700 credit score or highe (by bet [MA]) Aug 10, 2020 11:53 AM
700 credit score or highe (by Sisco [MO]) Aug 10, 2020 12:04 PM
700 credit score or highe (by J [FL]) Aug 10, 2020 12:06 PM
700 credit score or highe (by bet [MA]) Aug 10, 2020 12:20 PM
700 credit score or highe (by J [FL]) Aug 10, 2020 12:47 PM
700 credit score or highe (by Robert,OntarioCanada [ON]) Aug 10, 2020 1:17 PM
700 credit score or highe (by Carolyn [MO]) Aug 10, 2020 1:21 PM
700 credit score or highe (by J [FL]) Aug 10, 2020 2:15 PM
700 credit score or highe (by J [FL]) Aug 10, 2020 2:15 PM
700 credit score or highe (by Busy [WI]) Aug 10, 2020 3:15 PM
700 credit score or highe (by Hoosier [IN]) Aug 10, 2020 3:35 PM
700 credit score or highe (by Landlord ofthe Flies [TX]) Aug 10, 2020 3:46 PM
700 credit score or highe (by J [FL]) Aug 10, 2020 3:50 PM
700 credit score or highe (by laura [MD]) Aug 10, 2020 4:05 PM
700 credit score or highe (by bet [MA]) Aug 10, 2020 5:34 PM
700 credit score or highe (by Pmh [TX]) Aug 10, 2020 5:46 PM
700 credit score or highe (by J [FL]) Aug 10, 2020 7:34 PM
700 credit score or highe (by PG [SC]) Aug 11, 2020 10:18 AM
700 credit score or highe (by RentsDue [MA]) Aug 11, 2020 12:44 PM
700 credit score or highe (by bet [MA]) Aug 11, 2020 2:45 PM
700 credit score or highe (by BGP [PA]) Aug 12, 2020 11:23 PM
700 credit score or highe (by bet [MA]) Posted on: Aug 10, 2020 11:53 AM Message:
My screening philosophy is that people that work hard to have good credit score, 700 and higher protect that score and want to keep it high. That is who we rent to. As anyone every had a tenant with good credit 700 or higher not pay their rent or become evicted? --70.158.xxx.xx |
700 credit score or highe (by Sisco [MO]) Posted on: Aug 10, 2020 12:04 PM Message:
I think that your motives are on the mark for reducing your expenses. I am not so sure that FICO score 700 hits the mark that you are aiming at.
I carefully consider the ease of wage garnishment, and have found that those who are easily garnished pay their bills and keep their agreements.
FICO scoring has always had some odd quirks, but nowadays, it seems somehow possible for people with collections and are currently past due to top the 700 score, while others with an excellent record of prompt payment score in the mid 600's.
--67.43.xxx.xxx |
700 credit score or highe (by J [FL]) Posted on: Aug 10, 2020 12:06 PM Message:
i would have a hard time finding anyone if i required that score. --99.203.xxx.xxx |
700 credit score or highe (by bet [MA]) Posted on: Aug 10, 2020 12:20 PM Message:
Last three apts rented to Tenants with 700 scores or better. I am so glad all the tenant advocacy groups are making it easier for low income folks to find apts. I think a Landlords money would be better invested in updating their apts so they could find better tenants. We just spent $2500 on the last turnover for one apt. $1500 total repaint, new colors, walls, trim and ceilings and inside kitchen cabinets, Grey owl paint color. $1000 ripped up carpet, had beautiful hardwood floors refinished. It is now one of my best one bedroom apt at $950. Marginal neighborhood. --73.227.xxx.xxx |
700 credit score or highe (by J [FL]) Posted on: Aug 10, 2020 12:47 PM Message:
BET I don't understand why you keep getting these problem tenants. You have been doing this awhile now. --99.203.xxx.xxx |
700 credit score or highe (by Robert,OntarioCanada [ON]) Posted on: Aug 10, 2020 1:17 PM Message:
One of the most important investments is separating out all the utilities as many problem tenants owe utilities substantial amounts. Substance abuse and rent arrears go hand in hand together along unpaid utilities and rent go hand in hand together. In the province of Ontario vacancy rates are at one per cent or less where no one is going near anyone with low credit scores. Had one where owed over $700 on cell phone and over $700 on cable bill where previous rental housing providers did not recommend. She said she was going to take to human rights for discrimination where told her the rent must come directly from social assistance. Never heard back. Direct payments they default then wind up evicting. Housing maybe a right for the some where housing for free is not a right. Groceries are not free except at the food bank. Found much more cooperative relationship with tenants with credit scores 700 and above where honesty is important. --147.194.xxx.xx |
700 credit score or highe (by Carolyn [MO]) Posted on: Aug 10, 2020 1:21 PM Message:
I wrote a very long response, and then it disappeared. I will write a shorter version now.
I would have almost all vacant places if I wanted a credit score of 700 or above. I mainly look at other things for applicants, including how they take care of their present place. I verify income, rental history, check court records, criminal history. For students I ask for a copy of their last grade report.
Credit scores aren't necessarily based on what I care about. I recently was turned down when I tried to renew my Lowe's account - because I had a poor credit score.
It turned out that there was no record of ever a late payment, I had many years on most of my credit cards, etc.
The reason for the low score was wild - I didn't have any real estate or vehicle loans. Of course I own thousands and thousands of dollars of real estate - but there are no loans on any of it. There was no record of any late payment, etc. I bought many with cash and a very small number that had small loans initially had the loans paid off 30 to 40 or more years ago - usually early. The four times I have bought a car I paid cash.
There have never been any judgments against me, but I had gotten judgments against some renters and contractors over the years.
The criteria for determining a credit score must have changed somewhat a few years ago. For years I had a very high score and it wasn't held against me that I had real estate and a car that with no debt.
I do sometimes get credit scores for renters, but I hardly look at the score. If I do have a credit report, I care more about what any slow or missing payments are for. If it is medical I understand. If it for jewelry that is a BAD sign. If there is student debt I understand - assuming that the grade report looks OK.
So, no 700 credit score required by me.
--136.34.xxx.xxx |
700 credit score or highe (by J [FL]) Posted on: Aug 10, 2020 2:15 PM Message:
"The reason for the low score was wild - I didn't have any real estate or vehicle loans."
That would not cause a low score. It must be something else that is causing it.
--72.188.xxx.xxx |
700 credit score or highe (by J [FL]) Posted on: Aug 10, 2020 2:15 PM Message:
"The reason for the low score was wild - I didn't have any real estate or vehicle loans."
That would not cause a low score. It must be something else that is causing it.
--72.188.xxx.xxx |
700 credit score or highe (by Busy [WI]) Posted on: Aug 10, 2020 3:15 PM Message:
J, in Florida, that exactly contributes to a low credit score.
Any time I look at FICO scores, if there is an explanation, such as when a bank offers to show your FICO score ( fairly common these days) lack of those two items is mentioned as pulling score down. I suspect that can somewhat be overcome by using a credit card regularly, and paying it off each month. My husband has diligently worked to try and get an 850 score after he found out I had that for years. Best he has gotten to is 830, lack of those fixed monthly payments gets mentioned, when he checks Credit Karma. ( and my score is nowhere near that anymore, nor will it ever get back up that high. When ya buy little houses with credit card cash advances....I’m just glad to be back up over 700 myself, lol!) ) --172.58.xx.xx |
700 credit score or highe (by Hoosier [IN]) Posted on: Aug 10, 2020 3:35 PM Message:
If I only rented to those with a score over 700, I'd have no tenants.
I've never had someone with a score that high...most of mine are in the mid to upper 600s. I've had some below 600 and asked for extra deposit until they pay 6-8 consecutive months of on-time payments...then I'll return the extra amount to them.
Also keep in mind that not having a credit score at all is a good thing...it means they don't borrow money! I've only had one such person...always paid on time. --99.92.xxx.xxx |
700 credit score or highe (by Landlord ofthe Flies [TX]) Posted on: Aug 10, 2020 3:46 PM Message:
When I look at my credit score, the only suggestion it offers to increase my credit score is to increase my debt or credit card limits.
Not worth it. --108.69.xxx.xxx |
700 credit score or highe (by J [FL]) Posted on: Aug 10, 2020 3:50 PM Message:
OK well before I ever owned any houses (and I didn't have a car note either), I had a high score -- close to 800. All it took was having a couple credit cards and paying them off each month, and having no collections. --72.188.xxx.xxx |
700 credit score or highe (by laura [MD]) Posted on: Aug 10, 2020 4:05 PM Message:
A couple of thoughts. I use to only rent to "perfect tenants" i.e. high credit scores. This was back when i had a day job and didn't have bandwidth for drama. I seemed to specialize in good credit folks who were getting divorced. They were the dream tenants for the 2 years it took for the divorce to happen, then they would move and buy a house. Then I would have a 6 month vacancy waiting for the next perfect tenant.
Now when i rent to 700+ credit folks , it is generally right after they get married. They stay for a year and then buy a house. My experience is high credit score folks are future (as in near term) homeowners.
Once I began diligently tracking my numbers, my BIGGEST expense by far is vacancies. My preference is marginal credit score (high enough so they are familiar with the bill paying process but low enough to be a barrier to home purchase) folks. They stay a LONG time attempting (often in vein) to get into a position to purchase. If they do go bad, they are collectable (another one of my rental criteria). --108.56.xxx.xx |
700 credit score or highe (by bet [MA]) Posted on: Aug 10, 2020 5:34 PM Message:
J [FL) , what you mean problem tenants? --73.227.xxx.xxx |
700 credit score or highe (by Pmh [TX]) Posted on: Aug 10, 2020 5:46 PM Message:
actually Carolyn. You had a low score bc you have no credit lines....scores are predicated on how you manage credit. not on what you own. this is not a new concept... --107.77.xxx.xxx |
700 credit score or highe (by J [FL]) Posted on: Aug 10, 2020 7:34 PM Message:
BET,
I originally assumed that you remodeled that place because one of your previous tenants trashed it, but then I realized you were remodeling to get higher rents. My mistake. --72.188.xxx.xxx |
700 credit score or highe (by PG [SC]) Posted on: Aug 11, 2020 10:18 AM Message:
A CS of 700 or greater is very rare for me.
I agree with Carolyn MO post.
I am not to concerned about CS. Proof of income - prior rental history - criminal history and general character of the person is more important to me.
--184.20.xxx.xx |
700 credit score or highe (by RentsDue [MA]) Posted on: Aug 11, 2020 12:44 PM Message:
I also am requiring the 700 credit score. I’ve always required good credit for the same reason you do. It works, they all paid. My average remodel is $10K, so no room for deadbeats. It doesn’t mean I never have an eviction, just because people have good credit doesn’t mean they aren’t bat**** crazy. Our state is extremely tenant friendly so renting to someone who doesn’t care about another judgement isn’t really an option. It limits the tenant pool but it’s worth it. --68.118.xxx.xx |
700 credit score or highe (by bet [MA]) Posted on: Aug 11, 2020 2:45 PM Message:
Actually if I think about it, we haven't had a problem since we started using Clearnow. 30 plus tenants without a non payment eviction in 8 yrs. But it comes down to screening as always. --73.227.xxx.xxx |
700 credit score or highe (by BGP [PA]) Posted on: Aug 12, 2020 11:23 PM Message:
Credit score alone is a poor indicator. Keep in mind that banks consider anything over 740 to be bragging. It's more important to me to look at last 2 years of history, duration of employment, and duration at last place. I've had >740s that were total PITA... paying PITA, but PITA none the less. We also ask verbally and on app if there is anything that we are going to find in credit or criminal background checks. If they lie, they get denied. --73.81.xx.xx |
Reply:
|
|