ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -What Credit Score Do I Need to Rent an Apartment? There’s no specific FICO® Score that will determine whether or not you can move into a new apartment. While your FICO® Score may not be the No. 1 factor in deciding whether you’ll be approved for an apartment lease, a higher score may give you an advantage.

Detailed explanation-2: -What Credit Score Do You Need To Rent an Apartment? While a FICO credit score from 580-669 is considered fair credit, 620 is often the minimum credit score you’ll need to rent an apartment. If your score is lower than 620, it could be more difficult to rent an apartment.

Detailed explanation-3: -A FICO® Score of 650 places you within a population of consumers whose credit may be seen as Fair. Your 650 FICO® Score is lower than the average U.S. credit score. Statistically speaking, 28% of consumers with credit scores in the Fair range are likely to become seriously delinquent in the future.

Detailed explanation-4: -Your score falls within the range of scores, from 670 to 739, which are considered Good. The average U.S. FICO® Score, 714, falls within the Good range.

Detailed explanation-5: -Applying for a new credit card can trigger a hard inquiry, which involves a lender looking at your credit reports. According to credit-scoring company FICO®, hard inquiries can cause a slight drop in your credit scores.