What Score Do i need to get a lower security Deposit when renting an Apartment?

[bronco862]

hey guys! title says it all....

i am curious about what is considered high enough, to the average leasing company, to make me NOT have to pay an entire months rent as a security deposit. I know there are probably too many variables at play, namely my location and your knowledge of it, but i was hoping i might get some rough estimates anyways...and see if it's out of my reach.

I currently have anywhere from a 656-649 credit score on myfico...but if i pay down my debt i can probably get an extra 10-20 points...but that's pushing it. so lets say best case scenario before i move: 660-670. I cannot remember what my score was in the past but i know it was much lower, as i had no credit.

variables:

atlanta, georgia

no evictions or any kind of renter issues ever

never any mortgages

got my first installment history starting....four or five months ago? paid on time of course! (small loan. very small loan)

[tcbofade]

Generally, an apartment complex doesn't care about your Fico score.  They are pulling your report to verify that there are no evictions.

I'm not in Atlanta, but I've lived in all four corners of the country, and you generally will have to pay a deposit to cover their interests, even if you have an 800+ Fico.

Sorry.

[nightglider]

Security deposits are not based on creditworthiness. They're more like insurance against things like property damaged caused by tenants, tenants breaking the lease, and recouping the loss of rent income if they turn others away and later on you change your mind.

[Anonymous]

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@nightglider wrote:

Security deposits are not based on creditworthiness. They're more like insurance against things like property damaged caused by tenants, tenants breaking the lease, and recouping the loss of rent income if they turn others away and later on you change your mind.

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Yes and I live in the midwest where many landlords tend to charge one month's rent for the security deposit plus the first month's rent. Have run into it where a landlord refunded the security deposit after a successful first year with on time payments and no trouble.

[compassion101]

When I lived in Vegas 10 years ago many of the rental companies ran move in specials where they would only charge $200 deposit or so. I assume this is what OP is referring to. Not sure what type of score is required but I'm guessing mid-high 600s and no documented rental issues would normally qualify for their best offers