What Credit Score is Needed for Renting a House?
April 24th, 2012 | Author: Stephanie
For many, the choice of whether to buy or rent is not an easy one. Buying a home takes a lot of capital and a great credit score, and it also requires a higher level of responsibility than does a rental. Many people do not wish to live in the confines of an apartment though. Rather, they wish to live in a home, with the perks of a personal dwelling, without the hassles of ownership, or the capital input it requires. It is also a great option for people who have less than perfect credit, looking for a nice place to live.
There is generally no minimum credit score required to rent a house. Most homes that are for rent are owned by landlords who own few properties, as opposed to large residential housing companies that manage apartment complexes. That means that there is more room for flexibility if your credit is less than perfect. Most landlords have their own standards for renting, and their own way of determining who qualifies and who doesn’t. There are not standard renting rules for home rentals. Rules are left up to the discretion of the homeowner.
Most home rentals will run a credit check, but this
is just part of the process of being accepted into the rental. Some places don’t run credit checks at all. Many times, a positive rental history with another landlord, as well as meeting certain income requirements, is the biggest point of concern for landlords. This shows that you have a history of making rental payments, and have not left previous rentals in shambles, and that you also have the money to pay your rent.
If you do not have a rental history, and your credit is less than perfect, there are still ways that you can get into a rental. Oftentimes, landlords will make exceptions in exchange for a larger deposit or rent paid in advance. This allows the landlord the peace of mind in knowing that you aren’t going to skip out on your obligations, and also gives you a means of finding a quality dwelling, even if you don’t meet all the requirements.
Home rentals generally have more lax standards than does a mortgage lender. All landlords are a bit different and have different rental requirements. Even if you have less than perfect credit, do not let this discourage you from looking into home rentals. There are many ways in which you can get around a less than perfect credit score and still rent that house you want.