CONCERNED ABOUT BEING APPROVED FOR AN APARTMENT? >>

Apartment complexes will want to verify your credit score using one fo the major credit agencies, Experian, TransUnion and Equifax. Apartments vary widely in what their minimum required credit score is, but in general the higher the better and the break down looks like this:

Below 550 – Bad

550 to 649 – Poor

650 to 699 – Fair

700 to 749 – Good

750 & Above – Excellent

Your credit score is meant to be a representation of your likelihood to pay your debts on time and in full. This calculation includes:

1.  YOUR CREDIT LIMIT: The total amount of money available to you in credit lines or credit cards. The more credit extented to you the better. Even if you don’t plan to use a card or credit line anymore, as long as you aren’t paying any fees on that credit if there is a 0 balance, keep it open to increase your credit score.
2. YOUR CREDIT USE %: This refers to how much of your credit limit is currently outstanding. As a simple example, if you have $3000.00 available to you on a credit card and your balance is $1500.00, then you are using 50% of your credit. In terms of credit scores, the lower your credit use %, the better your credit score.
3. YOUR PAYMENT HISTORY: Have you made your payments on time and in full to credit cards, landlords and other credit agencies? This one is very important. Late payments, payments that don’t meet the minimum, or being deliquent on payments (not making them at all) can dramatically hurt your credit score.

The best way to build your credit and acheive a high credit score is use your credit cards reponsibly and if possible pay them off each month. This will keep your credit use % low, and you will avoid paying lots of interest, while still showing prospective landlords and creditors that when you borrow money, you pay it back on time and in full!

Don’t have any credit history? You many need a Cosigner.

 

Apartment Complexes will review your rental history. They are looking to confirm:

1. You don’t owe money to any properties for unpaid rent, excessive damage, etc.
2. Rent was paid on time and in full.
3. You gave proper notice to move out.
4. There we no issues with your lease.
5. You left the property in the same condition you received it in.

The properties will do this by checking your credit and often by asking for previous addresses, so they can contact those properties to confirm your good standing.

First-time renter? You many need a cosigner and references.

When applying for an aparmtent you often have to consent to a ciminal background check. During this process the apartment complex will evaluate your public record to determine if you are a threat to other residents or neighbors. Most apartments will not lease you if you have a public record within the last 10 years, but some will work specific levels of public record or instances where the record dates back many years. Each apartment’s policy on what they will accept or not accept is different and changes frequently. If you need assistance renting with a public record, please give us a call and we can consult on your specific situation.