by Austins Best Home Search 
Austin, TX- Is you credit score under 550? Average credit score can be anywhere from 300 to 850. Scores above 800 are regarded as exceptional; 740-799 are very good; 670-739 are acceptable; and 580-669 are reasonable, though this can vary by lender or insurer. Getting less than 580 is seen as subpar.
To a large extent, your credit score shouldn’t affect your ability to rent an apartment if it’s extremely good to great. (Provided that everything else in the tenant screening process goes swimmingly, of course.) However, the perfect score is conditional upon a number of variables, such as the competitiveness of the local rental market and the level of amenities offered by the property.
When looking for an apartment, what is the lowest credit score accepted?
The average credit score of accepted applicants was 650 in a 2017 RentCafe poll, while the average credit score of rejected applications was 538. But there are communities that will take a larger deposit in lieu of bad credit if the rental history is good, so yes, you can still rent an apartment with a credit score of under 550. The statistics are slightly higher for upscale structures though, with 683 approved applicants and 553 declined. The average credit score required for acceptance varies significantly depending on location. Boston (737), San Francisco (724), Seattle (711), Minneapolis (711), Oakland (707), Philadelphia (702), and Los Angeles (702) had the highest average credit ratings among major cities (691).
It’s safe to assume that higher credit ratings will be required for applications to finer buildings and more competitive rental markets. Find out whether the property management business or landlord has a minimum credit score requirement BEFORE paying application fees.
The group with the highest overall credit scores are indeed the Baby Boomers.
In 2020, Baby Boomer renters had the highest average score of any group, at 683. Gen Xers (653), Millennials (644) and the youngest renters, Gen Zers, who are just starting to live on their own, are all in worse shape than them because they haven’t had as much time to build up their scores (586).
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Photo byDmitry Zvolskiy
