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Why your credit situation matters in an apartment search

Bankruptcy, Chicago

When you are a renter, the search for just the right place to live can have its challenges. When you find an apartment or rental house that seems like the perfect fit for you, you don’t want any complications getting in the way of you getting approved for a lease. Among the things that could create such roadblocks are debt struggles.

Credit checks are a common part of the application process

What special problems can renters face when it comes to such struggles? Well, problems with debt could harm a person’s credit and lower their credit score. This can matter a great deal for renters, as credit and credit score are among the things landlords often look into when deciding whether to grant a person’s lease application.

Credit scores and approval chances

So, what your credit score is could impact your likelihood of getting approved when applying for a given apartment or rental property. A recent study estimated what the lease approval odds are for renters at different credit score levels. It found that:

  • Renters with a credit score above 700 had a 97 percent to 98 percent approval rate
  • Renters with a credit score between 600 and 650 had an 87 percent approval rate
  • Renters with a credit score from 500 to 600 had a 67 percent approval rate
  • Renters with a credit score under 500 had a 48 percent approval rate

According to the study, in competitive markets and for applications for higher-end properties, a low credit score could be particularly problematic for a renter.

Repairing your financial situation

So, for renters, leaving debt struggles unaddressed can have some added consequences. It could make your next apartment search much more difficult. So, promptly and properly addressing debt problems can be critical. Such actions could help you get into a position to repair your credit, which could prove quite important when the time to move comes around. What actions would be appropriate depends on your situation. Under some circumstances, bankruptcy could be a key option to explore. Promptly and carefully reviewing your options can be critical when debt problems come up.

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https://billbusters.com/wp-content/uploads/2018/09/blog-image.jpg 300 300 Isaiah Oconnor https://www.billbusters.com/wp-content/uploads/2019/01/highres-logo-billbusters-transparent-1030x412.png Isaiah Oconnor2018-09-25 04:55:412018-10-07 18:55:09Why your credit situation matters in an apartment search

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Located in Chicago, the law firm of Billbusters, Borges and Wu LLC. represents clients throughout Illinois, including, but not limited to the cities of :Alsip, Arlington, Heights, Bellwood, Berkeley, Berwyn, Blue Island, Bridgeview, Broadview, Brookfield, Burbank, Calumet City, Chicago, Chicago Heights,  Chicago Ridge, Cicero, Country Club Hills, Des Plaines, Dolton, Elk Grove Village, Elmwood Park, Evanston, Evergreen Park, Flossmoor, Forest Park, Franklin Park,  Glencoe,  Glenview, Glenwood, Golf, Hanover Park, Harvey, Harwood Heights, Hazel Crest, Hickory Hills, Hillside, Hines, Hoffman Estates, Hometown, Homewood, Justice, Kenilworth, La Grange, La Grange Park, Lansing, Lemont, Lincolnwood, Lyons, Markham, Matteson, Maywood, Melrose  Park, Midlothian, Morton Grove, Mount Prospect, Niles, Northbrook, Oak Forest, Oak  Lawn, Oak Park, Olympia Fields, Orland Park, Palatine, Palos Heights, Palos Hills, Palos  Park, Park Forest, Park Ridge,  Posen, Prospect Heights, Richton Park, River Forest, River Grove, Riverdale, Riverside, Robbins, Rolling Meadows, Schaumburg, Schiller Park, Skokie, South Holland, Steger, Stone Park, Streamwood, Summit Argo, Techny, Thornton, Tinley Park, Westchester, Western Springs, Wheeling, Willow  Springs, Wilmette, Winnetka, Worth and All of Cook County IL.

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