I know the
feeling of being a first time renter and you now narrowed down the
apartment search to a couple of places that are of interest to
you. It is an exciting but scary process. There is one
lingering question that has got to be driving you up the wall, “what is
my credit score“, and “will it affect my chances of getting accepted for
this apartment?” There is a good chance that just because you
don’t have much history or bad credit that you will be denied and be
forced to look elsewhere. This article will show you what tenets
actually look for in order to put your mind at ease.
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It is not just a black and white answer and will take a bit of
explaining to answer this question, “what credit score is needed for an
apartment?” One of the factors is actually where you live.
For instance, if you are applying for a place in New York or California
your score will need to be hirer than if you applied in the midwest
where the cost of living is much lower than the east and west coast
. Also, is it in the hotspot of the city or way out in the
boonies? Some places like Atlanta the market is just horrible and
they will pretty much except most anyone as long as they haven’t been
evicted or filed for bankruptcy.
For instance, from a landlords perspective they need to make sure you
are not a huge risk and if you are on your way to bankruptcy in some
states they are not obligated to evict you. However, check with
your state laws for this.
They will be checking your income and seeing that you can actually
afford the apartment. It is a range from 30%-50% varying from
place to place. This means that if you are applying for a
place they want to make sure you are making double the amount per month
of what the rent would be. So if you rent was $1,000 a month they
would want you to be making $2,000 dollars per month. In some
luxury apartments they even want to make sure you can afford it; they
will make sure that you are making 2 1/2 times as much as rent per
However, to ease your mind you might want to go ahead and check your
credit score. Also, consider that if you are applying for an
apartment that is $1,600 a month the rules and regulations would be much
hirer than a place that cost $400 a month. Each and every state
varies and you will have to check your state laws, take this into
So what credit score do you need to get accepted for an
apartment? There is again no black and white answer put here are
some general guidelines to follow:
780+ – Shouldn’t have much of a problem getting
accepted for an apartment and generally will not have to pay a big
deposit. In their eyes you are a low risk and have proved yourself
with an excellent credit score.
720-779 – Generally, you are a low risk to them and
might have to pay a little security deposit. Clearly, a good
credit score, but it might be worth your while to see if you can do
something to help improve your credit score just a little bit. It
will end of saving your money in the long run.
659-719 – You are average and some places will
charge you a medium sized security deposit. This is where most
people stand with their credit score. Some apartments might turn
you down if you score falls into this range.
619-658 – Your of high risk and expect to pay the
max security deposit. Some apartment complexes might just turn you
down with a credit score in this range.
Below 618 – Your a very high risk and you will
certainly be paying a huge security deposit. Not to mention, some
apartments will just turn you down based on your credit score. You
should really consider working with a credit repair service because you
need it badly.
Again, these figures are kind of broad and from apartment managers I
have talked to over the years sometimes they don’t even really look at
your credit score. They will look at your credit report to see if
you have missed a lot of payments over the last 6-12 months.