Willing to opt for a new apartment but confused about the finances? Renting a new apartment can be the start of something exciting. A lot of things need to be taken into consideration before you go down this road. The first thing is to self-analyze to determine if this decision compatible with your current financial situation.
Landlords typically perform credit checks of prospective renters. Credit scores and reviewed to as a tool for finding the ideal tenant for their property.
The Score Matters:
Your FICO score is what holds value at this point as this is considered to be the standardized unit of measuring your credit score. It ranges from an average of 300 to 850 with 300 being extremely bad and 850 being excellent. The minimum score that is considered to be ideal across the industry is around 630.
There are numerous techniques that can boost your credit score gradually. You can finally be eligible for a decent apartment or condo based on your finances.
Know Your Worth:
Another reason why these scores hold significance is because a higher score entitles you to a better location. In contrast, a lower score can be considered as a downgrade or average from the more premium tier.
This is because excellent scores are usually lined up for more premium locations as opposed to average scores that end up with more mainstream renting opportunities because of the enormous number of applicants.
What if you’re ineligible?
Ineligibility can be a startling dilemma for you. But this is only if your score plummets down to an all-time low or below the average threshold. Not all is lost as there are options for you to consider. You can consult a friend or family member with a good or excellent FICO score and ask them to sign a co-lease for you to rent the home that you’re eligible for.
To improve your chances of renting a home, you can get in touch with your previous landlord, employer or agency to request for a reference which indicates your financial condition and other attributes such as timely provision of rent, etc.
How can I Improve my Score?
Maintaining a decent score has never been an easy task. However, there are several ways that can increase your credit score. The first priority here would be to clear out your debts as debts are the number one rival of your credit score. It can do a lot of damage to your credit score if it is left unsupervised.
Credit scores cannot increase overnight as they require a significant amount of time to retain their former glory. Timely payment habits are another influential factor when it comes to boosting your credit score. This is calculated on how frequently you manage to pay your bills ontime.
Credit Rent Boost is a credit rent reporting company that works to improve your credit score based on your rental payments. Rent reporting can improve your credit score and minimize the hassle of repeated hard inquiries which decrease your score!