Question: How Good Does Your Credit Have To Be To Rent An Apartment?

Question: How Good Does Your Credit Have To Be To Rent 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.

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.

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