2nd Interview with Andy Jolls of Video Credit Score.
PmDave: What Is a Good Credit Score for Renting?
Andy Jolls: For homes the best crdit score you need these days is 760 and just like in the fashion industry where red is the new black 760 is the new 720.It used to be 720 was a really great score so now 760 is really the score you need.
… (rest of the transcription coming soon…)
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8 users responded in this post
To be honest…760 is a rather high score to expect these days…especially in this economy. The most important thing should be past rental history.
This is a great article with very good advice. It is key to always know your credit score, especially in today’s economy. You can always get a free credit report and free credit score at http://www.GoFreeCredit.com. You also get credit monitoring to protect your score and protect your against ID theft.
That’s Crazy!!!!
760 credit score to rent a house????
What kind of pipe is he smoking??
Not only does 760 seem extremely high, but it’s just one end of the equation. Tenants are risk vs. reward. Lower credit score just means more onerous lease terms to me — first and last plus 1.5 months security deposit, maybe. I agree with Illustria that prior renting history matters more, irrespective of FICO score.
760 may be the new 720 but I never expected 720 from a renter.As Illustria said I think a good rental history is just as important.
If they have a 760 score they can buy
Its clear this person does not process rental applications. Our office processes over 300 per month on average and the typical credit rating is between 550-620. The number of applicants who hit 680 or higher is only about 5%.
Damien,
I agree totally with you
I think the pull-quote from the transcript is misleading. He’s saying that 760 is the optimal score for buying a home, not renting one — the “new 720.” For apartments (and, presumably, other rentals), he cites mid-to-high 600s, which seems more reasonable.
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