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.
Can you get an apartment with a credit score of 500?
FHA mortgages are available to borrowers with low credit scores down to 500 with a 10% downpayment. If you a 580 credit score you could qualify for an FHA loan with just a 3.5% down payment. Having good scores will make the process of renting simpler. A good credit score is considered to be 700 or higher.
How can I get approved for an apartment with bad credit?
Factors to Consider When Renting with Bad Credit
- You May Have to Pay More Upfront.
- Avoid Apartments That Require Credit Checks.
- Budget Extra Time for Your Apartment Search.
- Seek a Co-Signer for Your Contract.
- Negotiate Your Contract.
- Get Letters of Recommendation.
- Search Outside the City Limits.
- Consider a Roommate.
Photo in the article by “Flickr”