Eleven Barker Apartments (2024)

FAQs

What is the lowest credit score for an apartment? ›

Landlords generally prefer good credit, meaning FICO^® Scores^☉ of 670 or above. If your credit score is lower, you may still be able to rent an apartment, but potential landlords might take a closer look at other aspects of your finances when evaluating your application.

In general, a landlord will look for a credit score that is at least “good,” which is generally in the range of 670 to 739.

And because each landlord sets its own approval criteria for new tenants, there's no such thing as a universal minimum credit score to rent an apartment. Nonetheless, a good credit score might make qualifying for a new apartment easier. On a scale of 300 to 850, a FICO Score of 670-739 is a good credit score.

However, a good rule of thumb is that most landlords look for a credit score of at least 600. Anything under 600 is considered bad credit, but don't worry – there are many ways to get around bad credit.

If you have poor credit — somewhere between 300 and 579 — it's not impossible to rent an apartment, it just might take a little more work on your part.

From 740 to 799 is considered very good, and from 580 to 669 is regarded as a fair score. The credit score required to get approval for a rental application varies depending on the landlord or property management company. However, most landlords want applicants with a score of around 625 or higher.

Lenders and landlords use both types of scores to determine your ability to pay your bills on time. However, these methods use different percentages to calculate your score. Your FICO score may be different than your Vantage score, depending on your financial history.

Will apartments accept a 650 credit score? ›

A credit score gives landlords a snapshot of how well individuals manage their financial obligations. More importantly, it predicts the likelihood of on-time rental payments. Most landlords seek credit scores of 650 or higher as a sign of tenant responsibility.

At-A-Glance. Having good credit means having a good credit history. History isn't instant. If you haven't used credit before, it usually takes at least six months to generate a credit score – and longer to earn a good or excellent score.

However, paying rent can potentially help you build credit under certain circ*mstances. These days, some credit-scoring models use alternative data to calculate your creditworthiness. Additionally, some landlords and rental platforms also offer you the option to report your rental history to credit bureaus.

Not only do landlord credit checks help property owners and managers find out if you've paid your bills on time in the past, but they can also help determine how much rent you can afford to pay each month.

With bad credit, your rental options will be more limited.

So, the tenant may be able to offer a higher deposit or to pay a last month's rent in order to provide security to the landlord to compensate for the poor credit,” he says.

More importantly, it predicts the likelihood of on-time rental payments. Most landlords seek credit scores of 650 or higher as a sign of tenant responsibility. Applicants with scores below 600 may face additional hurdles in securing approval.

From 740 to 799 is considered very good, and from 580 to 669 is regarded as a fair score. The credit score required to get approval for a rental application varies depending on the landlord or property management company. However, most landlords want applicants with a score of around 625 or higher.

Your score falls within the range of scores, from 580 to 669, considered Fair. A 600 FICO^® Score is below the average credit score. Some lenders see consumers with scores in the Fair range as having unfavorable credit, and may decline their credit applications.

A FICO^® Score of 650 places you within a population of consumers whose credit may be seen as Fair. Your 650 FICO^® Score is lower than the average U.S. credit score. Statistically speaking, 28% of consumers with credit scores in the Fair range are likely to become seriously delinquent in the future.