Leasing with a 500 credit score is very challenging, but not impossible. Here’s a breakdown:
1. Standard Lease Approval
- Most landlords and leasing companies prefer a credit score of 620+ for standard approval.
- A 500 score is considered poor, so traditional leases are often denied.
2. What Might Happen
- Higher security deposit: Landlords may require 2–3 months’ rent upfront.
- Co-signer or guarantor: Someone with good credit may need to vouch for you.
- Limited options: You might only qualify for apartments from private landlords rather than large property management companies.
- Higher rent: Some landlords charge more if your credit is low.
3. Ways to Improve Chances
- Show proof of steady income.
- Offer to pay several months in advance.
- Provide strong rental references.
- Consider subsidized housing programs if available.
Bottom line: Leasing is possible with a 500 score, but expect extra hurdles and costs. Landlords will want extra assurance you can pay rent on time.