What Credit Score Is Needed to Rent an Apartment?
If you apply to rent an apartment, most landlords and management companies will want to gauge their chances of receiving your regular monthly payments. Your credit score may not play the most important role, here. What will is your other obligations, and your rental history.
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Do I Have to Have a Credit Check?
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Not always. If your credit is shaky, you can look for a place that doesn't require a credit check. Private landlords and managed complexes may not ask for your credit history unless there are other potential tenants who want to rent the same place.
What If They Do Want a Credit History?
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If they do want to see your credit report, ask if you can provide them with it. That way you may be able to avoid paying the cost of the request and keep "hard inquiries" out of the report.
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How to Prepare for a Credit Check
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Prepare for a credit check by pulling your own report and reviewing it before anyone else does. You can also use it to help fight identity theft or dispute errors. Keep in mind that creditors also use your credit report to determine your eligibility for a job, whether or not you should qualify for a home loan, or a car lease, and sometimes simply to verify who you are and where you live and work.
Letters of Explanation or Recommendation
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If your credit is poor, submitting a letter of explanation for any incorrect or misleading information could help, too. You can also get a letter of recommendation from your previous landlord showing that you paid your rent on time and left with no problems. They are looking for reliability more than a high credit score.
Monitor Your Credit from Time to Time
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At least once a year, you should check your own credit report to make sure there are no errors on it. False information has been known to make its way into a file. If you share a name with someone else you could be at risk; or if your Social Security number comes close to someone else's and gets erroneously transposed, it spells trouble. Take the time out to look at your own credit before anyone else does.
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