If you’re looking for a rental apartment in Destin, FL, one of the things you should know before filling out a rental application is that nearly all apartment managers will run a credit check to verify your financial situation. While there’s no hard and fast rule about the credit score you need to secure a rental, a score of 620* or higher is usually required to rent a Destin apartment.
Obviously, the higher your score, the higher the likelihood of getting the apartment you want. But if you have a lower credit score, that doesn’t mean you shouldn’t apply. After all, the credit score is just one of the things apartment managers analyze in order to determine your trustworthiness as a tenant. The credit score is definitely important as it indicates your ability to pay the rent on time. However, your overall credit history, employment status, current salary, and references are just as, or even more, important.
For instance, your credit score might have been affected by a few late payments that happened in the past when your salary was lower. If you’ve recently been promoted or gotten a higher-paying job, meeting all of your monthly financial obligations shouldn’t be a problem anymore.
How to Determine if Your Credit Score Is High Enough for a Rental Apartment
Before you try to rent an apartment in Destin, make sure that you check your credit report and score. In most cases, the credit report won’t include the credit score. To get your credit score, you can request one from Equifax, Experian or TransUnion, for free, once a year. You can also, review your score from Credit Karma for free.
When going through your credit report, look out for late payments, charged-off accounts, and any other issues that could be red flags for an apartment manager. If you identify errors or inaccuracies in your report, it’s important to dispute them before applying for an apartment. But what if the information is correct and your score isn’t high enough? The good news is that a lower credit score may not always* affect your chances to rent an apartment in Destin, FL. Even better, there are a few things you can do to get approved for a rental apartment. Let’s discuss them one by one.
Provide Financial Documents
From an apartment manager’s viewpoint, a renter’s ability to pay rent is often more important than the credit score. Otherwise, an applicant with a stellar credit score wouldn’t be required to show proof of income. Providing any financial documents that demonstrate your solvency could significantly increase your chances of getting approved for an apartment. Most apartment managers look for enough income or savings in the bank to cover at least several months of rent payments.
Pay More Upfront For Rent Approval
Offering to pay a few months’ rent or the entire lease upfront will assure the apartment manager there won’t be any missed rent payments. That may* convince him or her to rent an apartment to you despite your bad credit score. Before offering a bunch of cash upfront, make sure you create a realistic budget that will help you figure out how much money you can actually pay in advance.
Provide Letters of Recommendation For Rent Approval
While providing a few letters of recommendation doesn’t mean you’re in the clear, a manager might be more willing to rent an apartment to you if you can show personal recommendations from your employer, co-workers, teachers, mentors, colleagues, or previous landlords.
Get a Guarantor or a Roommate
A guarantor or a roommate, who has a good credit score and earns enough money to cover his or her share of the rent, could provide the extra level of protection an apartment manager might require when you don’t meet the rental application criteria. Having a guarantor backing you up or renting an apartment with a roommate for the time being will also give you a chance to fix your credit score and build a solid rental history that might allow you to rent your own place someday.
Try Sugarloaf Luxury Apartments
Regardless of what others might tell you, the credit score does matter when trying to rent an apartment in Destin, FL. However, an apartment manager might be willing to overlook a lower credit score if you exceed other requirements. It is for this reason that we encourage you to send us your rental application, even if you have a less-than-perfect credit score.
Besides being a frustrating process, building a good credit score can take a lot of time. Thus, applicants are usually at various stages of their credit-building journey when they submit their rental applications. To give everyone a fair chance, regardless of their credit score, we offer additional options to qualify, including using a guarantor or a roommate or paying rent upfront. If you have any questions about our apartments, rental requirements, and application process, feel free to reach out to our team today!
*Each Destin apartment complex has its own policies and procedures, including Sugarloaf Luxury Apartments. Check with management to see if any of these suggestions are part of our policy, as policies change.