First time renting with credit score of 592, college student, Help!!!?

Question

I'm going into my 2nd year of college since I'm done with my basics but I am transferring so I am looking into renting my first apartment, I was victim of identity theft before I turned 18 so now I'm having to rebuild my credit and its at 592 since I only have one credit card and one student loan which I've paid perfectly. Shows on my credit score perfect for over a year with good payment. Please Help!! Will this affect me from renting?? I'm looking into this one apartment and I've saved up enough to pay first months rent, deposit and last month of rent also and a little extra for bills for about 3 months. Any Help Greatly Appreciated! :-)

Answer 1

It depends on the apartment complex's requirements. At mine, they don't look at the credit score, it just has to be 50% favorable. You also have to make 3 times the rent a month. SInce this is the first time you are renting, you may have to have a co-signer, like your parents for example. You're doing good by having money saved up for rent, deposit and bills. Just check with the apartment office and see what their requirements are. Good luck!

Answer 2

Yes, it is a good score for a 20 year old college student. Debt to income ratio is also critical whenever u need financing. I'm going to assume you are not responsible for much financially and that your income is not in the higher end. Generally, a score above 700 is considered a good score. 850 is the highest. The highest scores range from 720 to 850. From where you are currently at, it is very easy to lose your favorable position once you begin to take on debts. Expenses can easily grow from where you are in life. Mortgage, credit cards, student loans, car loans, family expenses(children, spouse, parents, siblings) , medical bills, various insurance payments. Just plain living expenses will add up. It is also a great position to keep increasing your credit score and history. A 700 is highly reasonable if you maintain your debts well. Even a 740 is highly reasonable. Maintaining a variety of debts wisely is excellent for your history as it can gain favor with creditors. If you get a decent job after graduation, you can really stretch your credit if you have a score in the high range if you need the financing for whatever reasons. If you choose to do this, do it wisely. btw, what the previous responder is correct; however, whenever your credit history is going to be examined and scrutinized they will see that you felt that you needed to resort to "artificial" means to boost your score. That prob won't even matter if everything else in your history checks out fine.

Answer 3

First make sure you have a credit report that is not 90days old so you can just make copies of it, so you can just Hand it to the apartment management, reason why each time somebody pulls your credit your score will drop
and just expect to pay a highly deposit because of your fico being a 592

Answer 4

My only suggestion to you is to bring any official paper you may have about you being the victim of identity theft. Show the prospective landlord the paper and explain why your credit score is low.

Answer 5

You should show them a copy of the identity theft problem as well as proof that you have paid cc and sl, maybe they'll cut you a break seeing that technically you were not the one who ruined your credit.

Answer 6

You may exp. some discrimination due to your credit but remeber, in renting , money talks, (big money talks even louder and big money + a countinuing income screams) as long as you have a job and some reserves you should be ok :)

Answer 7

Interesting thread!

Answer 8

It takes 12 seconds for Y.A. question to open for me to be able to click on [add your answer] button. does this mean my laptop is slow?