The Impact of Foreclosure on Renting Credit
It's a given that going through a foreclosure is hard on your credit. The effect of defaulting on your mortgage has probably already had a negative effect on your FICO score, and the actual foreclosure proceeding will do more damage. But after a foreclosure, you need somewhere to live, and having a poor credit score can also make it hard to rent.
Effects of Foreclosure
A foreclosure is worst for your score if you previously had good credit. If you were previously in the 700s, you can see your credit drop by as much as 250 points. If your credit was shakier, it doesn't have as far to fall. The foreclosure will remain on your credit report for seven years, although you can start to work on improving your score immediately.
Renting
Most reputable landlords will run a credit check on any prospective tenant. Therefore there is little chance that you can conceal your foreclosure. The landlord will know your FICO score, and he will also be able to see the foreclosure on your report. Most landlords do not require perfect credit -- usually not nearly as high a score as you would need to qualify for a prime rate mortgage. But if your score is unusually low, this may make a landlord reluctant to rent to you, as he will be worried you cannot pay your rent.
Be Honest
It pays to be honest with a prospective landlord. Tell him upfront before he runs the credit check that you lost your house to foreclosure and that it has had a negative effect on your credit score. You may get a sympathetic hearing so long as you do not try to conceal the foreclosure.
Accommodations
If your landlord is prepared to work with you, you may be able to find a way to get around your bad credit. Find a relative with good credit who is willing to co-sign the lease, thus guaranteeing your payments. Alternatively, offer a larger deposit, so that the landlord has some sort of security if you run into difficulties.
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