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Question: What would be considered an acceptable credit score in the detroit metro area in mi for an apartment?

(Posted by: Mia A on 2008-08-06 11:00:30)

Im lookin for an apartment and my credit score is low. Ive never rented before and dont know what scores they consider acceptable.

Posted by: Wisdom Seeker on 2008-08-06, 11:17:20

My credit philosophy: There are three c's to credit: character, capacity and capital. Your credit score only looks at capacity and capital. Capacity is your ability to pay rent and continue paying it over a long period of time. That is why they want to know where you work, what you do and how much you make. Capital in this case is the money you have to pay for other things that you need to live such as electricity, telephone, gasoline, security deposit and insurance for example. Your character is the one they won't talk about in your credit score. If you have a job and you haven't had one for too long, they are wondering about your character and a little bit apprehensive about you. You need someone to vouch for your character by backing you up when they ask you why you haven't been at a job for too long for example. They can say that you are of sound character but to give your prospective landlord peace of mind they may be able to offer them a very large security deposit to boost their trust in your character. To boost your credit score, the best way I know is to get a department store credit card, buy somthing with it and pay it in full for about 3 or 4 months. That will boost your score by 100 points. Check your credit report and make sure you don't need to clean it up. Divorce can sully it for example. To get a department store credit card, I put something on layaway at that store and quickly paid it off in 2 or 3 months, then used that department store as a reference when applying to that store for credit. (You may have to physically walk the credit manager to the layaway department to get a good reference from their own layaway department. That was what worked for me.) From there you will be in a much better position to apply for an apartment in Detroit Michigan.