Renting an apartment can be challenging, especially in areas with a competitive housing market and high rent. You may have noticed that landlords often require that you have a good credit history to show you will keep up with rent payments. In these situations, you may wonder what credit score you need to rent an apartment. Read on to learn more on this topic. Show
What is the Minimum Credit Score Needed to Rent an Apartment?The requirement for a credit check for potential tenants is not a legal one. In other words, no law forces landlords to look up your credit history when you want to rent an apartment. Checking your credit history is something a landlord does to try and predict whether you will pay the rent on time regularly. There is no official score that determines whether you can rent an apartment and anything below that you can’t. Each landlord has an idea of what their minimum requirement for their tenants is. In addition, they may ignore the score if they feel a tenant is very trustworthy, or the tenant agrees to pay an extra month or makes some other kind of arrangement. What Do Landlords Look for on Your Credit Report?Essentially, landlords are looking for evidence that you pay debts on time regularly, and have done so for a long time. They use this information to predict whether you will also pay your rent on time as long as you are their tenant. Specifically, landlords look at factors such as:
How to Determine if Your Credit Score is Strong Enough to RentEvery landlord has a different preference for what credit score they want potential tenants to have. No particular value will apply to every landlord. In addition, some landlords do not consider credit scores at all and prefer to charge one or two months’ rent upfront to every tenant or use some other requirement. Essentially, the only way to determine if your credit score is high enough to rent a particular apartment is to ask the landlord directly whether they have a minimum credit score requirement and what it is. There is no guarantee that they will be open about this, but if they are, then you can compare their answer to the score on your credit report—which you can get for free from several services. Take a look here if you are wondering how often your credit score updates. Even if your score isn’t high enough, there is still hope. You can always look at how to get an 800 credit score. There are several different ways you can convince a landlord to accept you as a tenant even if your credit score does not meet their requirements. How to Rent if You Have Fair Credit or Bad CreditIf you have bad credit there are a few options you can try to improve the value of your application. Then, the landlord will not be as worried about what credit score you need to rent an apartment of theirs. Offer to Pay for an Extra Month UpfrontFrom a landlord’s perspective, the main risk they take is that you will fail to pay your rent and fall behind. This means they in turn fall behind on expenses associated with the apartment. If you have a bad credit score, landlords take it to mean that you have missed payments before, and thus are likely to do it again. One of the ways you can convince a landlord to overlook this is by managing the risk on their side by offering to pay an extra month upfront. Then, if you ever run into trouble and miss your rent one month, the landlord already has that money, and you will not be behind on your rent. This is quite an expensive way to go about it, but it can help convince a landlord that you are serious, and also that you have enough cash to be able to cover rent without problems. Have a Cosigner Sign With YouYou can also ask someone else to ‘guarantee’ your rent if you ever fall behind on payments. This can convince the landlord that they will get their rent payments even if you are unable to pay. For this to work, the person who you choose as a cosigner must themselves have a good credit score, to be able to prove to the landlord that they would not have any trouble paying your rent if you couldn’t do it yourself. This option is much cheaper than paying an extra month upfront, but it requires that you have someone who trusts you and is willing to take on the legal responsibility of cosigning your rental agreement with you. Explore Cheaper Rental Options Generally, the higher the rent for the apartment you are considering, the higher the credit score the landlord will demand. One way to get around this would be to consider apartments with much cheaper rent. In that case, the landlord would not be so worried about you missing rent because it would not be a lot of money. Unfortunately, cheaper rentals generally mean you will have to sacrifice some aspect of what you want from the apartment. For example, it could be much smaller than your ideal one, or in poorer condition, or not in the area you want to live in. You can decide which requirements you are willing to compromise on to find a cheaper apartment and apply for those types of apartments to increase your chances of being accepted as a tenant despite a low credit score. Find a RoommateOne final option you can try is to share the cost of rent with someone else. By having a roommate live in the apartment with you and paying a share of the rent, you can convince the landlord that the financial burden on each of you is much smaller, meaning you are much less likely to fall behind on rent. One advantage of this is that you can greatly decrease the amount of rent you have to pay each month by sharing the cost with a roommate. However, living with another person presents a lot of additional challenges that come with sharing a living space. Keep in mind that it is a major change from living alone. Provide Strong ReferencesAnother option you can try is to show the landlord that you are a responsible person in general and that your credit history does not reflect how you will behave concerning rent. You can do this by providing documents to prove it or providing references who will convince the landlord on your behalf. The types of documents you can use are:
Providing this kind of evidence can help show a landlord that your credit score is an incomplete picture of your financial behavior, and convince them that you will be a good tenant. Read More
Final ThoughtsThere is no specific answer to what credit score you need to rent an apartment. Credit checks by landlords are not a legal requirement so there is no set number. However, there are some important things that landlords look for in your credit history to try and predict whether you will consistently pay your rent on time. If your score is low, there are other things you can do. You can evaluate how long it takes to get a credit score. Or you could even consider paying extra upfront, to convince a landlord to accept your application. Need a Loan? Get One in 3 Simple StepsIf you are considering applying for a personal loan, just follow these 3 simple steps. Apply Apply online for the loan amount you need. Submit the required documentation and provide your best possible application. Stronger applications get better loan offers. Accept If your application meets the eligibility criteria, the lender will contact you with regard to your application. Provide any additional information if required. Soon you’ll have your loan offer. Some lenders send a promissory note with your loan offer. Sign and return that note if you wish to accept the loan offer. Repay The loan then gets disbursed into your U.S. bank account within a reasonable number of days (some lenders will be as quick as 2-3 business days). Now you need to set up your repayment method. You can choose an autopay method online to help you pay on time every month.
 About Stilt Stilt provides loans to international students and working professionals in the U.S. (F-1, OPT, H-1B, O-1, L-1, TN visa holders) at rates lower than any other lender. Stilt is committed to helping immigrants build a better financial future. We take a holistic underwriting approach to determine your interest rates and make sure you get the lowest rate possible. Learn what others are saying about us on Google, Yelp, and Facebook or visit us at https://www.stilt.com. If you have any questions, send us an email at [email protected] Frank GogolI’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more. Can you get an apartment with a credit score of 500?In short, yes! A credit score of 500 is low, but it's not insurmountable. It would be best if you planned some extra time for your apartment hunt with scores this low, but you can still rent an apartment.
Can a 580 credit score get an apartment?What Credit Score Do You Need To Rent an Apartment? While a FICO credit score from 580-669 is considered fair credit, 620 is often the minimum credit score you'll need to rent an apartment. If your score is lower than 620, it could be more difficult to rent an apartment.
Can I get an apartment with a 480 credit score?Ideally, property managers want renters with credit scores of at least 600. However, some property managers will be more flexible and accept renters with much lower credit scores. Luxury apartments and apartments in popular cities often ask for applicants with higher credit scores.
What is a passing credit score for an apartment?Most individuals or companies renting an apartment want credit scores from applicants to be 620 or higher. People with credit scores lower than 620 may indicate a high risk of default on rent owed.
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What is the minimum credit score for an apartment
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