Think your credit score is only used for loans? Think again!

Answer: 638

Question:

• Why do you think landlords care about an applicant's credit score when deciding whose application to accept for a rental apartment?
• Why do you think landlords have such high standards when it comes to accepting applicants? 
• If you want to rent an apartment after high school or college, what can you do to start to establish credit?

Here's the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (Apartment List): 

"Anecdotally, many renters report that a score of 650 or above is often requested for approval of a rental application. In general, landlords are unlikely to approve you with a poor credit history but might consider you if you can demonstrate current financial stability.

The bottom line is that the score you need varies by location, but you're likely to get approved in most places if your score is at least 650. If you fall below that, however, that doesn't mean you won't be able to rent, as is clear from the national average and examples of regional averages. "

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Want to access more Credit-focused activities and resources? Check out the Managing Credit unit page.

About the Author

Dave Martin

Dave joins NGPF with 15 years of teaching experience in math and computer science. After joining the New York City Teaching Fellows program and earning a Master's degree in Education from Pace University, his teaching career has taken him to New York, New Jersey and a summer in the north of Ghana. Dave firmly believes that financial literacy is vital to creating well-rounded students that are prepared for a complex and highly competitive world. During what free time two young daughters will allow, Dave enjoys video games, Dungeons & Dragons, cooking, gardening, and taking naps.