What Credit Score Is Needed To Rent A House?
It’s fairly common knowledge that in order to purchase a home, you’ll have to have a decent credit score. But do you know what credit score is needed to rent a house? The reality is that more and more landlords are turning to credit checks to see if their prospective tenants are actually reliable. There’s no hard rule for what credit score is needed to rent a house, however. Looking closer at this subject will help you understand what to expect.
If a rental property is being offered by an individual owner, there’s a good chance that things will be somewhat more lenient. Different people may overlook credit scores if they have reason to, and some won’t even use a credit score at all. But property management companies sometimes stick to very strict score guidelines.
Landlords and property management firms will usually prefer a credit score of more than 700. When you consider that the range of credit scores runs from 300 up to 850, it becomes clear that this is pretty much the average score of most people. Luckily, a score of around 650 is usually more than enough to get the confidence needed from a landlord and secure your lease.
However, there are a few other things that can factor into the decision to give you the rental property:
- • Competition – If there are others trying to rent the apartment or home, and their credit scores are higher than yours, there is a chance that they’ll be chosen over you. This isn’t always the case, but
it is worth mentioning if you’re looking at a rental that is in high demand.
• Income – If you can show proof of income – especially that you’ve been employed for several years in the same company – you’ll increase your chances of renting a home regardless of your credit score. Good income history could help a landlord ignore credit altogether.
• Down Payment – First and last month’s rent in advance, a security deposit, and even an advance payment for another month or two will help sway a landlord, too. If you want to make sure you get into a good home, having a chunk of money initially will help you out a lot.
• Interviews – Finally, there’s simply something to be said for your initial meeting. Even many property management firms put a lot of stock into their meeting with you, and if you can make a solid impression and show that you’re responsible you might find that your credit score doesn’t matter as much as you thought it would.
As you can see, figuring out what credit score is needed to rent a house is really something that is difficult to do. There are far more variables than most people realize, and the points above are worth reviewing carefully. If you’re not sure what credit score is needed to rent a house that you’re looking at, you can certainly talk to the landlord to learn more. To know what your credit looks like, just contact us for a free credit report analysis today.Source: www.onecorecredit.com