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credit (by 6x6 [TN]) Jan 8, 2019 5:12 PM
       credit (by NE [PA]) Jan 8, 2019 5:14 PM
       credit (by Sisco [MO]) Jan 8, 2019 5:35 PM
       credit (by plenty [MO]) Jan 8, 2019 5:40 PM
       credit (by razorback_tim [AR]) Jan 8, 2019 5:46 PM
       credit (by Deanna [TX]) Jan 8, 2019 6:55 PM
       credit (by BRAD 20,000 [IN]) Jan 8, 2019 6:56 PM
       credit (by fred [CA]) Jan 8, 2019 8:08 PM
       credit (by MC [PA]) Jan 9, 2019 4:11 AM
       credit (by WMH [NC]) Jan 9, 2019 4:50 AM
       credit (by Ken [NY]) Jan 9, 2019 5:59 AM
       credit (by 6x6 [TN]) Jan 9, 2019 7:01 AM
       credit (by Robert J [CA]) Jan 9, 2019 7:22 AM
       credit (by 6x6 [TN]) Jan 9, 2019 7:27 AM
       credit (by Salernitana [CA]) Jan 9, 2019 9:59 AM
       credit (by 6x6 [TN]) Jan 9, 2019 12:25 PM
       credit (by Chris [CT]) Jan 9, 2019 1:35 PM
       credit (by Ray-N-Pa [PA]) Jan 13, 2019 7:29 PM
       credit (by 6x6 [TN]) Jan 14, 2019 5:22 AM

credit (by 6x6 [TN]) Posted on: Jan 8, 2019 5:12 PM

I am trying to rent my house and everyone here seems to have terrible credit about 600 or less. Do most of you have this problem? What is the lowest score you accept? What is your cure for this? Thank you for your time.

credit (by NE [PA]) Posted on: Jan 8, 2019 5:14 PM

Now that you're finally crossing the threshold, welcome to the club.

credit (by Sisco [MO]) Posted on: Jan 8, 2019 5:35 PM

Lately I haven't had many sub 600 FICO score applicants.

What is my lowest acceptable score? I don't have a FICO score based screen but I would expect 660 is the lowest that I have approved in the last 3 years.

As for the cure to unqualified thugs wasting my time: I use an automated- text based -lock box showings- automated application system and all calls go to voicemail. The thugs won't spend the money to apply- they can see it would be hopeless.

People who have never paid anyone as agreed are the same people who text me their phone number pleading with me to call them, they text that they have the money right now.

In short, voice calls are the domain of these parasite losers. Only accepting text communications keeps you out of the mire.

credit (by plenty [MO]) Posted on: Jan 8, 2019 5:40 PM

So look deeper. Pass the credit score. Everyone renting seems to have student loan debt, medical debt or bankruptcy. Ok maybe not everyone but alot. The question is "what happened; what did you do about it; and where are you now?"

credit (by razorback_tim [AR]) Posted on: Jan 8, 2019 5:46 PM

I don't base my selection on credit score. I look at the content of the report to see what collections they have and the recency of their late pays. If they had a slew of late pays a few years ago and have been decent since then, that's OK. If they haven't paid a bill on time in the last 6 months, that's a problem. If they have collections from other LL's it's an automatic out. --70.178.x.xx

credit (by Deanna [TX]) Posted on: Jan 8, 2019 6:55 PM

In my market, I can't screen for credit. Anyone who's responsible with their money can buy a turnkey house for $40-$60k. So that leaves... everyone else for my tenant pool. Instead, I screen on income and criminal, and look for other signs of stability when I can.

If I was in Dallas/Fort Worth/Austin/Houston, I'd be able to screen much differently. In those sorts of places, there are a lot of people coming into the areas for work who would normally be able to buy a house, no problem. But they know they won't be in the area long enough to tie themselves down with a house they may or may not be able to sell. So they choose the flexibility of being able to rent: they'll be able to go where life takes them at the end of their lease, or with 30 days' notice, or whatever they bind themselves to. My market, on the other hand, has a very stagnant population. There's nothing that draws a steady flux of people in and out of my territory, so that strata-- would-be homeowners with good jobs and good credit who want the flexibility from being tenants-- doesn't exist here.

So you adapt your screening to your local environment. If there is something like a university, or a military base, or a big hospital, or a large employer that people use as a temporary rung up the ladder but don't make a career out of--- target those sorts of people.

At the same time, take a critical look at your house. Where is it? Is there anything objectionable nearby that a decent, stable person with a steady, well-paying job, and possibly a family, would be deterred by? How's the house? How's the neighbors? How's the street? How's the neighborhood? etc.

Depending on the details of your specific case, you might have to adjust what kind of people you're willing to consider.

credit (by BRAD 20,000 [IN]) Posted on: Jan 8, 2019 6:56 PM


Good credit is great. Bad score is a red flag.

But if they have good credit they donít need me. They can buy a house for less per month with ez mortgages than my rent.

Many people who are great renters have lousy scores. The score is created by a computer based on credit cards, car loans, medical bills, and does not reflect their ability to pay rent and care for my house.

Consider the mature couple who truly understand to pay their bills, rent comes first, pay their bills and rent with cash. Ideal renters but low to no credit score.

We DO use reports to check for collections, compare addresses to their app, compare their history to their story (child with medical bills), bankruptcies, etc.

We ise credit reports as ome of several tools to screen applications.


credit (by fred [CA]) Posted on: Jan 8, 2019 8:08 PM

The problem with the numbers, 500, 600, 700, is that it focuses on the past.

Let's say you want to accept 700 and up only. Well, one time in the hospital, one firing from a good paying job - and your T goes from 700 to 500.

Some 12 years ago, a young man came to a rental I was renovating and asked if he could rent it. He said that he was tired of filling applications and getting rejected. The reason was: he spent time.

Today, he still lives there and manages a prosperous car service/repair shop, he is basically the owner's right hand.

Today he thanks me for looking deeper and for trusting him, but not all stories end up like this one. You got to be lucky too.

credit (by MC [PA]) Posted on: Jan 9, 2019 4:11 AM

I look to see what is the credit issue. If it is multiple utilities,phones,etc-no. Hospital I can be somewhat lenient on but depends on how many,etc. We had someone with 3 pages of medical-some with amounts less than $100.

I look at current job (yes,people can lose their jobs and there is the Shutdown). I check criminal background personally as well. I verify who owns the addressses they put on the app. Lie to me once and you might get away with it-lie twice and it is over.

One supposedly lived down the road from my rental. When I called the "LL", they gave the wrong answers about the sewer and water. NEXT! --73.230.xx.xx

credit (by WMH [NC]) Posted on: Jan 9, 2019 4:50 AM

I tell prospective tenants that we don't care about credit score, we care about ability to pay rent moving forward.

credit (by Ken [NY]) Posted on: Jan 9, 2019 5:59 AM

Is this a nice class a rental then yes credit matters but if it is a class c then you aren't likely to find someone abouve 600 credit score

credit (by 6x6 [TN]) Posted on: Jan 9, 2019 7:01 AM

Thank you all for your words of wisdom. I guess the big problem (besides people being irresponsible)is it being in a low income neighborhood. This also makes it hard to find someone with enough income. The house is located near a university so I am getting a lot of young people which I expect. I actually got a call yesterday evening from a college student who said she had above 800 credit score and could show proof and she also has a cosigner secured. This might be the one,we'll see. She also has two dogs so I am thinking I need to get her to have renters insurance.

credit (by Robert J [CA]) Posted on: Jan 9, 2019 7:22 AM

I run several credit reports from different sources to get varied FICO scores. Many applicants have low scores due to unpaid health care. Medical coverage is such a racket that a patient can get billed twice for the same charge and sent to collections without asking patient for payment. They try to collect twice from the dumb insurance carriers.

I have around 20% of my "C" class applicants with FICO score ranges from 600 to 700 due to medical fraud on the part of the Hospital, Medical Insurer or Government Health Coverage. Got many good tenants because no one else would rent to them. Mostly for births and like Ambulance coverage. City trying to get $1000 for the ride to the hospital while the patient is only liable for a $200 co-payment. --47.156.xx.xx

credit (by 6x6 [TN]) Posted on: Jan 9, 2019 7:27 AM

Thanks Robert.

credit (by Salernitana [CA]) Posted on: Jan 9, 2019 9:59 AM

If your place is near a university, you might be in luck. Every year if not throughout the year, students need reasonably priced and safe places to live near campus. You could even think about advertising to grad students and post-docs if you would like someone older than 22. If you provide landscaping services, you could increase the rent accordingly to cover that cost.

Best of luck with the student with two dogs. Yikes, she wouldn't be my first choice, and perhaps you could advertise your rental at the university's student housing bulletin board or online on craisglist via a well written ad to attract a grad student, post-doc, or researcher? If you need help with the ad, you could post it here. --73.93.xx.xx

credit (by 6x6 [TN]) Posted on: Jan 9, 2019 12:25 PM

Thank you Salamitana, for your help.

credit (by Chris [CT]) Posted on: Jan 9, 2019 1:35 PM

Credit scores matter but they don't always tell the entire story. You have to look at long term trends.

Some of my best tenants have poor credit scores caused by a divorce or medical collections. They paid their bills for 20 years had a hicup and now have a horrible FICO. But look at the trend other than the bump in the road they pay the bills.

credit (by Ray-N-Pa [PA]) Posted on: Jan 13, 2019 7:29 PM

The scores I accept depend on the place that I have.

If it is a class C Apt, I can go as low as 580 with 1 month security deposit. If the score is lower than that, I charge a surplus deposit that will be refunded after an on time payment history is established

credit (by 6x6 [TN]) Posted on: Jan 14, 2019 5:22 AM

Thank you all

Subject: RE: credit
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