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Hi Guys,
I was wondering - what does a landlord/rental agent usually require/look for in terms of a credit score in order to approve a lease on an apartment (say $1k/mo.)? I know this will vary and that there are other factors involved - but, I'm just looking for a general sense if I'm 'in the zone' at the present.
Thanks!
That is not an easy question to answer. It could go by the area you live in and the apartments criteria. The best thing to do before applying is to call and ask what their requirements are.
The last time I applied, it wasn't my score so much but my credit history. Did I make payments on time, was I ever evicted, did I leave owing money to a prior landlord etc.
That makes more sense -- and since the score is just a mathematical (numerical) represenation of all that's in your file.....
@mripguru wrote:That makes more sense -- and since the score is just a mathematical (numerical) represenation of all that's in your file.....
Some places have a threshold of things they will look at.. like, is your score higher than XYC -- judgements or evictions ect?
When I was in my credit hole, my apartment at the time agreed to lease, but only if I did direct debit, showed 6 months of bank statements and paystubs, and paid a full month security (when they were offering a 200 dollar security deal) -- my scores were 500 with an eviction.. some places wouldnt rent at all to me..
That was just my experience.. I agree with guniess, I believe the prime reason was my recent eviction..
-scott
In addition to credit req, they used to confirm that you earn 3x your rent.
I've never lived in a high-end complex, but I have always had pretty bad credit and have never had any difficulty renting in California, Florida, and Ohio because they've always just been looking for evictions or unpaid renting related debts. That's the one financial arena I haven't screwed up in. I've always gotten the reduced deposits specials, too.
Every property management firm is different and has their own set of criteria. Also, it depends on the area you live in and the demand for apartments. Where I live there is a demand and people pay a premium for rentals. Becasue of this they weed out people with credit issues right off the bat.
Generally, most property managers have a credit threshold, require a certain income, and want you to have a clean eviction record.
It's been my experience that landlords like to see good employment and past rental experience. I have run into some that didn't care about medical bills on the CR but wouldn't rent to you if you had past evictions or owed for utilities.
Usually they're looking for no broken leases, no evictions, no money owed to prior landlords/apartments. They also base your security deposit off your credit usually, lower deposit the better the credit. I dont think apartments really ever deny you unless you've broken a lease, been evicted, owe a landlord money or have felonies etc.
I moved in december and was concerned also. It was actually what started my credit improvement journey. So anyway.
I pay 1200 a month and they management company did a HP on TU as well as verifing employement, salary etc. I was around 640ish by the time I applied. I was prepared to pay a deposit but was plesently surprized to not have to!
Good luck with your move!