RENTING & CREDIT >>
If credit is a concern, your apartment locator can help you navigate the rental application and qualification process.
Credit is an important part of renting. If your credit isn’t so hot or your don’t have any credit it can hurt your chances of getting the apartment you want.
What is 'Credit'?
- credit cards
- credit lines
- rental leases
- car payments
But, when people, or more imiportantly apartments, refer to your ‘credit’, they are actually referring to your credit score. More on that below…
What is a Credit Score?
What goes into my 'credit score' and who calculates it?
They use factors like:
1) How much credit is available to you
2) How long you have had that credit
3) How much of the total credit available to you are you using? (meaning how much you owe vs. your total credit line)
4) Your payment history including late payments and non-payments
5) Any collections history (if creditors have had to send your balance to a collections agency to try to get repayment)
What is a 'good' and 'bad' credit score?
Below 550 – Bad
550 to 649 – Poor
650 to 699 – Fair
700 to 749 – Good
750 & Above – Excellent
What credit score do apartments usually want?
Can I improve my credit score?
1) Have credit that you don’t use. Lenders like to see that you don’t need all the credit that you have a availalbe to you.
2) Keep your credit lines open. Even if you aren’t using a credit line on the regular, try to keep it open. If you get a notice that they are about to close a line due to non-use, charge something small to it, then pay it off, to maintain that line. How long your credit lines have been available to you matters in your score.
3) Pay on time, even if its the minimum. Late payments cause late charges and hurt your credit score.
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