What Credit Score Do You Need a Rent an Apartment?

Credit Q&A: “What credit score do you need to rent an apartment?”

Like all things credit, nothing is written in stone here, but obviously the higher the credit score the better (what is a good credit score?).

Apartment shoppers should realize that not all landlords pull credit, and even if they do, they don’t necessarily have a certain threshold or particular three digit number that they abide by.

This differs from banks that issue mortgages, which typically have credit scoring tiers in place that are pretty much black and white.

You either meet the credit scoring requirement or you don’t, with few exceptions.

With regard to renting, you’re probably going to find more leniency with landlords if you seek out duplexes or guest houses, along with smaller complexes.

Landlords at larger complexes will probably pull your credit for sure and chances are they’ll be more meticulous.

So what if the landlord pulls your credit and finds that it’s less than satisfactory?

In that case, you may need to obtain a co-signer, such as a parent or family member with better credit assuming you fail to meet your obligations.

If that’s not possible, the landlord may ask for a larger down payment as a means to mitigate the higher risk, though this clearly isn’t ideal for the renter.

However, these days you may find that landlords are a bit more lax because they’re just happy to rent their units out in the face of a tough economy.

If you have no idea where you stand credit wise, you may want to order a free credit report before you start looking for an apartment to see if there’s anything negative on your report.

There’s also a good chance you can use that credit report in place of the one the landlord would order (assuming you opt to get the score as well), saving you a little bit of money on that application fee.

This could be especially helpful if you’re shopping around at different apartments and don’t want your credit pulled numerous times (and it could prove to be a good negotiating tool if you’re going up against another candidate).

If your credit score does happen to be low, you can still make an argument as to why you’re a solid candidate for the apartment, so don’t be discouraged.

Related Topics:

1. Better Have a Credit Card If You Plan to Rent a Car
2. Avoid Credit Inquiries When Requesting Higher Lines of Credit
3. Another Good Reason to Maintain Good Credit: Employment
4. What Exactly is a Good Credit Score?
5. Free Credit Report, But No Free Credit Score