Renting an apartment in SoCal is not easy but it’s doable. Credit score requirements to rent an apartment unit change every year. The nicer and more expensive the apartment is the higher the credit score required.
Experts suggest that when renting an apartment is not always about budgeting and the area. You need to know your credit score also known as the FICO score. FICO scores are a simple way a landlord will know if you’re creditworthy or a risk-based on your previous financial history. Why is it so impartment for a landlord to know your score if it’s only an apartment?
Because it details your history of paying off debt on time. The landlord will use this to see how likely you will pay your rent on time. That means in the landlord’s eyes those 3 digits will determine if you will get approved or not.
How Do Credit Scores Work?
Credit scores are easy to figure out. A credit score is broken down into three categories; poor, fair, and excellent. These three categories will determine if you will get approved for a credit card, home loan, and car loan.
Credit scores range from 300 (poor credit) to 850 (excellent credit). A credit score of 300 to 650 is usually poor, 651 to 699 is fair and 700 and up is considered excellent starting 2021. Due to the COVID-19 pandemic credit scores have changed.
Continue reading here.
Comments
Post a Comment