FAQs
In most cases, it should take two to three days for you to hear back about your application.
How long does the credit check take? ›
Credit checks can take between a few seconds and a day, depending on the requested information.
Do landlords do hard or soft credit checks? ›
Most apartment rental applications involve soft credit checks. Landlords are generally interested in assessing your financial responsibility and suitability as a tenant rather than conducting an in-depth examination of your credit history.
Can you get an apartment with a credit score of 500? ›
Can you get an apartment with a credit score of 500? Yes, you can. However, your options will be limited, and you may have to put down a higher security deposit or bring on a cosigner.
What does a landlord see on a credit check? ›
In a credit check, a landlord is looking for a good credit history and on-time payments. They're also looking to see if a potential tenant has been previously evicted or has declared bankruptcy, which may influence their decision to rent.
Do credit inquiries show up immediately? ›
If you've recently applied for a loan, such as a car loan, mortgage or student loan, you may immediately notice a hard inquiry on your credit report — especially if you're using a credit monitoring service.
Do apartment credit checks lower your score? ›
If you're on the hunt for a new apartment, a rental application may include a credit check. This can result in an inquiry on your credit report, which may cause a temporary dip in your score. Not all applications will result in a hard inquiry.
What do most landlords use for check credit? ›
Most landlords partner with one of the three major U.S. credit bureaus: TransUnion, Experian, or Equifax. These background checks will actually reveal much more about a prospective tenant than just their credit score; the goal is to discover any suspicious financial activity in the applicant's background.
What credit score do landlords use? ›
Most landlords use FICO credit scores to determine if an applicant qualifies for an apartment. The typical categories for those scores are: Exceptional: 800 to 850. Very Good: 740 to 799.
What credit is checked when renting? ›
Landlords focus more on your actual credit information rather than deciding rental agreements based on your credit score alone. When credit scores are considered as part of your overall credit information, a score above 670—on a FICO® Score range of 300 to 850—generally indicates good creditworthiness.
In general, a landlord will look for a credit score that is at least “good,” which is generally in the range of 670 to 739.
What credit score will get you denied for an apartment? ›
Anecdotally, many renters report that a score of 650 or above is often requested for approval of a rental application. In general, landlords are unlikely to approve you with poor credit history, but might consider you if you can demonstrate current financial stability.
Can I rent an apartment with a 300 credit score? ›
If you have poor credit — somewhere between 300 and 579 — it's not impossible to rent an apartment, it just might take a little more work on your part.
Are landlords likely to check your credit score? ›
That's because the landlord or property manager may check your credit as part of a tenant screening report. Your credit history can show them how you've managed money in the past and help them determine whether you might be a responsible tenant.
Do landlords look at credit score or report? ›
While some landlords might just look at your credit score to decide whether to accept or reject your application, a good landlord will evaluate what the report says to see the bigger picture beyond just a simple credit score number.
Why do landlords look at your credit report? ›
Virtually every rental you apply for will want to do a credit check. They're looking for any financial red flags: evictions, bankruptcies, and late payments. Finding a place to rent with a dishwasher, an elevator, and plenty of natural light is hard enough on its own. But that's just the beginning.
How long does it take for credit score to go up after credit check? ›
Average score recovery time by type of event
| Event | Average credit score recovery time |
|---|
| Hard credit inquiry | 3 months |
| Late mortgage payment (30-90 days) | 9 months |
| Foreclosure | 3 years |
| Bankruptcy | 6+ years |
2 more rowsThe impact on your credit is the same no matter how many lenders you consult, as long as the last credit check is within 45 days of the first credit check. Even if a lender needs to check your credit after the 45-day window is over, shopping around is usually still worth it.
Do credit checks hurt your credit score? ›
In general, credit inquiries have a small impact on your FICO Scores. For most people, one additional credit inquiry will take less than five points off their FICO Scores. For perspective, the full range for FICO Scores is 300-850. Inquiries can have a greater impact if you have few accounts or a short credit history.
