When you’re on the hunt for apartments, it’s important to come off as a responsible tenant. A clean record and good financial history let your landlord know that you are a reliable candidate for their rentals. Landlords utilize credit checks to gain financial insight on all applicants, but what exactly are they looking for? This guide reveals the purpose of running a credit check on potential tenants.

What Landlords Are Looking for During Credit Checks

1. Credit Scores

Landlords often require a minimum credit rating to qualify for their rentals, and that number may rise for more upscale properties. This allows them to weed out tenants with delinquencies and ensure you’ll pay according to the terms on the lease. Having bad credit or no credit doesn’t mean you’re out of luck, however. If you have a co-signer with decent credit or good current history, landlords may let a low score slide.

2. Consistent Payments

A credit check will reveal the amount of late payments you’ve made for different accounts. Payment history is a significant factor in building your credit score, and tenants who consistently pay on time are ideal candidates for apartments. Landlords want to know that you have a record of meeting financial obligations.

3. Past Evictions

Apartment evictions are highly taxing on all involved parties. Because it tends to be a last resort, past evictions on your record can be a major red flag for landlords. Landlords may deny your application as a precaution regardless of the reason behind it. Eviction history will not be on your credit report, but tenant screening services often to include them in background checks.

4. Criminal Activity

Any past criminal activity may emerge in your credit report. Having tenants with a criminal record is a risk many landlords won’t want to take. No matter what the crime or how long ago it was committed, criminal convictions may prevent your application from being accepted.

5. Financial Stability

The ability to pay rent on time is a critical factor in your candidacy. Landlords will check on your employment status and income to determine if you can afford the rent, but factors like debt load, bankruptcy, and charge-offs can contribute to your perceived financial stability. If your credit check shows a relatively stable income and no major financial issues, you likely won’t have an issue applying.

No matter what your credit history, your family deserves a chance to flourish in safe, affordable apartments. Executive Estates Apartments in Fairbanks, AK, provides comfortable low-income housing for individuals and families of all sizes, complete with convenient amenities, modern playgrounds, and clean facilities. To inquire about their available apartments, call (907) 479-3655. Download a copy of their rental application online.