How Strict Are Apartments With a Credit History?

All apartment complexes use established application criteria to select and approve new tenants. Usually, your credit history is part of these criteria. Even though it's standard for a complex to run your credit when you apply, there is no established standard for how strict complexes are about credit history requirements. Some complexes are very picky, but others recognize people need second chances and are less stringent.

Why Credit Matters

When you go to rent an apartment, a landlord or property manager has to have a way of assessing the likelihood of you defaulting on the lease. This is because every defaulted lease ends up costing the landlord or property manager money and time through court costs, eviction and "turning" the apartment for use by another renter. By checking your credit, landlords and property managers are protecting their investment in the complex. This is not much different than any other lender or creditor.

Complex Variability

Landlords and property managers have some requirements under the Fair Housing Act and similar laws regarding fair treatment of applicants and tenants. However, these regulations don't establish a standard credit score or history criteria to use. If a landlord or property manager wants to keep the credit score requirement as high as 750 or prohibit those with bankruptcy from renting, he may do so, as long as he applies the same standard to everyone. Because of this, how strict apartments are with credit depends on the complex.

Ultimately, it is the upper members of management who decide what the credit requirements for the property will be, and it's not unusual for management to assign different credit criteria to different properties owned. Management also often allows tenants to negotiate with the property manager or landlord. For instance, if a tenant is just shy of the credit requirements, then the complex may allow the tenant to put down more in the security deposit to push the application through.

Availability

Availability of apartment units is a major factor influencing how strict apartment complexes are with credit. If the complex has few vacancies, the complex can afford to enforce the credit policy more tightly. If the complex is badly in need of tenants, however, then the complex may have to loosen their credit regulations to increase occupancy.

Cosigners

Most complexes allow and even encourage cosigners, as it gives them multiple people to pursue for payment of rent instead of just one. If you don't have a good credit history, you always can try applying with a cosigner. Often, complexes will approve your application based on the cosigner's history -- this is how new renters or those with no credit get started.

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