how good does your credit have to be to get an apartment?

Question

I am trying to get an apartment and was wondering how good your credit has to be. I have only had 2 credit cards in my life and one was wells fargo that had a 60 day late payment on it in 2005 and then the account was closed.The other credit card is in good standards.My credit is about 610. I was wondering if I should get another credit card to build my credit? Will that help?
Also how much more than the rent do you have to make a month?
Thanks!

Answer 1

Your current score should be adequate for all but the most discerning landlords concerning credit. Landlords, in most cases, would not get upset over one 60 day late from two years ago. Given what you say, I would think a landlord would be more concerned about your income ratio vs the monthly rent, to insure that you have sufficient cash flow to make the monthly rent payments.

Good luck !

Answer 2

Most are looking at the whole picture... they want to know if you have any rental references, that helps. Income should usually be 2.5 to 3 times the rent, that is gross income before taxes. And, credit card lates usually dont matter. Rentals usually aren't looked at by a credit score per se. But behind payments on major things like your auto loan or if you have ANY court judgments against you, that can blow it. As for getting more credit cards, that won't actually help your credit, and in the short run will usually worsen it a bit.

Answer 3

Like the others said your credit should be fine with the landlord, they are more interested in your background with former apartments or houses you've rented/bought.

It really depends on what kind of apartments you are trying to get into that looks into how much you make like ones that are income based around here want you to make no more than 30,000$ a year (lol..), and per month they want you to make atleast however much the rent per month is; but it's probably different for you- just depends on where you live.