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What is the minimum credit score for an apartment rental?

I'm 21, will my credit score be to low to rent an upscale apartment?

  • Im 21, i just recently started establishing credit 5 months ago. I had a 20k car loan, I made all the payment on time. I only had the loan for 5 months, it just got paid off last week (I know it won't post on my score for another month or so). I took out another car loan for around 35k, I plan to make double payments on it......Right now my score is in the high 500's. I will need to get an apartment in about 7 months, but I want to get an apartment in uptown Dallas tx.....my income is about 5x the rent....will I have a problem getting an apartment because I don't have a long credit history?? I've never had a credit card, so I have 0 credit card debit...

  • Answer:

    A smart landlord will consider more than just your credit score alone. Your income, assets, and character will also be a factor. Landlords want to know that you will pay your rent on time, won't damage the apartment, won't disturb the neighbors, and can afford to make repairs should damage occur. Based upon your income it appears that you have a good job, and are a responsible person. Paying double on your car loan won't impact your credit score in a significant way. Instead, put the money into savings, and present to the prospective landlord that you have money saved. At 21, that creats a very positive impression.

candice at Yahoo! Answers Visit the source

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big mistake any installment loan paid in before 6 months gets you nothing. Great thing about cheaper neighbor hoods everyone assumes you have nothing to steal. All my friends in philly were mugged robbed and cars broken into. I lived in a "bad" part of town and never had an issue plus paid a lot less rent invested the difference. A good jewish girl should know better ;)

Calvin C

You should also get a credit card of some kind. Use it for your everyday purchases and pay it off each month fully. Do no carry a balance! In 7 months you will have a good credit score and should be able to rent a decent place (if everything else required to rent is in order.)

kilps

Your credit score is in the high 500s? You'll be lucky to get a in ghetto slum tenement.

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