A credit score is a statistical number that depicts a person’s creditworthiness. Scores range from the worst being 300 and the best being 850.
Credit score is a number assigned to a person that indicates to lenders their capacity to repay a loan. Originally, this was used in the housing market for obtaining mortgage loans. Then it started being utilized in the vehicle purchasing and leasing industry.
–And now, guess where it’s being used…In the Apartment Rental Business.
Many Apartments in Houston are now using credit scores to determine the likelihood of a potential tenant to pay his/her rent in full, on time, and throughout the life of the lease.
It is not a personal attack. It’s simply a business decision. Most individuals or companies renting Houston apartments want credit scores from applicants to be around 620 or higher.
On occasion, complexes might make exceptions if you were to fall slightly short. Some might ask for a higher deposit, others might offer for you to pay two months rent up front and still some could possibly ask you to get a cosigner. It never hurts to ask if they fail to offer.
There are ways to improve your credit score but that usually takes quite some time—months and even years. Get more information about repairing credit by visiting myFICO.com. Also, you can review all of your credit reports for free each year at annualcreditreport.com.
If you’re not sure if you’ll qualify to rent an apartment because of low, bad or borderline credit, call a good apartment locator in Houston. They can possibly assist in overcoming credit issues you might have by talking to and/or working a deal with the apartment manager on your behalf. Also, a good locator, will also know places that aren’t as strict about credit scores and might be willing to work with it pending other positive attributes such as good job security, long time employment, good income, good rental history, etc.
In my next blog post on Qualifying For Renting A Houston Apartment, I’ll discuss how previous rental history can affect your chances of qualifying, both positively and negatively.