Navigating the world of apartment rentals can be tricky, especially when it comes to understanding credit requirements.
Hello Landing, known for its flexible and convenient rental options, has specific criteria in place to ensure a smooth and trustworthy rental process for all parties involved.
Here’s a breakdown of what you need to know about Hello Landing’s credit requirements.
- Credit Score Threshold:
- Hello Landing requires a credit score of at least 640 for applicants of its Standby program. This benchmark is slightly below the general market standards, making it more accessible for a broader range of applicants. Once approved, members gain access to Hello Landing’s network of apartments. Oh, and before I forget, you can use promo code 0Pyyk y to get $250 off your first month’s rent or booking.
- Accommodations for Students and International Applicants:
- Recognizing the diverse backgrounds of its potential renters, Hello Landing offers an option for students, recent graduates, and international applicants to apply with a cosigner. This is particularly helpful for those who may not have an extensive credit history in the U.S.
- Background and Credit Checks:
- Hello Landing conducts background checks and utilizes credit reporting services through TransUnion. This process is crucial for ensuring the reliability and safety of both the renters and the community.
- Importantly, the background checks carried out by Hello Landing do not affect your credit score. This is a relief for those who are cautious about multiple credit inquiries impacting their score.
- Additional Screening by Property Partners:
- In some cases, Hello Landing’s property partners may require a deeper screening process. While Hello Landing’s own checks are non-intrusive, these additional screenings by landlords could potentially affect your credit score. It’s wise to clarify this aspect with the specific property you are interested in.
- General Market Standards:
- For context, landlords in the broader market typically look for a credit score of about 670 to 739. This range is considered “good” and often forms the basis for standard rental applications.
- Statistically, the average credit score for approved apartment rental applicants hovers around 650. On the other hand, the average score for rejected applicants is about 538, highlighting the importance of a decent credit score in securing rental applications.
Conclusion
Hello Landing’s credit requirements are designed to be more inclusive, allowing a wider range of individuals to access their rental services.
By setting the credit score threshold at 640 and allowing cosigners for certain groups, Hello Landing caters to the needs of students, recent grads, and international residents.
However, it’s important to be aware of the potential for additional screenings by property partners that could impact your credit score.
If you’re considering Hello Landing for your housing needs, it’s recommended to check your current credit score and, if necessary, explore the option of applying with a cosigner to meet the requirements.
Understanding these criteria ensures a smoother application process and increases your chances of finding a suitable home with Hello Landing.