Credit Score
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Credit Score (by John P [OH]) Jun 17, 2019 11:04 AM
       Credit Score (by Deanna [TX]) Jun 17, 2019 11:31 AM
       Credit Score (by J [FL]) Jun 17, 2019 11:32 AM
       Credit Score (by Deanna [TX]) Jun 17, 2019 11:32 AM
       Credit Score (by Deanna [TX]) Jun 17, 2019 11:32 AM
       Credit Score (by Deanna [TX]) Jun 17, 2019 11:33 AM
       Credit Score (by plenty [MO]) Jun 17, 2019 11:43 AM
       Credit Score (by Vee [OH]) Jun 17, 2019 12:06 PM
       Credit Score (by Robert J [CA]) Jun 17, 2019 2:23 PM
       Credit Score (by David [MI]) Jun 17, 2019 2:23 PM
       Credit Score (by DJ [VA]) Jun 17, 2019 5:47 PM
       Credit Score (by Pmh [TX]) Jun 17, 2019 5:54 PM
       Credit Score (by david [NC]) Jun 17, 2019 8:27 PM
       Credit Score (by small potatoes [NY]) Jun 17, 2019 10:03 PM
       Credit Score (by small potatoes [NY]) Jun 17, 2019 10:03 PM
       Credit Score (by Jan [MO]) Jun 18, 2019 1:22 PM
       Credit Score (by Ray-N-Pa [PA]) Jun 20, 2019 8:08 AM

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Credit Score (by John P [OH]) Posted on: Jun 17, 2019 11:04 AM
Message:

I am a rookie landlord now putting his first-ever rental house into the market for the first time.

I have received two email requests (via Zillow) for information on the house and/or an application, but the emails show low credit score ranges for the applicants. In both cases, the Zillow email shows pertinent info about the requester below their inquiry. That info includes:

(1) Move In date availability (2) Credit score range (3) income (4) Job Title (5) Employer...among others.

In both cases, the credit score ranges are listed as "300-599". This is in the "Very Poor to Poor/low-end-of-Fair" categories for FICO and Vantage scores.

Can an inquiry be ignored or rejected based upon this low credit score alone ? --104.230.x.xx




Credit Score (by Deanna [TX]) Posted on: Jun 17, 2019 11:31 AM
Message:

I wouldn't ignore someone on the internet-- that's when you get into illegal discrimination territory. Like, for example, if you turn someone down because they have a credit score range of 300-599, but they accuse you of having ignored them because they had an ethnic name, or whatever.

So, I'd shoot them a friendly set of prescreening questions, to show that you're being just as responsive to them as to anyone else. Also include some of the dealbreakers up front, like a credit score of 650+ or whatever, or an income above a certain level, or length of employment, or whatever. That way, they'll see you and pass on before they've had too much interaction/conversation invested in you, and go look elsewhere.

--96.46.xxx.xx




Credit Score (by J [FL]) Posted on: Jun 17, 2019 11:32 AM
Message:

Do you have written criteria? Does it have a minimum score of 600 or higher?

If so I would ignore them. They are putting information out there that is disqualifying based on your criteria, same as if they told you they had an eviction.

Don't forget to run a credit report on each adult who applies, even if they claim an acceptable score on email, and look at the items on the reports as well.

--72.188.xx.xxx




Credit Score (by Deanna [TX]) Posted on: Jun 17, 2019 11:32 AM
Message:

I wouldn't ignore someone on the internet-- that's when you get into illegal discrimination territory. Like, for example, if you turn someone down because they have a credit score range of 300-599, but they accuse you of having ignored them because they had an ethnic name, or whatever.

So, I'd shoot them a friendly set of prescreening questions, to show that you're being just as responsive to them as to anyone else. Also include some of the dealbreakers up front, like a credit score of 650+ or whatever, or an income above a certain level, or length of employment, or whatever. That way, they'll see you and pass on before they've had too much interaction/conversation invested in you, and go look elsewhere.

--96.46.xxx.xx




Credit Score (by Deanna [TX]) Posted on: Jun 17, 2019 11:32 AM
Message:

I wouldn't ignore someone on the internet-- that's when you get into illegal discrimination territory. Like, for example, if you turn someone down because they have a credit score range of 300-599, but they accuse you of having ignored them because they had an ethnick name, or whatever.

So, I'd shoot them a friendly set of prescreening questions, to show that you're being just as responsive to them as to anyone else. Also include some of the dealbreakers up front, like a credit score of 650+ or whatever, or an income above a certain level, or length of employment, or whatever. That way, they'll see you and pass on before they've had too much interaction/conversation invested in you, and go look elsewhere.

--96.46.xxx.xx




Credit Score (by Deanna [TX]) Posted on: Jun 17, 2019 11:33 AM
Message:

Ouch, sorry about that. --96.46.xxx.xx




Credit Score (by plenty [MO]) Posted on: Jun 17, 2019 11:43 AM
Message:

Congratulations! I would say have them come by and start educating yourself on meeting such people and recognizing morecred flagsm good job so far! Maybe host a one hour open house and invite them. Meeting people in person can be very educational! You already know the out come. They dont quality. I find the first five or so inquiries are the desperate ones sitting and waiting to pounce on the new listings. Preying. After those it gets better. However I've also rent a few times to the perfect tenant right out of the gate. --99.203.xx.xxx




Credit Score (by Vee [OH]) Posted on: Jun 17, 2019 12:06 PM
Message:

Get your criteria in writing so you will not discriminate against any existing clients, if you are getting bottom feeders cancel the ad a few weeks and relist 2-250 higher unless you have a bottom feeder property and have no choice. --76.188.xxx.xx




Credit Score (by Robert J [CA]) Posted on: Jun 17, 2019 2:23 PM
Message:

Since this your first rental you will get burned. You should have educated yourself on the subject of applicants. There are legal roads to take. Questions you can and can't ask. Each City and State rules vary and you need to know the ones that concern you.

Tenant selection can either make or break you as a landlord. I wouldn't take anyone who could had a problem paying the rent. As listed above you need a list of written criteria to prove you don't vary on each applicant.

I my grade "C" average apartments I want someone who:

Has a good job over 1 year. Makes 3 times the rent. Has little debt. Has a savings account. Their credit needs to be at least 680 to 720. Criminal background checks. And they need to be in the rental because it's either close to work, close to family or near to friends. --47.156.xx.xx




Credit Score (by David [MI]) Posted on: Jun 17, 2019 2:23 PM
Message:

fwiw, I suspect some of those responses are default or incorrect , as a lot of people are apparently making exactly $100,000 --144.250.xx.xx




Credit Score (by DJ [VA]) Posted on: Jun 17, 2019 5:47 PM
Message:

First of all, Welcome John P. Congratulations on getting into the business.

Good advice above regarding having pre-determined written criteria - than stick to it.

Hopefully, you have already studied your state laws. If not, follow the linking the upper left area of this page. Print, read, learn, and apply them all.

Also, please do yourself a favor and do everything possible together the Mr Landlord's bootcamp next month. You will learn so much good, practical information that it will make your head spin - and you will be much better prepared to be a successful, professional landlord.

And keep coming back here. --68.10.xxx.x




Credit Score (by Pmh [TX]) Posted on: Jun 17, 2019 5:54 PM
Message:

You need to post the criteria for applications to be accepted. --70.119.xxx.xxx




Credit Score (by david [NC]) Posted on: Jun 17, 2019 8:27 PM
Message:

I have accepted people with 560 and they have been fine. I'd say 600 + preferred but take into account the whole application. It is just 1 criteria to use. --65.188.xxx.xx




Credit Score (by small potatoes [NY]) Posted on: Jun 17, 2019 10:03 PM
Message:

first of all ignore anything zillow coughs up and second use the provider here or find your own to do a background/ credit check (if the pre-screening check out).

Third, search this site for pre-screening discussions and develop a list.

I do not advertise my criteria except minimum monthly income. Some here will say you are ok as long as they are written down and applied w/out weeding out a (protected) class of applicants. Others hand everyone an application with the criteria on the back.

If you do not want smokers then get that question out of the way early on.

Good luck --100.2.xx.xxx




Credit Score (by small potatoes [NY]) Posted on: Jun 17, 2019 10:03 PM
Message:

first of all ignore anything zillow coughs up and second use the provider here or find your own to do a background/ credit check (if the pre-screening check out).

Third, search this site for pre-screening discussions and develop a list.

I do not advertise my criteria except minimum monthly income. Some here will say you are ok as long as they are written down and applied w/out weeding out a (protected) class of applicants. Others hand everyone an application with the criteria on the back.

If you do not want smokers then get that question out of the way early on.

Good luck --100.2.xx.xxx




Credit Score (by Jan [MO]) Posted on: Jun 18, 2019 1:22 PM
Message:

No reason to ignore people on Zillow. Send them a polite, non-committal response such as this: Thank you for your interest in this property, but the credit score you have provide in your email is insufficient to quality for this rental.

Note that 1) you don't say what the minimum credit score is, and 2) you point out that it is a score **they provided** in the email. If, by chance, Zillow got their score wrong, they would likely write again and tell you their score is xxx and does that qualify? --144.191.xxx.x




Credit Score (by Ray-N-Pa [PA]) Posted on: Jun 20, 2019 8:08 AM
Message:

It depends if this is a class C or a class A unit.

Additionally, it depends if this is a house or an apartment.

I accept 580 credit scores on my class C apts with just one month deposit. If your score is less than that, I let the applicant that they need additional deposit to move in and let them know that they are at higher probability of default so they are pre-paying me to hedge against that risk.

At that point, most gracefully bow out --24.101.xxx.xx



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