Late payments impact your score depending on how late the payment was, how much you owed, how long ago it happened, and the total number of late payments. From there, credit scores are considered good tofair toor poor lower than Chong breaks down the five factors the bureaus use that impact your credit score and how they are weighted. Which brings us to an important question: What's the lowest credit score you need to rent an apartment?Ī credit score can range from to But don't worry if you haven't hit magic number Anything above is generally considered an excellent credit score. That means this three-digit score could make the difference between landing that dream two-bedroom or settling for a so-so pad with dated appliances.
The lower your credit score, the less likely your property manager is to accept your rental application. So why does your credit score matter so much if you're renting property?Ī landlord uses it to see how likely you are to pay your rent on time. Renters: You may know your budget and the number of rooms you need, but do you know your credit score? Also called a FICO score, your credit rating is a number that expresses your creditworthiness, i.
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