Can You Get an Apartment with Bad Credit?

Yes, it is possible to secure an apartment with a bad credit score. However, it may present additional challenges, especially in competitive rental markets. By demonstrating financial responsibility in other ways, you can increase your chances of convincing landlords to overlook your credit history.

Key Facts

Landlord preferences: Landlords generally prefer tenants with good credit, typically a FICO® Score of 670 or above.
Credit score requirements: While credit score requirements for renting an apartment can vary, a credit score of 625 or higher is generally considered good, while a score of 600 or lower may make it more difficult to get approved.
Other factors considered: Landlords may also consider other aspects of your finances, such as income, rental history, and employment status, when evaluating your application.
Additional options: If you have a low credit score, there are still options available to you. You can be transparent about your credit score, provide proof of financial responsibility, get a co-signer, become a co-tenant, offer more money upfront, include positive references, or establish credit.
No-credit-check apartments: There are also rental options available that do not require a credit check.
Improving your credit score: If you’re concerned about your credit score, you can take steps to improve it, such as paying bills on time, paying down debt, checking your credit report for errors, limiting new credit applications, considering a secured credit card, consolidating debt, and clearing up any inaccuracies on your credit report.

Landlord Preferences

Landlords typically prefer tenants with good credit scores, generally a FICO® Score of 670 or higher. A credit score of 625 or higher is considered good, while a score of 600 or lower may make it more difficult to get approved.

Other Factors Considered

In addition to your credit score, landlords may also consider other aspects of your financial situation, such as:

Income
Rental history
Employment status

Additional Options for Renters with Bad Credit

If you have a low credit score, there are still options available to you:

Be transparent: Inform the landlord about your credit score and explain any mitigating circumstances.
Provide proof of financial responsibility: Submit documentation of on-time rent payments, utility bills, or other financial obligations.
Get a co-signer: Ask a family member or friend with good credit to co-sign the lease.
Become a co-tenant: Share the lease with a roommate who has a higher credit score.
Offer more money upfront: Pay several months’ rent in advance or offer a larger security deposit.
Include positive references: Provide letters of recommendation from previous landlords, employers, or colleagues.
Establish credit: Build your credit history by making timely payments on a secured credit card or becoming an authorized user on someone else’s credit card.

No-Credit-Check Apartments

Some rental properties do not require a credit check. These options may be available from individual landlords rather than large property management companies.

Improving Your Credit Score

If you are concerned about your credit score, you can take steps to improve it:

Pay bills on time: Payment history is the most important factor in your credit score.
Pay down debt: Reduce your outstanding balances to improve your credit utilization ratio.
Check your credit report for errors: Dispute any inaccuracies that may be lowering your score.
Limit new credit applications: Avoid applying for multiple credit cards or loans in a short period.
Consider a secured credit card: Use a secured credit card to build credit if you have no or limited credit history.
Consolidate debt: Combine multiple debts into a single loan with a lower interest rate to reduce your monthly payments and improve your credit utilization ratio.
Clear up any inaccuracies on your credit report: Contact the credit bureaus to dispute any errors or outdated information that may be affecting your score.

Sources

FAQs

Can I get an apartment with a 490 credit score?

Yes, it is possible to get an apartment with a 490 credit score, but it may be more difficult and may require additional steps, such as providing proof of financial responsibility or getting a co-signer.

What is a good credit score for renting an apartment?

A credit score of 625 or higher is generally considered good for renting an apartment, while a score of 600 or lower may make it more difficult to get approved.

What other factors do landlords consider besides credit score?

Landlords may also consider your income, rental history, employment status, and other aspects of your financial situation when evaluating your application.

What can I do if I have a low credit score and want to rent an apartment?

If you have a low credit score, you can try to be transparent with the landlord about your situation, provide proof of financial responsibility, get a co-signer, offer more money upfront, or include positive references.

Are there any apartments that don’t require a credit check?

Yes, there are some rental properties that do not require a credit check. These options may be available from individual landlords rather than large property management companies.

How can I improve my credit score?

You can improve your credit score by paying bills on time, paying down debt, checking your credit report for errors, limiting new credit applications, considering a secured credit card, consolidating debt, and clearing up any inaccuracies on your credit report.

What is a secured credit card?

A secured credit card is a type of credit card that requires a security deposit. This deposit is typically equal to the amount of your credit limit. Secured credit cards can be helpful for building credit if you have no or limited credit history.

What is a co-signer?

A co-signer is someone who agrees to be legally responsible for your debt if you default on your payments. Co-signers are typically family members or friends with good credit.