Is 670 A Good Credit Score To Rent An Apartment?

The next step to fully understand the ability of a person with a 670 credit score to rent an apartment is to look at it as a process.

Tenancy agreement or the process of getting a house also depends on the credit score that one applies for. Employers have always looked at credit scores as a way of establishing whether the applicant will faithfully pay his or her rent as agreed. So will a 670 credit score grant one an apartment rental? Or would you like to go up to 700 or 750?

What is the typical credit score expected by most landlords?

Most landlords want a credit check and will normally accept any score starting from 600 to 650. However, the minimum score that can be obtained may not be set uniformly across all landlords. An applicant with a score as low as 550 may be given the green light by some lenders. Some may prefer 540 or higher while others may prefer 670 and above. In markets that have high demand for rental units, landlords are always very picky especially because many people may be applying for the available apartments. They may use that criteria to screen out those with lower scores when placing tenants.

It also varies depending on the type of property that one is willing to invest in. This means that when it comes to credit rating, it is easier to qualify to buy a unit in a small condominium or a single apartment complex than in a large building managed by a professional company. As a general rule, the tendencies toward high credit are typical of high-end luxury buildings.

All You Need to Know About Being Approved with a 670 Credit Score

A 670 FICO score is average or fair when it comes to determining the probability that you will repay a loan on time. It means you have some kind of credit history but not clean; there are some negative things on your credit reports. Regarding FICO scores, it can be seen that 670 is at the edge of the good score range which begins from 690. For the VantageScore, the range of fair credit falls between 660 and 669, and 670 is on the upper end of the range.

Someone with a 670 FICO or VantageScore has usually:

• At least three active or open credit accounts such as credit cards, auto loans, etc.
• They have a good payment history which means they always pay their bills on time monthly.
• Revolving credit card balance that is less than 30% or moderate usage.
• Several, at least, brought down their score from the good range to the fair range regarding late payments or collections.

Thus, a credit score of 670 represents some level of credit responsibility and credit irresponsibility at the same time. Some credit accounts you manage with delicacy, however, some flaws indicate a history of mistakes.

Why Landlords Consider 670 Credit Score As Low.

A 670 credit score is viewed by many landlords as being slightly below the ‘risky’ threshold, although slightly above the ‘poor’ threshold. On the positive side, it proves you can manage various types of credit accounts. Some on-time monthly payments you make could also show that you may also pay rent reliably. However, you also have carping notes at the end of the slips that you made.

While you are not getting 700 plus, a 670, is enough to suggest you sometimes have problems paying bills or can have cash flow problems. They could be repeated and morph into late rent that has been paid in the past or not paid at all. This is why the different landlords are either reluctant to approve 670 credit scores or will otherwise provide approvals but conditionally.

Tips for Enhancing Your Odds of Success for a 670 Credit Score

The requirement for credit score varies and with a 670 credit score, you stand a reasonable chance of being approved for an apartment depending on the landlord’s demand. However, it would be reasonable to use it along with other strong and objective criteria that would help to minimize credit risks.

Ways to improve your chances include:

• To be in a position to convince the landlord, by providing references from current or past landlords who have always paid their rent on time.
• Working continuously with employed for at least 6 months to 1 year.
• Best to keep one's income at least three times the rent or even more.
• Securing accommodation with assets that can cover the security deposit and the first month’s rent.
• Assuring the landlord that they will pay a few months advance rent fee to further cement their position.
• Selecting to apply for the lower rent units since competition has to be low.

All these factors along with the 670 credit score will show that you are capable of handling an apartment.

A Guide to How High Your Credit Score Should Be for Renting?

Although every landlord has his regulations, the best credit scores, which increase the probability of your approval, are 700 and higher when renting an apartment. This shows that much lower risk and on-time rent payment is present in the good FICO range, which includes 690-719 or the very good range of 720-850. If your score has not risen to 700+ then it is recommended to wait for several more months and keep on practicing positive credit behavior. The longer a person develops a good credit history by paying bills on time and keeping credit use to a minimum, the faster his or her score will rise.

The Bottom Line

This means that your approval status when looking for a rental is in the grey area when you have a credit score of 670. As for the lighting in most cases, it meets only the minimum standards. Yet, improved scores make you stand as a less risky tenant. The best approach to implement a 670 score is to focus on the other factors of financial credit worth such as a regular income and employment status. It means that provided the right combination of factors many, but not all, landlords will not mind taking you in despite the credit risks.

Ready to boost your credit score? Call +1 888-804-0104 now for the best credit repair services near you! Our expert team is here to help you achieve financial freedom and improve your credit. Don't wait—get started today!