Security Deposit Policy Based on Credit Score

Our security deposit structure is based on the credit score of the applicant group. The deposit will be determined by the lowest credit score within your group. Below are the details for the deposit amounts and payment structures:

Credit Score: 650+

• Deposit Amount: 1X Monthly Rent

• For applicants with credit scores of 650 or higher, the security deposit will be equal to one month’s rent.

  
  

Credit Score: 600-649

• Deposit Amount: 1.5X Monthly Rent

• Payment Structure:

  • Initial Payment: One month’s rent due now

  • Remaining Balance: To be paid in 5 equal installments over the next 5 months, with a $20 billing fee per installment.

Credit Score: 550-599

• Deposit Amount: 3X Monthly Rent

• Payment Structure:

  • Initial Payment: One month’s rent due now

  • Remaining Balance: To be paid in 5 equal installments over the next 5 months, with a $20 billing fee per installment.

Credit Score: 500-549

• Deposit Amount: 3X Monthly Rent

• Payment Structure:

  • Initial Payment: One and a half month’s rent due now

  • Remaining Balance: To be paid in 10 equal installments over the next 10 months, with a $20 billing fee per installment.

Credit Score: 499 or Below

If any applicant in the group has a credit score of 499 or below, the entire group will be declined.

Charge-Off Policy:

• Charge-offs older than two years do not affect qualification or the security deposit.

• Applicants with charge-offs within the last two years are eligible for approval, but an additional half-month deposit will be required.