Renting and credit rating?

Eve P: Renting and credit rating?
I am just wondering what the typical credit score “cut-off” would be as far as renting from a management complex as opposed to a private party? I am currently renting from an owner that really didn’t care that my credit score was only 572 but I am now relocating due to the sale of my condo unit. The landlord has assured me that she would give me a glowing reference, but I am worried about getting approved with another company. Is there a typical FICO number that is used to either approve/reject an applicant? If this means anything I live in downtown Chicago….

Answers and Views:

Answer by mimzy
I live in a condo in Mississippi and my credit rating wasn’t fantastic when I rented it, but they still let me rent it. My score was lower than yours—- I started working on it (paying bills on time, disputing inquiries) and it went up fast. I am now in the 700’s and I was lower than yours last year. Good luck

Answer by Reality Check
There is no “set” FICO score they go by, because all management companies have different criteria that has to be met, and exceptions are made all the time, on a person-to-person basis. This can mean that a lower than desirable credit score, can still be accepted for a larger deposit or higher rental price. Similar to any type of loan….higher payment and interest rate.

572 is a poor score, but probably not so much that it would completely jeopardize your chances of getting accepted (again….possibly with a higher deposit or putting up a couple months rent in advance).

Best of luck in building your score!

Answer by Bill C
A lower credit score might require a higher monthly rent and/or a larger security deposit and a renter with a higher credit score. The landlord might also require someone with a low credit score to have someone co-sign the lease.