Searching for your next apartment can be nerve-wracking. There are a lot of details to keep track of, and you may need more time to get approved. An important thing to know is that one of the key factors that landlords or leasing agents look at is your credit score.
At Anderson Communities, we’ve helped lots of people find a home they love in Kentucky, so we understand the process from the inside. Here’s what you need to know about how your credit score affects your application and what you can do to improve your odds.
HOW DO CREDIT SCORES AFFECT RENTING?
Landlords are always taking a risk when they rent their property to someone. Will this person be responsible? Will they pay their rent on time and take care of the home?
There are no guarantees, but one of the things landlords look at to pick the person they think is the most trustworthy is a credit report. This snapshot of your financial history gives a hint about how dependable you typically are.
WHAT CREDIT SCORE DO YOU NEED TO RENT AN APARTMENT?
Landlords generally like to see a credit score of at least 620. It’s possible to rent an apartment with a lower score, but you may have to make extra efforts in other ways, such as paying a higher security deposit.
At the same time, a good credit score isn’t a guarantee that you’ll get the home you’re hoping for. Your application may be compared to other very similar ones, but it comes with a higher credit score. No matter where your score stands, there are a few things you can do to make your application look the best it can be.
HOW TO GET APPROVED FOR AN APARTMENT RENTAL
Clearly, a good credit score goes a long way toward getting approval for the home of your dreams. But if your credit score is different from where you’d like it to be, that doesn’t mean your situation is hopeless. Here are some steps you can take to get yourself on a successful path to renting.
REVIEW YOUR CREDIT REPORT
Before starting the process, order a copy of your credit report. It’s important to be certain that everything runs smoothly with your score. You’re eligible for one free report every year.
Once you have that report in hand, check it thoroughly to be sure there aren’t any entries that aren’t yours. They can show up because of simple errors or even fraud, so checking the report out is worth your time. If you spot a problem, report it to the credit reporting agency showing the mistake.
DON’T APPLY FOR TOO MANY APARTMENTS
Every time someone makes a request for a full credit check, it makes a small ding on your credit score. This is fine if it just happens a few times, but several requests at once can impact your score. It’s tempting to send out a flurry of applications, hoping to increase your odds, but that can actually work against you.
PROVIDE PROOF OF STABLE EMPLOYMENT
Having a good income is one important part of a successful application, but your employment history can help you in other ways too. If your employer is willing to vouch for you as a good employee and you’ve been in the position for a while, it’s a great sign that you’re dependable.
SUBMIT ADDITIONAL REFERENCES
Past landlords who are able to give you a good report as a renter go a long way toward proving that you can be trusted. A reliable history of paying your rent on time is exactly what a landlord wants to see.
Image credit: TierneyMJ/Shutterstock
HOW TO FIND AN APARTMENT TO RENT IN KENTUCKY
If you’re looking for a home to rent in Kentucky, we have many beautiful communities to choose from at Anderson Communities. Here are the areas you can find homes to rent.
FIND APARTMENT RENTALS IN LEXINGTON
We have a wide range of apartments in Lexington, in areas including Midtown, Park Plaza, the Village at Great Acres, Park Hill, and Townley Park. Whether you’re looking for high-rise apartments or more casual prairie-style buildings, we have what you’re looking for. Like all our properties, these apartments include amenities like free internet and cable, a washer and dryer, and landscaping services.
APARTMENTS & TOWNHOMES FOR RENT IN GEORGETOWN
Our Georgetown communities include apartments and townhomes in Amerson Orchard. They’re available in a variety of floor plans, with one, two, and three-bedroom homes available. They include free internet, cable, and in-unit washers and dryers.
APARTMENT RENTAL LISTINGS IN VERSAILLES
The one, two, and three-bedroom apartments in Versailles are located in the Wooldridge area, just a short drive from downtown. Each unit includes a free in-unit washer and dryer, internet, cable, and a 24-hour fitness center.
SEARCH APARTMENTS FOR RENT IN LOUISVILLE
The Park Lake Community apartments in Louisville are located near a stunning park with walking trails, forest land, and wildlife. The one, two, and three-bedroom homes offer free internet, cable, a washer and dryer, and a lakeside picnic area with places to grill.
ANDERSON COMMUNITIES IS HERE TO HELP YOU FIND YOUR NEXT HOME IN KENTUCKY
At Anderson Communities, we are here to help you find the home you’ve been looking for. We make the process easy and promise to never hit you with hidden fees. Our communities are designed to provide a vibrant, interactive social scene as well as gracious homes. If you’d like more information about the rentals we have available, please feel free to browse our listings.