Credit Score Needed to Rent an Apartment
Share this article:
What is the Average Credit Score to Rent an Apartment?
Does Renting an Apartment Build Credit?
How to Get Rent Payments Added to Your Credit Report
Does an Apartment Credit Check Hurt Your Credit?
Can I Be Denied an Apartment Because of Bad Credit?
Highlight a high income. Having an income that’s three to four times what the rent will cost is a great way to catch a landlord’s eye. Applicants who can demonstrate that they have a steady salary that’s high enough to pay the rent each month may be able to counteract a low credit score. Pay more upfront. If you can afford to make extra payments, you may be able to secure an apartment even with a lower credit score. It isn’t uncommon for landlords to require renters with low scores to pay up to three months’ worth of rent upfront as a deposit. If the landlord doesn’t require this but you do have a low credit score, you might want to offer to do this as a gesture of good faith. Tell your story. If there’s an understandable reason for your having a lower credit score and you can prove you’ve overcome any financial hardships, you may be able to appeal to the landlord with a written letter explaining your situation. This kind of explanation may give a landlord the confidence to rent to someone with a low credit score. Asking your current landlord or employer to write a letter of reference may also help. Find a roommate. If there are multiple people paying the rent, the amount of qualifying income on the lease shoots up. Finding a roommate with a strong credit score can also help make finding an apartment easier. Find a cosigner. Asking a family member or friend with good credit to act as a cosigner can help make your low credit score application stand out. It can be challenging to find a cosigner, however, because if you default on your payments, the cosigner will need to foot the rent bill or risk credit score damage.
Your Whole Credit Report Matters
About the Author
Share this article: