What Does Your Credit Score Need to Rent an Apartment: A Comprehensive Guide

I. Understanding Credit Scores:

Overview: Explains what a credit score is and how it is calculated.
Importance of Credit Score: Highlights the significance of a good credit score for renting an apartment.

II. Credit Score Requirements for Renting an Apartment:

Typical Credit Score Range: Provides a general credit score range that landlords often look for.
Good Credit Score Benefits: Explains the advantages of having a good credit score while renting.
Minimum Credit Score: Outlines the minimum credit score required by most landlords.
Exceptions: Discusses instances where landlords may be more flexible with credit score requirements.

III. Factors Affecting Credit Score Approval:

Rental History: Emphasizes the influence of previous rental payment history on credit score approval.
Income Level: Explores how your income can impact credit score requirements.
Co-Signer Option

In general, a landlord will look for a credit score that is at least “good,” which is generally in the range of 670 to 739.

Table of Contents

Can I rent with a 600 credit score?

Wealthier, more competitive areas will require a higher minimum score, as will new or luxury buildings. However, a good rule of thumb is that most landlords look for a credit score of at least 600. Anything under 600 is considered bad credit, but don't worry – there are many ways to get around bad credit.

Is 650 a good credit score for renting an apartment?

The Fair Isaac Corporation, or FICO, specializes in “predictive analytics.” Even though it's not the only credit-scoring company available, it carries the most weight when you apply for credit. FICO suggests that a credit score of 650 and above is generally more than enough to rent an apartment.

Is 680 a good credit score to rent an apartment?

According to guidance from Realtor.com, a credit score above 700 will generally present no problems for an apartment seeker. However, challenges will likely begin to kick in if you have a credit score that is less than 680. But the quality of the apartment you are seeking to rent could matter, too.

What is the lowest credit score to accept a tenant?

620 or higher

When you apply to rent an apartment, you can expect nearly all landlords to run a credit check. As a general rule, you'll want a credit score of 620 or higher to secure a rental. But there's no hard and fast number: it varies by landlord, and it's only one factor in your rental application.

What credit score do you start with?

Most people's initial credit scores are between 500 and 700 points, depending on the steps taken when establishing credit. However, you won't have a credit score to report if you've never opened a credit account. Read on to learn more about your starting credit score and how to build your credit over time.

�how much di real estate agents make — how much do real estate agentsmake

I applied to places in Harlem where I made well over 40 times the rent & was told that I had to have at least an 850 credit score or I would have to find someone to cosign with an 850 credit score…

So I moved to Brooklyn and got a fly apartment from craigslist. https://t.co/d1cS74woBv
— una tipa (@pegaita) January 27, 2023

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.

Frequently Asked Questions

What credit score do I need for apartment?

There is no minimum credit score to rent an apartment. Landlords and real estate agents will typically ask a potential tenant for permission to view their credit score or credit report to screen them for financial responsibility.

How can I build my credit fast?

The quickest ways to improve your credit score

Report your rent and utility payments.
Pay off debt if you can.
Get a secured credit card.
Request a credit limit increase.
Become an authorized user.
Dispute credit report errors.

FAQ

What is considered good credit?: Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.
What credit score is needed for an apartment?: You'll want to shoot for having a good credit score — generally in the range of 570-739 — to get an apartment. While you may be able to still get an apartment if you don't have solid credit, it will make it more challenging with the competition you're likely to face.