Have you moved to US and looking for an apartment to take on lease? If yes, then you should know that it may be difficult for you to do so without a credit record. However, it doesn’t mean that you cannot get a suitable apartment to stay. Go through this article to know how you can take a suitable apartment on rent without a credit record or even before you get your Social Security Number or SSN.
After the recent economic downturn, it has become almost mandatory for the property owners to check your credit history before giving a house/apartment on lease. But, they cannot check your credit record when you’re new to US and trying to build your credit history. In such a situation, usually you need to give about 1 month’s rent as a security deposit along with a specified deposit amount which everyone has to give. The amount is usually kept as security for the damages (if any) caused to the apartment. You can get back the amount at the end of your leasing period. So, you need to be very careful to maintain your apartment as otherwise, the estimated amount of damages caused to the apartment will be deducted from your security deposit.
The leasing period also varies from one apartment to the other. One property owner can offer you an apartment on rent for 12 months whereas another can offer you for not less than 14 months. However, the leasing period usually varies from 12 to 15 months of time. However, you may have to pay a penalty if you want to break your leasing period prior to what you’ve signed in the agreement. For example, if you take an apartment on lease for 15 months and you want to end the contract in 12 months, then usually you need to pay a penalty. The amount, which you’ve to pay, can be equivalent to about 2 months’ of rent.
When you take an apartment on lease, you should also know that you may have to pay security deposit to get the electricity bill in your name without a credit record. However, you get back the amount after about 10 months’ of time. So, it can be summarized by saying that you need to deposit an extra amount almost everywhere when you don’t have a credit history. So, it is advisable that you try to build it as fast as you can. The best way to do it is to take out a credit card once you get your SSN. Make sure you pay your rent and make bill payments on time, so that you can build a good credit record and can enjoy your staying in the US.