Did you know that your credit score can be a deciding factor on whether your rental application is approved? Often as not, particular with larger apartment management companies, landlords will do a credit check to find out if you present a risk of not paying your rent. Since it cost landlords plenty to try and evict delinquent tenants, it’s understandable why they want to know your credit score.

Not paying your bills on time, missing car payments, mortgage payments or rent can all reduce your FICO credit score. Score too low, and your apartment rental application may be rejected. It’s ironic, because in this economy, with many people losing jobs and losing their house to foreclosure or short sales, a flood of first time renters has hit the market. Second, there are other people who have been in the same apartment for a long time but are now finding themselves forced to move to save money on rent, or because they moved to accept a different job or be closer to family (without moving in with them), and thus are filling out apartment applications, knowing that their score has been reduced.

What To Do If you Have a Low Credit Score

If you find yourself in this situation, here are some things to do:

• Request a free credit report from the three major credit bureaus: Equifax, Experian, or TransUnion. Under the fair credit reporting act, you are entitled to a free copy of your credit report once every 12 months. (See FTC government site). Note: your credit report will not reveal your FICO score, which is what lenders and landlords do see when they get your credit report.
• You can get your FICO score for a modest fee by clicking on the banner below.
• Consider that your credit score is hopefully only one factor a landlord looks at in deciding whether or not to accept your as a tenant.

1. Employment and income level verification
2. References from previous and present landlords
3. Eviction records
4. Credit Report

You may be able to increase your security deposit or pay two or even three months of rent in advance to get into the apartment you want with bad credit.