Look for apartment-shares: If you can make a good impression, house-shares or apartment-shares with landlords who live on the premises can be a great option. These property owners may be more willing to consider renting to folks without extensive credit status.
Moving to a new country is an exhilarating journey and Canada is a welcoming haven for those seeking a fresh start.
And yet, for many expatriates, the process of setting up a new life in the Great White North can be daunting at first. For starters, lack of a credit history is among the first few challenges that newcomers have to deal with. It determines your odds of securing a bunch of things including lines of credit or even an apartment. With no job offer, employment letter and little proof of your credit report in a new country, how can you go about finding yourself an accommodation? Following are some of the tips and strategies to help you get there:
Reveal your cards
First, be transparent. If you are a recent immigrant or Visa holder, let your prospective landlord or property manager know that you haven’t had an opportunity to build credit in Canada yet. Remember you are not the first one and won’t be the last one seeking a rented apartment without a job, a proof of income or almost no credit score. These things take time.
The landlord will no doubt want to run a credit check, which illustrates the applicant’s financial health. If you already have a steady stream of income, however little, through your prior investments, furnish relevant documentation to buttress your case.
First, be transparent. If you are a recent immigrant or Visa holder, let your prospective landlord or property manager know that you haven’t had an opportunity to build credit in Canada yet. Remember you are not the first one and won’t be the last one seeking a rented apartment without a job, a proof of income or almost no credit score. These things take time.
The landlord will no doubt want to run a credit check, which illustrates the applicant’s financial health. If you already have a steady stream of income, however little, through your prior investments, furnish relevant documentation to buttress your case.
Show your reserve funds and savings
A letter from the bank stating that you have adequate funds to cover a few months of rent, will go a long way. Present your bank statements. Not having any outstanding loans or balances helps demonstrate your financial stability and ability to make timely payments. Such paperwork can serve as proof that you have responsibly managed your finances. Highlight the fact that you have no credit because you have no debt. And if it’s all too overwhelming, consult your banking advisor to understand the options available to you.
Get a co-signer
A guarantor or co-signer is someone who agrees to pay rent on your behalf if you are unable to do so. This provides an additional layer of security for the landlord or property manager. Trusted parties including close friends or relatives with good credit can make the cut. These individuals can vouch for your ability to make timely payments and can help strengthen your application.
