Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
You must be kidding! I would have no problem at all renting to a 668-703 as long as all other indicators are positive. I'm pretty sure that's good enough to buy a house if you meet other lender requirements.
By the way, of course most people know there are three main credit reporting bureaus and they each have their own scoring system, so thus the spread. I average the three to come up with a composite single number which I use as their credit score.
Your application will not come down to just your credit score. Past rental history, criminal records are also used. I think you'll be fine u less you're trying to get into what I call an ultra-premium property. Even then it won't be just your credit score that makes or breaks you.
Heck don't rent, if your score is about 680 and any foreclosures are over a year and Bankruptcies are discharged and are older than two years with no open collections you could probably buy with little to nothing down. Lenders use median credit scores as the determining credit score, so if Equifax is 700, Transunion is 650 and Experien is 685 then the credit score they use is 685 (the middle score).
If you rent you should be fine if no evictions or criminal history, LL's might ask for an additional months security or last months rent if the credit is iffy.
I try to look at the whole picture. FICO. Employment history -- 12 months provable, income, bad trades, BKs, collections. pets. NO EVICTIONS! # of occupants and family vs. unrelated*. Must be able to prove legal US residence. It doesn't boil down to a single formula.
I'll go out on a limb. FICO 600, don't come knocking on my door.
*I hope 6 unrelated young men renting a 3 bedroom house are not a FHA protected class. But I bet pick any 6 young men and at least one of them will have a black mark. But I wouldn't rent to any more than 2x the number of bedrooms, nor rent to two families. Jeez, I hope that's not protected. Aaaauuughhh!!!! Next thing I'll be required to rent to Mexican cartel enforcers. Heh, and least you can't use drugs or make them in my houses -- against HOA rules for a start.
And NO CATS!!!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
But I wouldn't rent to any more than 2x the number of bedrooms, nor rent to two families. Jeez, I hope that's not protected. Aaaauuughhh!!!! Next thing I'll be required to rent to Mexican cartel enforcers. Heh, and least you can't use drugs or make them in my houses -- against HOA rules for a start. 
