Apartment Rental

[2009]

Hello! I wasn't sure where to post my question... I will be moving out on my own soon and the apartment complex said they would need to do a credit check to determine my deposit. Now credit check.. are they looking for a particular score and is this a hard pull??? Please Help!

Thanks!!

[Anonymous]

It should not be a hard pull, however it depends on who they use to run your credit.  Most major apartment rental corporations should use the one that does a soft pull.  I have rented 8 different times, I only ended getting three hard pulls of the 8 and they were when I rented a house, a condo and my last apartment in Texas.

As far as security deposit amounts, it depends on the state and area you live in.  In Las Vegas they were desperate for renters so the deposit was usually $0.  In Philadelphia everyone requires first and last months plus security.  In Texas you buy a bond that is dependent on credit which ranges anywhere from $87.50 and up.

Good Luck!  Getting your first place is very exciting! 

[Anonymous]

Yes, most landlord and tenant screening inquiries are hard....at least they have been for me, including just recently.

An application for lease or rent is considered an application for the extension of credit or the equivalent of credit.  Most tenant screening includes credit check, background and criminal check, income/employment verification.

Your general credit health and score are going to be factors, but if you have any public record evictions, judgements, foreclosures, etc. these hurt the worst when going through tenancy screening.

However, the current "vacancy rate" and the desirability of the unit you are interested in will dictate how strict the screening and approval process is.

Message Edited by txjohn on 05-10-2009 10:52 AM