I have three possible candidates line up. Here they are:

1) A couple who just sold their home and is moving into the area. Wife is an RN and husband is currently a full time student. Wife makes 70K and can easily afford the rent. Has two male cats and says they plan on staying 6-12 months. The apartment is newly carpeted. My concern is the cats and even if they stay a year, I'm having to go through locating another tenant. They won't be long term tenants.

2) A couple who makes combined about 60,000. The husband is a tenant in my rooming house. He and the wife split and have now reconciled. Wife lives with parents in a house across the street from the rooming house. The husband has been a good tenant. They have three kids. He has about $ 60,000 in student debt currently in deferment. They would most likely be longer term tenants. His credit score is 636 and I'll still awaiting the wife's credit report. He said her score is in the 500's Had one LL/Tenant case brought on them but they settled up and remained with the same LL.

3) A unmarried couple. Male is 27, girlfriend is 18. Girlfriend is unemployed. He's a district manager for Dunkin Donuts and makes about $ 80.000. He split with his wife and needs a place so he can have joint custody of his son. Got laid off last year but was unable to claim unemployment due to a snafu with his SSN and wage reporting. (That could only occur if his employer switched payroll providers). Is currently living in a house owned by his ex's mother. His credit score is 581. The problem is late pays on certain credit cards. This entire situation is suspect IMO plus I don't like the fact that the girlfriend isn't working. I try to stay away from value judgements, but I suspect he was dealing with her before she turned 18.

This is the best of the lot. I'm inclined to go with # 2 since I have experience with the tenant. Generally, I've had to abandon the whole emphasis on credit scores and really look at the reasons the score is low. Job tenure and pay are primary considerations. The tenant pool is considerably worst than I anticipated. I have a much easier time locating rooming house tenants. There are simply far less games being played by those seeking rooms.

#2 for me.

I won't rent to someone who already is planning their next move, so #1 is out because of that. As for the cats: if they are fixed, shouldn't be an issue. We have 2 males cats, down from 3, and no issues for us. You just have to get them fixed early.

Agree with the others. Numbers 1 and 3 are definite no's.

#2 my questions would be how long were they separated? How old are they to have three kids and such low credit scores and not much income? Where did they live before their split and for how long?

None of the above would pass my criteria, so I would wait. 500 credit scores are that way for a reason, most likely due to non-payment on multiple accounts.

I practice what I preach. For my last vacancy, I rejected 7 applicants who actually paid the fee and did the full app process. Took me an extra week, but I found someone who had stable income, decent credit, positive references, and clean background. They checked all my boxes and I rest confidently that it was a good decision based on everything I knew. I didn't have to make any allowances or skirt any of my criteria.

Good tenants are out there, but you do have to be patient. Waiting an extra week or so is a reasonable trade-off to avoid an eviction that takes 4-6 weeks.

GKARL I'm surprised you can't get better quality people than these for the apartment, in the summertime? These sound more like rooming house candidates.

I think #2 choice would work.

I wish we could find someone at least like that!

We have a 2 BR apartment available - 6 weeks on the market. We have had at LEAST 400 inquiries (we use rently.com, and they report 225 of them, plus FB inquiries. We have had 6-8 applications, and none of those panned out (drugs in the past, shaky employment histories -- no rental history). We would accept someone with little or no rental history, if otherwise qualified), if they would have a qualified co-signer -- the proposed co-signers are a no go, too!

Pretty slim pickings these days.

RE Candidate #2:

You have had positive experience with Mr.2, but Mrs.2 is likely to bolt again, worse yet force Mr out leaving you to deal an unstable stranger who can't afford the rent.

You didn't tell how much the rent costs vs. individual income breakdown.

As you stated, the credit report is very useful, the FICO score- not so much. Charge offs, collections, late pays, currently past due are signals to steer clear.

Not enough real estate debt, or too new an accounts are detrimental to FICO and I don't think they indicate bad credit risk at all.

Overall, I would would choose a yet to be named applicant.

"GKARL I'm surprised you can't get better quality people than these for the apartment, in the summertime? These sound more like rooming house candidates."

#1 cats-- we don't take cats-- but if we did I need a separate cat deposit for 1800.00 to cover carpet replacement. Fully refundable if no damages. Problem with cats-- urine soaks into pad. Rental is not 6 months or 10. You must sign a 12 month lease minimum. For me I don't like long term tenants anyway. But they must do at least 12 months or more.

#2. yes with double deposit due to debt-- deferred or not. I would be VERY clear with this #2--- it's not a rooming house situation. No pay no play.

#3 jail bait. no way

I think you made the right move...I was thinking the same thing after Tonia made her post.

Fisherman comes back from a day of fishing and has three fish in the boat. He says he was fishing for bass and he comes back with a sunfish, a carp and and catfish but not the fish he wants. Should he accept the three fish he has or should he ask himself why he has the three fish he has.