Charleston, WV ApartmentsCommunity ForumWhat does it mean to have good credit to rent out a ...
What does it mean to have good credit to rent out a apartment? How do they determine it? I just got out of college and don't know much of what kind of credit I have now. I got a new job that I have been in for 4 months, will that help my chances of being accepted?
Usually, they look at your credit history to see if you have any deliquent accounts such as credit cards, loans, or medical bills that you never paid or were late on. If you have a credit card, you have a credit score. If they ask for your social security number, they are running a credit check and background check on you. Your job and income doesn't have anything to do with your credit score, but if you don't have either the apartment complex might think you won't be able to pay rent. If you took out student loans for college, then you have a credit score. I also think that you have a score if you have a savings account in good standing.
Things that improve your credit score:**Having a credit card (the longer you have one the better, don't cancel old ones even if you don't use it. It takes the average of all your cards. So if you have one credit card for 8 years and get another one, your credit history will average the two cards and show up as "4 years")Not owning more than 3 - 5 credit cardsHaving a low "debt to credit limit" on your cards. So if your credit limit is $300, the closer to $300 in credit card purchases you have, the worse.Making more than the minimum monthly payment on your cards and paying them EARLY or ON TIME.Car, student, or home loans that are in good standing.
Hurts your credit:Department store CREDIT cards (Macy's, American Eagle, Walmart, Target, etc.)Overdue library books that aren't a campus library.Late payments on credit cards.Collections on utility/medical bills.Too many "looks" on your credit score (a "look" is when a credit card company, car insurance quote, or housing application checks your score in order to see if they should give you insurance, an apartment, or credit card). When you do "free Geiko or Pregressive insurance quotes" and enter your social security number, it counts as a "look". If you have too many looks in a year, it drops your score.Applying to more than 2 cards per year.