What Is a Good Credit Score for Renting an Apartment?

Renting is a great alternative to owning a home if the score attached to a credit is lower than a mortgage might approve. For an apartment, the low 600's is usually considered the minimum requirement, which is lower than the individual would need to get a loan to own a home. Scores under about 620 are considered to be riskier. If a score is low, a potential tenant may wish to provide proof that they can and will pay to overcome a low score. Bank statements and pay stubs are good possibilities for this. Character references are also helpful. A larger security deposit may also be required for a tenant with a low score, hedging against the possibility that they will not pay. Finally, a co-signer is also a possible method to approach.

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POSTED January 21 2014 12:14 PM

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