Get Credit Application Template 2020-2024

Applying for an an apartment won't hurt your credit if there's no credit check in the process. The application also won't hurt your credit score if the landlord uses a service that does a soft credit check. 3 You can ask the landlord for their process to find out whether there's a credit review involved.

Landlords generally look for a credit score of 650 or above to approve a rental application.

Credit reports aren't the only type of credit references. References can also include letters issued from reliable sources, such as a credit card company, a past landlord, or a utility provider that illustrates your creditworthiness.

Since most credit checks for renting are considered soft checks, they won't negatively impact your credit score. The FICO® credit-scoring model, one of the most popular credit scores, ignores inquiries made within 30 days of scoring.

An apartment credit check is considered a "hard" inquiry and having many becomes a red flag to future lenders or landlords. While you might only be applying to different complexes, a lender may later view your score as a sign that you are financially overextended.

Landlords focus more on your actual credit information rather than deciding rental agreements based on your credit score alone. When credit scores are considered as part of your overall credit information, a score above 670—on a FICO® Score range of 300 to 850—generally indicates good creditworthiness.

A credit reference on a rental application is a business you've had a financial relationship with that can provide information about your payment habits to a prospective landlord.

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.

If the total of your credits exceeds the amount you owe, your statement shows a credit balance.

Landlords generally look for a credit score of 650 or above to approve a rental application. They're unlikely to approve you with poor credit history, but might consider you if you can demonstrate current financial stability paired with a decent score.

What Credit Score Do You Need To Rent an Apartment? While a FICO credit score from 580-669 is considered fair credit, 620 is often the minimum credit score you'll need to rent an apartment. If your score is lower than 620, it could be more difficult 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.