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Apartment Rental Credit Check

New Contributor

Apartment Rental Credit Check

Greetings,

 

I am preparing to apply for an apt rental.  The manager advised that she checks for FICO score 650+ and she also checks Fair Isaac Score is at least 100.  I asked what is the Fair Isaac score.  She was not sure but she stated it was a predictor if person is likely to default on payment.

 

I googled Fair Issac Score and found out that is part of FICO (Fair Issac Corp).  Has anyone else heard of this additional credit scoring? and if so, How do I check to see what my score is?

 

Thx Much!

"I commit to being grateful for all that I now have in my life."

Pulling up the weeds and gardening until Dec 2017.
Message 1 of 8
7 REPLIES
Regular Contributor

Re: Apartment Rental Credit Check

It sounds like the second score they are referring to is technically the bankruptcy predictor score, and FICO offers one. Another common name is the "Z-Score" or "Altman Z-Score". Generally, it is kept quiet and not made known to the general public. For instance, when a lender pulls your credit, whether it be a local CU, dealership, or big bank.... they see your credit report as a whole. This would include your accounts/address history (as we all know), your credit score, AND your bankruptcy score. Most institutions policy is to not disclose the bankruptcy predictor score to others.

 

I'm not exactly sure why it is a big deal, but there are a few links online that describe it. Look up "Are you a bankruptcy risk? Enigmatic score may tell lenders."

 

Basically it is a number from 0-2000 that predicts the likelihood of said borrower filing bankruptcy in the next 2 years. Being a loan officer, I see an "average" bankruptcy predictor score of around 200-300. So, it seems odd that she wants you to have a "minimum" of 100. I'd think they'd be looking for a max amount instead, of say 400 or so...?

In wallet: Citi DC, Discover IT, Chase Freedom, Blispay, and Bank of the West Cash Back MasterCard

Local CU (7,500) 11/15 | Discover (6,300) 03/16 | Capital One QS VS (12,000) 06/16 | AmEx BCP (24,300) 02/17 | Marvel MC (12,000) 03/17 | Citi DC (5,000) 03/17 | USBank Cash+ (5,400) 03/17 | Blispay (7,500) 03/17 | Chase Freedom (6,400) 03/17 | Bank of the West Cash Back MasterCard (4,000) 10/17
Message 2 of 8
New Contributor

Re: Apartment Rental Credit Check

Thanks for the feedback AustinOK!! I will check into this - very interesting.

"I commit to being grateful for all that I now have in my life."

Pulling up the weeds and gardening until Dec 2017.
Message 3 of 8
Frequent Contributor

Re: Apartment Rental Credit Check


WayUpto850 wrote:

Thanks for the feedback AustinOK!! I will check into this - very interesting.


Hello WayUpto850,

 

How did things turn out when you checked?

 - Inquiring minds want to know... hehe Smiley Wink


Starting Score: EQ 593, TU 600, EX 612
Current Score: EQ 838, TU 850, EX 847
Goal Score: EQ 750, TU 750, EX 780


Take the myFICO Fitness Challenge
Message 4 of 8
New Contributor

Re: Apartment Rental Credit Check

Well, I believe the rental manager was referring to the "Risk Factor" portion of the FICO score.  She had stated the percentage was an indicator of a person's risk for getting into financial trouble.  My Risk Factor is as follows: EQ 22% TU 22% EX 45%

 

I applied to another apartment and was declined due to negative reference from a past landlord.  I lived in the rental for more than 10 years paying as agreed until the economy crashed in 2008 - I had a 30% paycut; combined with some serious medical issues; and 4 rent hikes in one year - together this was the perfect storm.  I complained about the multiple rent hikes and I tried to resist - the landlord siezed her first opportunity to file an UD which I got an atty and fought - landlord agreed to dismissed UD before we went before a judge.  Unfortunately, the UD came up in my rental history and was the basis of the application denial - even though my current landlord of 3 years has given me an exceptional review.

 

Soooooo, eventhough I am trying to prepare for a major surgery, looks like I must focus on getting prequalified and purchasing a condo - my best way to obtain an adequate place to recover from my upcoming major surgery.

 

Thanks for inquiring.

 

 

"I commit to being grateful for all that I now have in my life."

Pulling up the weeds and gardening until Dec 2017.
Message 5 of 8
Valued Contributor

Re: Apartment Rental Credit Check

Smaller complexes ie usually under 10 units and small sf landlords don't always pull full credit and/or much easier to work with.   

Message 6 of 8
New Contributor

Re: Apartment Rental Credit Check

Thanks for the encouragment Backwoods.  I will be meeting with a private homeowner that wants to rent her backyard cottage.  However, being I am so close to being pre-qualified to buy, I'm strongly learning towards continuing my pursuit of home ownership so I can avoid this cray cray California rental market.  Housing here in Cali is probably the worst of all 50 states....

"I commit to being grateful for all that I now have in my life."

Pulling up the weeds and gardening until Dec 2017.
Message 7 of 8
Highlighted
Moderator

Re: Apartment Rental Credit Check


WayUpto850 wrote:

Thanks for the encouragment Backwoods.  I will be meeting with a private homeowner that wants to rent her backyard cottage.  However, being I am so close to being pre-qualified to buy, I'm strongly learning towards continuing my pursuit of home ownership so I can avoid this cray cray California rental market.  Housing here in Cali is probably the worst of all 50 states....


Well if we ever got a real property tax that might change in a hurry.

 

I bought a condo a few years ago, even with possibly moving out of state I'm still considering renting it as nothing I've seen so far is going to change the current housing shortage and the fact that rental demand is going to continue to go up.

 

I hope everything goes well for you!

 

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 8 of 8