Credit Score Considerations

February 10, 2012by melissad

If you’re looking for a rental home, condo or apartment you know what is acceptable or not about the location, condition and rental rate. What you might not know is your credit score consideration next to the property qualifications.

Here are some guidelines:

Low Risk (726-830): Excellent credit rating, pay their bills on time, no collections or negative notations on credit history.

Medium-Low Risk (700-725): Very good credit rating, pay their bills on time, no collections or negative notations on credit history, may have a couple of aged slow pays or applied for a loan or credit recently that dropped the score a bit.

Medium Risk (625-699): Decent credit rating, pay most bills on time, no collections or negative notation on the credit history, may have a couple of aged slow pays or applied for a loan or credit recently that dropped the score a bit. They probably have a couple of disputable items on the credit report, old medical bills, student loans, or defaults in the past. Close check of rental references and length of employment can keep this application conditionally approved but will probably need co-signer or additional deposit.

Medium- High Risk (624 and Below): Marginal credit rating, slow to pay on some bills and on time on some bills. Probably have a collections or negative notations on the credit history.  Generally have applied for a loan or credit recently, as well as multiple credit inquires, that dropped the score a bit. They probably have a several disputed items that are in fact accurate. Double check for aliases, or abbreviated names, check and verify social security number, check rental references more closely, verify length of employment with pay stubs or payroll clerk and the outlook for continued employment.

High Risk (330-550): Poor credit rating; do not pay bills on time, multiple collection activity and negative notations on file. These conditions will usually not allow consideration of this application.  Rental and employment references might allow consideration if roommates demonstrate very strong credit and are willing and able to take financial responsibility with co-signers and by depositing additional funds.

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Promote housing opportunities for all persons regardless of race, religion, sex, marital status, ancestry, national origin, color, familial status, or disability (Government Code Section 65583(c)(5)).

San Diego Metro Office
6398 Del Cerro Blvd., Ste 8.
San Diego, CA 92120
Phone:
(619) 286-7600

North County Office
16959 Bernardo Center Dr., Ste 101
San Diego, CA 92128
Phone:
(858) 487-4004

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