The Fair Isaac Corporation, or FICO, specializes in “predictive analytics.” Even though it's not the only credit-scoring company available, it carries the most weight when you apply for credit. FICO suggests that a credit score of 650 and above is generally more than enough to rent an apartment.
What is considered a good credit score?
670 to 739
Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.
Is A 650 A Good credit score?
If you have an 650 credit score, you are generally considered a subprime consumer, but it won't necessarily prevent you from borrowing money. The average FICO credit score in the United States is 714 as of 2021, and scores within the 580-669 range are considered to be “fair” credit.
What is a good resident score?
The credit score is supplied by TransUnion and is also known as a “Resident Score”. This score ranges from 300 - 850. You should have minimum criteria that all tenants must fit. For example, a score of above 700 is excellent, a score of 650 or more is good, and a score of under 600 might be cause for concern.
Can I rent with a 600 credit score?
Wealthier, more competitive areas will require a higher minimum score, as will new or luxury buildings. However, a good rule of thumb is that most landlords look for a credit score of at least 600. Anything under 600 is considered bad credit, but don't worry – there are many ways to get around bad credit.
What credit score is good enough to rent?
Generally, most landlords require applicants to have a credit score of at least 620 to be considered for rental housing. This means that if your FICO score is lower than 620, you may be denied an application or asked for additional security deposits or co-signers before being approved.
Just another example of how expensive it is to be poor, working class, and/or under-resourced…
— Keep LA Housed (@KeepLAHoused) August 12, 2022
This is unacceptable. We must fight to ensure that credit scores do not keep people out of housing and that poverty is not penalized. #HousingIsAHumanRight https://t.co/4BYfwkgre8
Is 700 a good credit score?
For a score with a range between 300 and 850, a credit score of 700 or above is generally considered good. A score of 800 or above on the same range is considered to be excellent. Most consumers have credit scores that fall between 600 and 750. In 2022, the average FICO® Score☉ in the U.S. reached 714.
Frequently Asked Questions
Is a 500 credit score good enough to rent an apartment?
The minimum credit score needed to rent an apartment varies from location to location. Wealthier, more competitive areas will require a higher minimum score, as will new or luxury buildings. However, a good rule of thumb is that most landlords look for a credit score of at least 600.
Does paying rent increase credit score?
If you regularly pay your rent on time and in full, you can have your good payment history reported to credit bureaus to help raise your credit score through a rent-reporting service. Know that any rent-reporting services could require a fee for the service, which is usually paid on a monthly basis.
Which FICO score do landlords use?
Most landlords use FICO credit scores to determine if an applicant qualifies for an apartment. The typical categories for those scores are: Exceptional: 800 to 850. Very Good: 740 to 799.
FAQ
- What is the lowest credit score you can have to rent?
- 620 Generally, most landlords require applicants to have a credit score of at least 620 to be considered for rental housing. This means that if your FICO score is lower than 620, you may be denied an application or asked for additional security deposits or co-signers before being approved.
- What credit score is needed for an apartment?
- When you apply to rent an apartment, you can expect nearly all landlords to run a credit check. As a general rule, you'll want a credit score of 620 or higher to secure a rental. But there's no hard and fast number: it varies by landlord, and it's only one factor in your rental application.
What credit score do you need to rent an apartment
| Can I rent an apartment with a 552 credit score? | Most individuals or companies renting an apartment want credit scores from applicants to be 620 or higher. People with credit scores lower than 620 may indicate they are a high risk renter. |
| What is the lowest credit score to rent a house? | Prove your financially stable. You should aim for a minimum credit score of at least 620 before you apply for a rental home. If you don't meet the credit criteria, a high income and proof of finances can show the landlord you're stable and can afford the rent. |
