Credit Report / DQ
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Credit Report / DQ (by Roy [AL]) May 5, 2022 6:50 AM
       Credit Report / DQ (by Jason [VA]) May 5, 2022 7:00 AM
       Credit Report / DQ (by myob [GA]) May 5, 2022 7:15 AM
       Credit Report / DQ (by Ray-N-Pa [PA]) May 5, 2022 7:37 AM
       Credit Report / DQ (by tryan [MA]) May 5, 2022 7:53 AM
       Credit Report / DQ (by Roy [AL]) May 5, 2022 7:55 AM
       Credit Report / DQ (by Ray-N-Pa [PA]) May 5, 2022 8:26 AM
       Credit Report / DQ (by Dave [MO]) May 5, 2022 8:38 AM
       Credit Report / DQ (by Roy [AL]) May 5, 2022 8:47 AM
       Credit Report / DQ (by Still Learning [NH]) May 5, 2022 8:52 AM
       Credit Report / DQ (by myob [GA]) May 5, 2022 9:06 AM
       Credit Report / DQ (by Roy [AL]) May 5, 2022 9:13 AM
       Credit Report / DQ (by Still Learning [NH]) May 5, 2022 9:25 AM
       Credit Report / DQ (by zero [IN]) May 5, 2022 9:39 AM
       Credit Report / DQ (by Ken [NY]) May 5, 2022 9:57 AM
       Credit Report / DQ (by Roy [AL]) May 5, 2022 10:00 AM
       Credit Report / DQ (by Roy [AL]) May 5, 2022 10:06 AM
       Credit Report / DQ (by DJ [VA]) May 5, 2022 10:28 AM
       Credit Report / DQ (by Hoosier [IN]) May 5, 2022 1:41 PM
       Credit Report / DQ (by Oregon Woodsmoke [ID]) May 5, 2022 2:31 PM
       Credit Report / DQ (by zero [IN]) May 5, 2022 2:39 PM
       Credit Report / DQ (by Renne [TX]) May 5, 2022 5:02 PM
       Credit Report / DQ (by Renne [TX]) May 5, 2022 5:05 PM
       Credit Report / DQ (by zero [IN]) May 5, 2022 5:12 PM
       Credit Report / DQ (by Renne [TX]) May 5, 2022 5:24 PM
       Credit Report / DQ (by Roy [AL]) May 5, 2022 5:59 PM
       Credit Report / DQ (by LordZen [MA]) May 5, 2022 6:30 PM
       Credit Report / DQ (by zero [IN]) May 6, 2022 7:51 AM
       Credit Report / DQ (by myob [GA]) May 7, 2022 10:32 AM

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Credit Report / DQ (by Roy [AL]) Posted on: May 5, 2022 6:50 AM
Message:

When you deny an applicant based on their lousy credit rating/history, how do you communicate this to the applicant in the most tactful way? --71.207.xxx.x




Credit Report / DQ (by Jason [VA]) Posted on: May 5, 2022 7:00 AM
Message:

It’s usually caught and denied during pre-screening. “Sorry your credit falls below the owner’s minimum requirement.” --172.58.xxx.x




Credit Report / DQ (by myob [GA]) Posted on: May 5, 2022 7:15 AM
Message:

99.9% of the time we never deny for credit. WHY open yourself up to challenge from applicant?

When there's back credit that credit includes bad rental history -- AKA payment of rent problems.

Our quote is this: you were denied due to rental history. End no more to say BUTTON IT!!!! -- they know that you know.

Roy we usually do (always actually) a court record search first (civil and criminal) so that check is pre "official" credit check. --99.103.xxx.xxx




Credit Report / DQ (by Ray-N-Pa [PA]) Posted on: May 5, 2022 7:37 AM
Message:

If you are letting the applicant know the process in advance, they are prepared for the truth.

Say this is a lower level place and you can accept a 590 credit score. You need to articulate what this means in terms they understand.

'Ma'am, the credit bureaus gave you a score well below the required minimum. If I believe them, your momma will not even lend you money. I'll be sending out a form where you can get a free credit report and see about clearing this matter up" --24.101.xxx.xxx




Credit Report / DQ (by tryan [MA]) Posted on: May 5, 2022 7:53 AM
Message:

Per internet in the hood I just assumed thier credit is bad ... if they had good credit, they would own a home. Then post internet, I can see they have bad credit. So what? I assumed it was bad to begin with. --76.119.xxx.xxx




Credit Report / DQ (by Roy [AL]) Posted on: May 5, 2022 7:55 AM
Message:

This morning I have screened 5 credit reports from 5 different applicants and every one has a fico score below my min. threshold of 600. Now, some of these applicants will be calling me and wanting to know when I will show them the house. Not answering the phone is not how I do things,..I believe in talking with someone and being up front with them.

I am now requiring all of my Zillow applicants to fill out an online Zillow app which has an application, credit and background (evictions) report all in one neat package. In 24 hours, I have received 5 of these Zillow apps and none of them are worth showing the house to.

--71.207.xxx.x




Credit Report / DQ (by Ray-N-Pa [PA]) Posted on: May 5, 2022 8:26 AM
Message:

Maybe your target audience isn't specific enough if you are getting too many DQs and not enough folks that meet what you are looking for.

If you have a house for rent sign up at the unemployment office, who is going to see it? Maybe taking that same message and placing it at a temp agency will yield different results.

So often Landlords want to blast out the message - I have a rental out to the masses. You don't need 1,000 people to read that message - you only need one qualified and interested person. --24.101.xxx.xxx




Credit Report / DQ (by Dave [MO]) Posted on: May 5, 2022 8:38 AM
Message:

Roy, my response is your application was not approved.

I say no more and they continue I will say, you might want to contact the credit bureau for your report.

That’s all and good luck on your search.

I don’t get into a discussion with them, I’m respectful and move on. --162.249.xx.xxx




Credit Report / DQ (by Roy [AL]) Posted on: May 5, 2022 8:47 AM
Message:

Ray

My Zillow Ad has only been running for 24 hours. In the past, all of the unqualified applicants (the most desperate) are always the first to submit an application. Then after several days, more qualified apps will begin to appear. The reason I posted this is to gets suggestions on how to tactfully deny someone (on the phone) if they call me wanting to see the house.

When I get a good Zillow app, I will call (or email) that person and invite them to my open house on Saturday morning. So far, I have not seen any apps worth calling the applicants back on but that will change as time goes on.

Also, if anyone knows the hood like I do, you will know that posting any rental ad in the first week of any month is not a good idea. The best time to post an Ad is in the last 2 weeks of any month. Does anyone know why, other than me? --71.207.xxx.x




Credit Report / DQ (by Still Learning [NH]) Posted on: May 5, 2022 8:52 AM
Message:

So if I deny due to credit report I ran on this site, I send the required denial letter and it tells them how to get a copy of their credit report. If you are doing it through Zillow check to see if you are required to send a similar letter or because they sent it to you that absolves you. I try to prescreening by saying need a credit score if st least 600. I did just approve a couple where 1 had a lower credit score but had just paid off all collections using a lawyer to negotiate and settle with documentation. I have approved 1 other like that with a co-signer previously and when the couple broke up and he moved out, he continued to pay because he worked so hard to clean up credit he wasn’t risking anything to set him back. --75.67.xxx.xxx




Credit Report / DQ (by myob [GA]) Posted on: May 5, 2022 9:06 AM
Message:

Dave MO you denied for credit there's a lot more to do then just say contact the credit bureau.

Maybe Jeffery can have his people review here what's required with a denial? --99.103.xxx.xxx




Credit Report / DQ (by Roy [AL]) Posted on: May 5, 2022 9:13 AM
Message:

Now, if anyone here would like to see my Ad on Zillow, get Zillow on your screen and type in the zip code of 35903. Two houses will come up and mine is 305 Elmwood Ave. This is the only rental I have that has a garage apartment in the rear which is currently rented.

Also, this is the house that Jeffrey advised me to 'bump the rent on' and I have done that at $850.00/month (previous tenant paid $700.00). --71.207.xxx.x




Credit Report / DQ (by Still Learning [NH]) Posted on: May 5, 2022 9:25 AM
Message:

I would delete the part about you will call or email to schedule a showing. Not sure if this would fly, but could you say something like applicants that meet or exceed our minimum screening requirements will be contacted to schedule a showing. --75.67.xxx.xxx




Credit Report / DQ (by zero [IN]) Posted on: May 5, 2022 9:39 AM
Message:

Roy,

Your definition of hood doesn't match mine.

That looks like a nice place. --107.147.xx.xxx




Credit Report / DQ (by Ken [NY]) Posted on: May 5, 2022 9:57 AM
Message:

If you deny for credit you have to mail them a form from the credit bureau,if you dont do that you can get in a lot of trouble.Talking to everyone just wears me out mentally and i end up arguing with people for no reason,i have a seperate phone in my office they call if they even get a phone number from me buy typically it doesnt get past email and i dont return there email or phone call. You could spend an hour a day talking to people who you dont want to do business with.Do you know any employers who call every one who puts in a job application? --74.77.xx.xx




Credit Report / DQ (by Roy [AL]) Posted on: May 5, 2022 10:00 AM
Message:

Zero,

I always have the best looking house on the block (hood) which is why I am always the highest paid LL on the block. If I showed you photos of the crummy houses next door and the people who stroll down the sidewalk, you may think differently. This is a C- hood though, not D or F. Most of the houses here are at least 75 years old and commercial development is getting closer and closer to my side of the street every year. The 2 acre vacant lot across the street was sold to a fast food restaurant chain just a few months ago. --71.207.xxx.x




Credit Report / DQ (by Roy [AL]) Posted on: May 5, 2022 10:06 AM
Message:

Zero - BTW, what is YOUR definition of the hood? I may have to make a separate post on this topic.

Still Learning- I will be making changes to my Ad here. Thanks for your suggestions! Anything else? --71.207.xxx.x




Credit Report / DQ (by DJ [VA]) Posted on: May 5, 2022 10:28 AM
Message:

By sending them the letter that is available on the website that gives me the credit report. The letter required by law. Does Zillow not offer that? --68.229.xxx.xxx




Credit Report / DQ (by Hoosier [IN]) Posted on: May 5, 2022 1:41 PM
Message:

We follow the FCRA guidelines.

You need to send an "adverse action" letter. Here is a cut and paste of some recommendations:

An adverse action notice tells people about their rights to see information being reported about them and to correct inaccurate information. The notice must include:

the name, address, and phone number of the consumer reporting company that supplied the report

a statement that the company that supplied the report did not make the decision to take the unfavorable action and can't give specific reasons for it

and a notice of the person's right to dispute the accuracy or completeness of any information the consumer reporting company furnished, and to get a free report from the company if the person asks for it within 60 days.

While oral adverse action notices are allowed, written notices provide proof of FCRA compliance...so on the rare occasion this is the reason for denial, we use written. --99.92.xxx.xxx




Credit Report / DQ (by Oregon Woodsmoke [ID]) Posted on: May 5, 2022 2:31 PM
Message:

"Sorry I am not going to be able to rent to you at this time, I am mailing you a letter that you can use to get a free copy of your credit report so you can check it an make sure there is no information on there that is in error. Best luck to you in the future"

--76.178.xxx.xxx




Credit Report / DQ (by zero [IN]) Posted on: May 5, 2022 2:39 PM
Message:

Hood definition for me is first and foremost a place I won't live in.

Bought some cheap properties in some seedy areas because the numbers worked. Then when the T leaves or you have to go over to work on something you aren't comfortable.

Just because I carry a gun doesn't mean I want to use it. I have armor too, but no reason to drag it out to visit my property.

Changed my mind years back about hoods. If I wouldn't live there I won't own it. Doesn't mean I plan to move into any of my places now, but as I was coming up in the world I would have.

Have an associate that manages around 150 properties. 90% of them are D- or F places. I worked on a few a long while back for him. High crime, high illegal drug use, just not the places I want to invest my money in. They go to court every Thursday for evictions. Every. Single. Week.

Some of the places are in such bad shape I wouldn't feel right renting them out at all. Slums I guess they would be called.

Now before people start complaining to me that this housing is a necessary evil, I am not saying otherwise. It's just not for me. When you have such a small amount invested in the place the numbers work out, I get it. I just don't want to partake any longer.

I have a few C places for sure. Typically I buy the ugliest house on the block and fix it up. Makes the neighbors happy. When I put it on the market people aren't scared to step out of their car to walk thru it.

Doesn't mean I haven't had problems at any of them over the years. I sure have. But, they typically do not attract the lifestyle that I don't want renting from me.

Poorly worded and for that I apologize. Just stopped in to have lunch and now on my way to look over one of my dumps. --107.147.xx.xxx




Credit Report / DQ (by Renne [TX]) Posted on: May 5, 2022 5:02 PM
Message:

Roy, that house is a doll! Have you thought about adding a bathroom picture and the bedrooms?

When I am perusing online ads, what pictures are not included in the add are as important as the ones that are included.

If I don't see the bathrooms especially in a 1 bath house, I figure it is a disaster.

Cha-ching!!! Does that back garage with little loft come with it? If so, (I'm going to sound like WMH) don't offer it with your main home, do it as a separate rental ADU. There is plenty of space behind the home for your home tenants to park out of the way of the garage apartment people so no one would be blocking anyone else.

Or, rent it out to the house tenants for an extra $150. You will have your first $1,000 rental. --12.196.xxx.xxx




Credit Report / DQ (by Renne [TX]) Posted on: May 5, 2022 5:05 PM
Message:

Whoops, went back to your ad and there is the bathroom- it looks good! --12.196.xxx.xxx




Credit Report / DQ (by zero [IN]) Posted on: May 5, 2022 5:12 PM
Message:

Renne,

He said the garage apartment was already rented I believe.

First house wife and I rented had a detached garage that was it's own rental. It worked out fine, but then it didn't.

As long as the tenants all know up front who belongs where it is cool. Had a young kid in the one behind me (I was young as well) but his friends were always coming to the house to find him. Banging on doors at all hours. Peeking in the windows. New spouse was not pleased. --107.147.xx.xxx




Credit Report / DQ (by Renne [TX]) Posted on: May 5, 2022 5:24 PM
Message:

Thanks, Zero! I sure didn't read the post very carefully.

I can see why your wife was not pleased.

We have trouble with package delivery at our duplex. The Amazon type people just leave everything on the front duplex's porch.

So, we installed a repurposed newspaper vending machine, painted it bright red, and put a custom neon yellow magnetic sign on it instructing all deliveries to be made in that box.

We also custom designed a neon yellow yard sign instructing the same thing. No problems since then. --12.196.xxx.xxx




Credit Report / DQ (by Roy [AL]) Posted on: May 5, 2022 5:59 PM
Message:

Renne,

When taking inside photos of the bedrooms, my flash batteries died on me and I will need to re-shoot those bedrooms. I did a vertical shot of the bathroom (mistake) and Zillow cropped it to a horizontal view which destroyed most of the photo.

As soon as I can get the bedroom photos taken (Friday), I will upload those to my Ad.

BTW - My first $1,000 rental will come in early June when I finish rehabbing the 3/2 house that I bought on March 17th. I even have a tenant already lined up to move in that house once it is ready. --71.207.xxx.x




Credit Report / DQ (by LordZen [MA]) Posted on: May 5, 2022 6:30 PM
Message:

Roy very cute house, that is the type of home i am looking to buy, at 4 bedrooms with an ADU, very good Thumbs Up! --98.216.xx.xxx




Credit Report / DQ (by zero [IN]) Posted on: May 6, 2022 7:51 AM
Message:

Roy,

Congrats on the extra digit rental. I am still pushing the boundries to get there.

Hoping that I can get caught up with all the work I should have done the last four years so I can search harder to find another place to buy. --107.147.xx.xxx




Credit Report / DQ (by myob [GA]) Posted on: May 7, 2022 10:32 AM
Message:

Roy looked like a beautiful job on that place. It's not a 5000 sq ft mansion but it is clean and looks comfortable.

How close are you to the aircraft overhaul facility? Many airlines are moving to Gadson AL and using contract company's.

Would be perfect for someone commuting during the week to ATL.

I'm not from AL but that 850.00 seems low. I would push 935.00 with a 1K deposit. 620 credit score. With the unit in front I would mention it's like having your own security on site. --99.103.xxx.xxx



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