“Typically, you need a minimum credit score of 650 in order to qualify to rent an apartment. ... Some value credit more so than income, so it has to be stellar. Others will be fine with a 650-ish score if you have substantial income.
Generally, you'll want a minimum credit score to rent an apartment of 620 to 650. Landlords or property management companies want reassurance that you can pay your rent on time and you're responsible, and a solid credit history and excellent credit score are two ways to show this.
Typically, the minimum credit score required to rent is 650. ... If you're searching for an apartment in a competitive rental market, you may need a higher credit score and a higher income (use our rent calculator to determine how much you should pay monthly).
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. ... A low credit score does not mean you won't get approved at all. You can still rent an apartment with poor credit.
In general, if your credit score is 660 or higher, you'll have a good chance of securing a rental. If your credit score is below average, there are still steps you can take to position yourself as a desirable tenant. Below, we'll dig into how you can bolster your rental application, even when your credit score is low.
“Each landlord is different, but most landlords and property managers look for a credit score above 600,” Fluegge says. FICO® and VantageScore® credit scores typically range from 300 to 850. An applicant with a higher credit score might be considered to have shown a pattern of managing their finances responsibly.
Most landlords use FICO credit scores to determine if an applicant qualifies for an apartment.
But a low score could cause your potential landlord to think you are more likely to miss rent payments. That's why if you're looking to rent, your credit score is important. “Anything 700 or higher is good,” says Wolf. “In general, if your score is under 680, you will begin to have difficulties renting.”
70% of U.S. consumers' FICO® Scores are higher than 650. What's more, your score of 650 is very close to the Good credit score range of 670-739. With some work, you may be able to reach (and even exceed) that score range, which could mean access to a greater range of credit and loans, at better interest rates.
Apartment Credit Scores
Typically, a credit score of 620 or above will enable you to obtain an apartment lease with relatively little trouble. Apartment leasing sources state that credit scores lower than 620 receive a "high risk of default" rating along with a leasing denial.
Renting a home, apartment or town house can affect your credit in a number of ways. It's increasingly common for credit reporting agencies to include positive rental history in consumer credit reports. ... Having good credit can help you rent an apartment, and paying rent on time can help you build good credit.
In terms of the minimum credit score required to rent an apartment, there's no hard-and-fast requirements as things can vary by landlord and locale. ... Renters in major cities and in high-end units have higher credit scores on average.
If you have bad or poor credit — somewhere between 300 and 579 — it's not impossible to rent an apartment, it just might take a little more work on your part.
There is no standard credit score to rent an apartment. ... According to an analysis of more than 5 million rental applications by apartment industry blog RENTCafé, the average U.S. renter's credit score was 638 in 2020—an average score that has ticked up by one point in each of the past three years.
It will take about six months of credit activity to establish enough history for a FICO credit score, which is used in 90% of lending decisions. 1 FICO credit scores range from 300 to 850, and a score of over 700 is considered a good credit score. Scores over 800 are considered excellent.
A 688 FICO® Score is Good, but by raising your score into the Very Good range, you could qualify for lower interest rates and better borrowing terms. A great way to get started is to get your free credit report from Experian and check your credit score to find out the specific factors that impact your score the most.
At the national level, the average approved renter has a score of 650. On higher–end apartment units, the score is even higher – around 683. On low–end units, the average renter has a 624.
“Typically, you need a minimum credit score of 650 in order to qualify to rent an apartment. This is not set in stone and can vary by managements. ... Some value credit more so than income, so it has to be stellar. Others will be fine with a 650-ish score if you have substantial income.
What Is a Bad Credit Score? On the FICO® Score☉ 8 scale of 300 to 850, one of the credit scores lenders most frequently use, a bad credit score is one below 670. More specifically, a score between 580 and 669 is considered fair, and one between 300 and 579 is poor.
Landlords perform credit checks because they want to make sure that a prospective tenant is trustworthy. Some landlords use additional screening tools, like consumer reports, before making rental decisions. ... Your prospective landlord or letting agent must get your permission before running a credit check.
When you have been approved, the company can then proceed to run credit checks on your prospective tenant. Getting approved can take somewhere from 2 to 10 days, depending on how many other landlords are getting approved at the same time, and the particular company involved.