For the most part, renting an apartment begins with an application process. Not only do you need to disclose your current income, but you also have to provide personal information such as your social insurance number (SIN). Your SIN is used to access your credit score.
Your credit score comes into play whenever you’re making large financial commitments, such as buying a car, applying for a loan or renting an apartment. For the latter, the property manager and landlord want to make sure that you can handle the monthly rent and that you don’t carry a lot of bad debt that would impede your ability to pay.
If you’re worried that your low credit score will reflect badly on your rental applications, consider doing what you can to improve your financial situation before applying. It’s important to note that you cannot fix your credit score overnight. You need to be consistent over a period of time for it to reflect positively.
Pay down credit cards (and bad debt)
While using credit cards is the easiest way to build credit, it can be the single cause of destroying it, too. It’s all about how you use credit that determines whether it’s an asset or a curse. First of all, use credit only if you can handle the debt load. This means use credit only if you can realistically pay your minimum balance (or more) down each month. If you can keep up with your monthly payments and aren’t relying on credit to live, you should be able to balance it.
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