Should I pay a year in advance on rent ?

Hey so me and my fiancé want to move but our credit is horrible at the moment.

We do have a savings account with $20 grand and I was wondering if it’s a good idea to offer to pay 1 year in advance in order to appeal to a landlord who relies on credit?

Our yearly income together is $40,000 and we were looking at small apartments that were $1,000 a month in our area. So we can definitely afford to do that.(we have done it before but the current landlord didn’t care about credit.) We do not have kids or other major bills besides a car payment and insurance.

Is that a good idea? Will a landlord even accept that?

10 Answers

Relevance
  • 6 months ago
    Favorite Answer

    $20k in the bank and bad credit...there is more to this story. If your credit is horrible but you have enough for the annual rent...what am I missing here?

    how is your rental history? Ever been evicted?

    • jazz6 months agoReport

      No evictions we are still living with our first landlord. We only have 1 credit card but we both recently got it l. So our credit is only 690 well his is 650. We are both 21 and never messed with our credit. All the places we want require 700+

  • Anonymous
    6 months ago

    Absolutely not. This is a horrible idea for landlords and tenants alike. No way in hell would I do this, as either a tenant or a landlord.

    In some states, California being one, it is illegal to take more than 2 rents month at once.

    Paying advance rent up front can legally be considered a security deposit and this may violate state law, as in California.

    What of a tenant is destroying property or otherwise violating the lease? This complicates the eviction process.This is bad for tenants, who may have reason to move early, or a number of other complications. It is just all-around a bad idea.

  • 6 months ago

    That is a big red flag for landlords & most will not do it.

  • 6 months ago

    I don't think a landlord will touch it.

    The first thing that comes to mind is "how" illegal is the under the table work? No thank you.

  • How do you think about the answers? You can sign in to vote the answer.
  • 6 months ago

    if you have so much money, why is your credit so bad? poor credit is a sign of irresponsibility in general....so unless you can show it was not really your fault, such medical bills even with insurance, a lot of landlords would just pick a better applicant.

  • 6 months ago

    Some will maybe.. but I would think you would be better off using the 20 grand to pay off the things that have ruined your credit in the first place. Otherwise what happens when you need to move again, buy a car etc.?

  • 6 months ago

    I suspect many smaller landlords would take you up on that offer. Its a good idea, won't get you into any place but someone will be happy to do that. Note, I might offer to go 6 months ahead on rent, not a year but if they balk at that then you can up it to a year.

  • R P
    Lv 7
    6 months ago

    If you really have that much in savings, you should use it to pay off the debt that caused your horrible credit.

    Experienced landlords will not accept that much prepaid rent & even offering it raises a red flag. In addition, not all states allow a landlord to collect that much prepaid rent.

    Source(s): FL landlord
    • jazz6 months agoReport

      That’s the thing. I don’t have debt. What am I supposed to do with little credit history being that I only have 1 credit card. I thought I was doing the right thing by not getting a whole lot of credit cards at a young age :(

  • Anonymous
    6 months ago

    Why is your credit so horrible with 20 grand in savings and no major bills? You sound like morons and I generally avoid renting to morons even if they offer to pay a year in advance.

    • jazz6 months agoReport

      We are far from morons. We just don’t have a lot of credit history because we are young and just got credit cards. We both only have 1 with capital one. I wanted to move now, so I don’t have enough time to work on my credit at the moment. I haven’t even used the card yet. I’ve been saving since 15.

  • 6 months ago

    Is it a good idea ?? Well, given your 'horrible' credit paying in advance could well be your only option.

    Landlords do NOT rely on credit as such, but they do want tenants who can be relied upon to pay their rent each month. Someone who has 'horrible credit' has more than likely failed to pay their bills at some point - so hardly make them an ideal person to trust to pay rent on a regular basis ! There isn't a landlord out there who will rent to someone with bad credit without a co-signer at the very least (that could be your other option)

    Most landlords would snatch your hand off if offered a choice of you paying 12 months up front or another person paying monthly (and then the possible hassle when the pay late or don't pay at all)

Still have questions? Get your answers by asking now.