{"id":34415,"date":"2025-01-18T08:20:09","date_gmt":"2025-01-18T08:20:09","guid":{"rendered":"https:\/\/peraltafinancing.com\/apartment\/what-credit-score-do-you-need-for-apartment-approval\/"},"modified":"2025-01-18T08:20:09","modified_gmt":"2025-01-18T08:20:09","slug":"what-credit-score-do-you-need-for-apartment-approval","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=34415","title":{"rendered":"What Credit Score Do You Need for Apartment Approval?"},"content":{"rendered":"


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The short answer, as with so many things in life, is: it depends. Obviously, the better your credit score, the better chance you have of landing in your dream apartment. However, there is no legally mandated minimum credit score to rent, so don\u2019t worry if your credit isn\u2019t in perfect shape.<\/p>\n

Instead of trying to nail down an exact minimum credit score needed for renting an apartment, it can be more helpful to take a look at the average scores of other applicants to see how you compare. In 2020, RentCafe<\/a> collected data from over five million lease applications and found the average credit score was 638. Obviously, not everyone with a credit score below 638 had their application denied, but knowing the average will help you decide if you\u2019re ready to start applying with abandon or if you want to try and improve your score first.<\/p>\n

Checking your credit score<\/h2>\n

Knowing the credit score you\u2019d like to have is one thing, but figuring out what your actual score is can be daunting. The good news is finding your credit score is fairly straightforward and there are a few different methods to choose from.<\/p>\n

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  • Monthly statements: Some credit card or loan statements (like auto loan statements) include your credit score on the monthly statement.<\/li>\n
  • Credit score services: Credit card companies can provide you with your credit score, sometimes for free! Be sure to check the terms and conditions as some services require you to pay a monthly credit monitoring fee while offering \u201cfree\u201d credit score reporting.<\/li>\n
  • Buy it: Credit reporting companies will let you buy your score directly from them.<\/li>\n
  • Housing and credit counselors: HUD-trained counselors are often able to get your credit score and help you review it<\/li>\n<\/ul>\n

    How to improve your credit score<\/h2>\n

    If you\u2019re worried that your credit score will keep you from being approved to rent an apartment, there are some straightforward steps you can take to improve your score.<\/p>\n

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    • Avoid new debt. Applying for credit only when absolutely necessary is a sign you aren\u2019t relying on it too heavily.<\/li>\n
    • Pay statements on time. Catch up on any past-due bills and try to pay all future bills on time.<\/li>\n
    • Keep credit balances low. Credit utilization \u2014 your balance to credit limit ratio \u2014 above the 30% mark will hurt your credit score.<\/li>\n<\/ul>\n

      It may take time and diligence, but raising your credit score can dramatically increase your chances of being approved for an apartment lease. <\/span><\/p>\n

      Apply when you\u2019re ready<\/h2>\n

      A low credit score isn\u2019t the end of the world, but it can make it difficult to get an apartment application accepted. If your score is low but there is an application opportunity you can\u2019t pass up, consider creative options like offering a larger deposit or an extra month\u2019s rent up front to help bolster your case.<\/p>\n

      In the long run, however, taking the steps to raise your credit score will result in better odds of your application being accepted by a wider range of leasing companies and give you more control over where you live. It might take time to get your credit score application-ready, but it is an investment worth making.<\/p>\n

      Questions before you apply? Contact us<\/a>! Ready to check out our available apartments? Check out what\u2019s currently available<\/a>.<\/p>\n<\/section><\/div>\n