 tenant's financial info (by alicewonder [TX]) Aug 17, 2018 4:04 AM
 tenant's financial info (by Nicole [PA]) Aug 17, 2018 5:04 AM
tenant's financial info (by S i d [MO]) Aug 17, 2018 5:28 AM
tenant's financial info (by Robert J [CA]) Aug 17, 2018 5:52 AM
tenant's financial info (by fred [CA]) Aug 17, 2018 6:14 AM
tenant's financial info (by Still Learning [NH]) Aug 17, 2018 6:23 AM
tenant's financial info (by Jeff [CO]) Aug 17, 2018 6:50 AM
tenant's financial info (by Andrew,Canada [ON]) Aug 17, 2018 7:00 AM
tenant's financial info (by alicewonder [TX]) Posted on: Aug 17, 2018 4:04 AM
Message:
Good morning,
Could you share with me what are your financial requirements on your tenants when they submit the application?
What the credit score is acceptable? 600 to 650?
(as I understand the more you borrow (in debts), the score is higher, you just pay the minimum.). If you have no debts, your credit score is so-so.
I was told by a mgt company:
1. of course, the 3x of rental as income
2. last year tax return
3. bank statements last three months.
What else do you ask your applicants to bring to approval of financial?
Thanks.
--136.62.xx.xx |
tenant's financial info (by Nicole [PA]) Posted on: Aug 17, 2018 5:04 AM
Message:
Not 2 or 3 unless they are self employed. --72.70.xxx.x |
tenant's financial info (by S i d [MO]) Posted on: Aug 17, 2018 5:28 AM
Message:
Credit score is meaningless. I graduated college in 1999 with no income, no job, a dinky Discover card with a $1,500 limit and an AmEx card with an $800 limit each of which I had for less than 2 years, no other debt of any kind and that somehow gave me a 720 credit score. Go figure.
The information on the credit report is crucial. Look for addresses the applicant "forgot" to list on the application, judgments, collections, past due accounts, fraud alerts, etc.
--173.19.x.xxx |
tenant's financial info (by Robert J [CA]) Posted on: Aug 17, 2018 5:52 AM
Message:
When screening for a good tenant you other things to be concerned about besides a "credit score". You want to make sure your proposed tenant has the capability to continue to pay the rent if some unseen problem arises. You want to see that you tenant has some resources, like money in the bank or the ability to take a cash advance on a credit card to pay rent. They should not be maxed out on their credit. A little debt is okay, like having a small car loan, not for a new limo or sports car.
Sex offender, criminal background, social security trace, eviction report, most wanted, telecheck are other checks you can run on your applicant.
I request work pay stubs, a savings account, checking account statements. List of last few landlords. References - work and friends.
3 times the rent as income, if a lot of debt to be serviced, then they need more income.
If my rent is $1,200 per month and the tenant makes only $3,000 a month and has to pay $400 a month as a minimum debt repayment, they are out of luck -- unless they have $10,000 cash in savings and $2,000 in checking and a retirement account with $25,000. This shows in the past they did save even though things aren't going so well now. They can rob from Peter to Pay Paul -- the rent... --47.156.xx.xx |
tenant's financial info (by fred [CA]) Posted on: Aug 17, 2018 6:14 AM
Message:
When in doubt and with no better prospects, raise the security deposit.
Doubling the S.D will give you more breathing room in case of eviction.
Applicant can't pay a higher S.D? - move on. --99.59.x.xxx |
tenant's financial info (by Still Learning [NH]) Posted on: Aug 17, 2018 6:23 AM
Message:
To add to Sid, look at the details. Is everything paid in time? Were accounts closed by consumer or credit card company? How many times has credit been pulled recently? Are the revolving credit cards maxed out? --76.89.xx.xxx |
tenant's financial info (by Jeff [CO]) Posted on: Aug 17, 2018 6:50 AM
Message:
Credit scores are very important. They give you a good picture of how responsible someone is. I look for at least 640. As others have said, I increase the security deposit if they are a little below that.
Of course sometimes their score could be low for something that is out of their control, like huge medical bills. I just would need to know why - if they are interested in renting. They would have to volunteer that information as I wouldn't ask. --98.245.xx.xx |
tenant's financial info (by Andrew,Canada [ON]) Posted on: Aug 17, 2018 7:00 AM
Message:
I also think credit scores are important. My min is 700. I really should raise it as lots of my applicants meet that level. Ontario is not the place to take risks of tenants. --70.31.xx.xxx |
Reply:
|
|