care of your home? Contact Simply Property Management- Paielli Realty, Inc. today!

 

Greg Paielli

Simply Property Management – Paielli Realty, Inc.

www.phoenixpropertymgmt.com

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