Profile picture for adaydreamer100

How much does credit score affect getting aproved for a rental home?

  • March 04 2014 - Glendale
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Answers (4)

We work with a large institutional investor as a local market partner and can say that... it's more than a number. We look for recent payment history, judgments, collections. and most importantly, recent evictions. While a credit score is calculated according to proprietary algorithms, investors realize that scores can be negatively affected by extraneous circumstances such as medical related debt, etc.

A competent property manager will look beyond the numbers and check references and read between the lines when making a determination. After all, there are a large number of qualified applicants out there that may have spotty credit due to the economic downturn that affected so many Americans. Many investors are actively targeting potential renters in this category. With that in mind, don't be afraid to try. The worst thing that can happen is someone says "no." If it's explainable and you are upfront about your situation, it's likely you will get a "yes." Good Luck!
  • March 07 2014
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Profile picture for Mark Malave
For many landlords, your credit score is the first thing they look at. Unfortunately, this can be an automatic rejection if the score is too low. Some landlords have a score that they will not rent below the score. One of the reasons for this is that they want to protect themselves legally. However, many landlords will look at the complete credit report and they will also look at work history, debt to income ratios, past landlord refs, etc. If you have poor credit, your best shot is to find a smaller property with an landlord managed property. That way you can discuss your credit in person and explain your credit file issues. 
  • March 07 2014
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Profile picture for adaydreamer100
Thank you, sounds like really good advice.
  • March 07 2014
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There are some mitigating factors that can help you find a home to rent. Do you have good rental history? How long have you been at your current job? Is your income three or more times the monthly rent? Are you willing to move in right away and sign a lease at least 12 months? Are you willing to put down a larger security deposit? These are all things you should consider that might make your application attractive to a landlord.
  • March 04 2014
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