640 credit score am I screwed?

Question

I want this appartment, 900 a month. I make plenty of money and pay all my bills on time but im 22 and my score is only a 640 and the place requires a credit check. Am I screwed?

Answer 1

You should be OK as long as you do not have any negatives. Everyone starts the credit history having to build it first.

Answer 2

Not necessarily. If you make all of your payments on time I'm not sure why your score would be only 640. If some of your accounts have been open for only a short time they usually don't count because you have not established a payment pattern for that account. The Debt to Income Ratio may be too high even if you are making payments on time especially if you are making only minimum payments on credit cards. Best thing to do is get a copy of your credit report and check to see if there are any errors on it. You are entitled to one free copy per year. Good luck.

Answer 3

640 isn't a bad credit score. Yes, it can be higher, but you should have NO problems at all getting your apartment. Just make sure that you can afford the 900 a month rent! Good luck.

Answer 4

dude chillax......ur only 22 and its 640...just get it a little higher.....and then get the apartment

Answer 5

You are fine. As long as there are no major negatives like judgments or liens you are fine. You make plenty you said and that is the main thing along with having a decent score. they will see that you are young and just starting out. I remember my first apartment w/ no credit and a decent job. My rent was $855 but together me and my roommate averaged about $42k/yr. I believe that you should have an income of at least $30k for an apartment w/ a rent payment of $900. That is what I was advised when I moved in Jan. 07.

Answer 6

"pay all my bills on time but im 22 and my score is only a 640"

This is BS.    If you paid all of your bills on time your credit would be 800.

Answer 7

I'm not sure how JanetP became a "Top Contributor" but she's flat out wrong. You're new in the credit game so 640 is not bad. You have to build your credit. You may not have any credit cards to pay on or other installment loans. I suggest opening store credit card lines (just a couple) and charge something small on them and pay 1/2 the balance per month for 2 months and it'll be paid in full and show credit useage.

For your instance, if you're not showing late payments or collection accounts, then 640 isn't bad... and the only factor that should limit you is whether or not you make enough to support 900/mo payment.

Answer 8

640 is categorized as a fair credit score and you should not have a problem with your apartment rental.  

However, HelpMeEscrowStuff is dead wrong in criticizing Jane P's response, which is really meant to give you a reality check regarding your score.  Unless you are relatively new to the credit world, if all were well with your credit, you would be around the 800 mark.  The only penalty that might suffer if you are a new credit user would be in the category "Length of Credit History".  I would suggest getting a free copy of your credit reports from each of the three bureau's using the link below.  Do not use a site such as "freecreditreport.com" because it really isn't free.   If you find any negative information, feel free to challenge it in writing because if whoever reported it can't back it up in writing, it will be removed and your credit score will go up.