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Good FICO Score For Apartment Rental

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WunderCard
Established Member

Re: Good FICO Score For Apartment Rental


@Anonymous wrote:

What would be considered a good FICO score for renting an apartment in New York City, preferably Manhattan ?


 

Hi, NYC resident here!

 

Pro Tip:  Do a local craigslist apartment search for the keyword "FICO".  The apts with hard requirements will often have them listed.  You'll notice a trend: Harlem (650); Lower Manhattan (700); nicer areas in the outer boroughs like Forest Hills, etc (725).  

 

For a high rise apartment your FICO definitely matters.  For independent landlords, not so much.

Message 11 of 25
Anonymous
Not applicable

Re: Good FICO Score For Apartment Rental

This thread has been fascinating for me to follow and I'm glad someone finally was able to provide the OP the needed information.  I'll definitely use the pro-tip when I am apartment hunting in the future, because in my experience in Los Angeles, your FICO score absolutely matters.  I wasn't able to provide help because I've never lived in NYC.

Message 12 of 25
FrugalRican
Blogger

Re: Good FICO Score For Apartment Rental

Interesting, Wundercard.

Thanks for your response. I live just across, but have only rented from independent landlords as well. In New Jersey, we're pretty much required to have a credit check done, but haven't heard of getting the scores as well, probably because of the added expense.

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Message 13 of 25
Anonymous
Not applicable

Re: Good FICO Score For Apartment Rental

Thank you very much.  This is the best answer I've gotten so far.  The answers keep getting better and better.

Message 14 of 25
Anonymous
Not applicable

Re: Good FICO Score For Apartment Rental

Thanks for replying anyway.  Every little bit helps.  There are no useless answers so far.

Message 15 of 25
Anonymous
Not applicable

Re: Good FICO Score For Apartment Rental

Another great answer. I doubt if anybody can top this one, but you never know .......... I'm so glad I started this thread. You guys have been terrific. The answers so far are better than I could have imagined. I think I have enough answers now, but I never turn down good advice.
Message 16 of 25
aussiesareforever
Established Contributor

Re: Good FICO Score For Apartment Rental

Not at all useful but just a general comment. I'm glad I live in the boondocks Smiley Happy

 

I've never had a landlord pull a CR and I've been renting in different towns for almost 12 years. My credit report is way cleaner now (2 baddies left-one BK and one account dropping off in 2014) but I still don't want anyone peering at it unless they absolutely have to.


BK in January 2008---Barclay's Apple Financing Card ($10,000) --- Capital One Quicksilver ($13,000)--- Platinum Delta Skymiles ($35,000) --- GEMB CareCredit ($10,000) --- AUFCU ($10000)---Discover IT ($33,000)

Experian 835 Transunion 828-- August 2018
Message 17 of 25
CreditScholar
Valued Contributor

Re: Good FICO Score For Apartment Rental

We ask applicants bring a copy of their most recent credit report when they see the apartment. While there are exceptions, virtually all of our successful applicants have FICOs above 700. 725 is preferrable, but 600-anything is unacceptable.
EX 798, EQ 789, TU 784
American Express Platinum (NPSL) || Bank of America Privileges with Travel Rewards Visa Signature - $23,200 CL
Barclays American Airlines Aviator Red World Elite Mastercard - $20,000 CL || Chase IHG Rewards World Mastercard - $25,000 CL
Chase Sapphire Preferred Visa Signature - $12,700 CL || Chase United MileagePlus Club World Elite MasterCard - $26,500 CL
Citibank Hilton Reserve Visa Signature - $20,000 CL || J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL
Message 18 of 25
clocktick
Valued Contributor

Re: Good FICO Score For Apartment Rental

I rent out apartments and single-family homes, while not in NYC, but a couple hours north.  What I look for:

 

- time since last baddies, if any

 

- judgments - especially from previous landlords (I've been there and got judgments on prior tenants and I hope that future landlords/property managers are "warned" from my experience and not have to go through what I went through with the same people)

 

- car loans/any other loans, even in good standing - can be a deciding factor if tenants can afford an additional rent payment or not, I don't want the rent to basically max them out

 

- utility collections (or any other for that matter) - I don't want to be responsible if they get their electric shut off in the winter, which I would be, etc.

 

Like many of us, I know people have stories behind their baddies - job loss, divorce, wrong information, etc. so I do not 100% rely on the CRs but they do help and I examine everything on a case by case basis.

 

Some people flooded by recent "reds" and excuses I won't look at twice.

 

Edited to add:  Even on blemish-free reports, high utilization makes me nervous.  The last thing I want is someone to over-extend themself and I've also noticed some people, not all, will gladly pay their bills/cards/car loans, etc. before they pay their rent.  It's as if the rent is lower on the priority list.

11/30/08 TU 648 EX 672 EQ 656 SEPT 2014 TU 787 EX 789 EQ ???
Amex BCP $24.1K/Clear $8.5- Sallie Mae $27.5 -Cap One QS $7.5 - Chase Freedom $7.5/United $5k/CSP $20k/Ink- Citi DP $9.5/Dividend $13k/HHHx2 $15k/16.4/Reserve $4.5k Best Buy $1940 HD $1701- Discover IT $15k - Elan $8k GEMB Lowes $20k - Macy's $2k - Kohl's $800




Starting Score: 648
Current Score: 736
Goal Score: 765


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Message 19 of 25
Anonymous
Not applicable

Re: Good FICO Score For Apartment Rental

Thanks.  You've got me nervous now.  The last time I checked my FICOs, they were all over 700, but there have been recent judgements and collections.  We need a larger apartment with 1 1/2 - 2 bathrooms (special needs), as opposed to the one bedroom, one bath we have now.  However, based on your criteria, finding another landlord who will accept us (my girlfriend lives with me and has some FICOs below 700 and some collections also, but no judgements), may be a substantial problem.  Maybe we need to wait awhile and continue to improve our FICOs.  I now make sure I pay my credit card bill as soon as I get it (online), sometimes several payments a month and always make sure I do not run it up to excess.  I pay cash or debit for most things, trying only to use credit for some recurring monthly expenses and major purchases.  I rarely use checks anymore, except for a few regular recurring expenses.  My girlfriend is in a similar boat, but no longer has credit cards (I only have one and it is a reward points card, so is worth using to pay for some things every month).  We both get some financial help from our families, when needed.

Message 20 of 25
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