I get this question lot, especially from clients that are renting for the first time. Landlords pull credit reports because, in the world of rentals, that number can tell your potential landlord if you’re a responsible person and if you pay your bills on time.
Look at it like this; your potential landlord doesn’t know you, and just because you say you’re responsible and will pay your rent on time, doesn’t mean that’s always true. It’s nothing against you personally; you just haven’t built a relationship with this person, so there’s very little trust there. That’s where your credit report comes in to play.
Here in Massachusetts, a score of 650 or higher means you’re likely in good standing to land that new apartment. Now if you have a lower number or no credit at all, don’t panic, most landlords will accept a co-signer (usually a family member or close friend), especially if you plan on having a roommate and they have good credit.
Now we all know that student loans can wreak havoc on your credit, which can be a royal pain. However, I would suggest talking with whoever holds the loan to see if you can put it on forbearance or negotiate paying a small amount, like five dollars, every month to get it back on track.
Also, don’t forget that every twelve months, you are entitled to the three credit reports (Equifax, Experian, and TransUnion) for free.
If you have any questions or concerns about renting an apartment, feel free to contact me anytime.
Peace, Love and Calm Seas;