It's simply a business decision. 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 a high risk of default on rent owed.
Is 500 a good credit score to rent an apartment?
Is 500 a Good Credit Score for Renting an Apartment? Unfortunately, 500 is considered a poor credit score and may cause difficulties for you when you start renting.
Is 650 a good credit score for renting an apartment?
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.
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.
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.
Full-time workers can’t afford to live. Just to move into an apartment you need first month’s rent + last month’s + deposit + credit score + income requirements. And that’s just housing.
— Rebecca Parson (@rebeccaeparson) January 9, 2022
Why is Gen Z’s #2 cause of death suicide?
They’re thinking, “What’s the point?”
Is my credit score too low to rent an apartment?
Find a cosigner, guarantor, or roommate
There are a few ways you can make yourself more appealing to a potential landlord and get your foot in the door. Find a cosigner: A cosigner is someone who takes responsibility for your payment. This means they can be on the hook if you miss your rent payment.
Frequently Asked Questions
What credit score will get you denied for 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.
Can I rent an apartment with a 610 credit score?
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.
How much credit history do you need to rent?
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.
FAQ
- Can I get an apartment with high credit utilization?
- Credit utilization: An applicant maxed out on all their credit cards may be in financial trouble. Landlords will look for low credit utilization to indicate that a person isn't in out-of-control debt. Rental history: Some applicants will have rental history on their credit reports.
- What should my credit score be to get an apartment?
- It's a good bet that anyone with a credit score below 650 will find some difficulty renting a house. People with scores over 700 should not have an issue renting so long as they have the income and savings to cover expenses. And in some cities, people should aim to have scores over 720 to score their dream rental.
