Our screening standards are high . We aren’t taking less than a 715 credit score. That’s the magic number. It filters out so much else. I know it seems excessive but it is what works. The problem now is that we are swamped with the same “ quantity not quality” drove of applicants that everyone else here is getting. Pre screening is mandatory or I would be showing latest vacancy to 20 unqualified people a week. No way am I wasting that kind of time or spending $35.00 on credit apps for these people. It would easily cost well over $1000.00 month if I ran credit on everyone who wanted in and we can’t charge applicant. Most don’t qualify for other reasons but the problem is turning down for credit score without a credit report. Most people know their credit score. I can’t send an adverse action letter based on information given to me from the applicant. Credit is the only thing we have to send it for. Ironically, if I advertise the requirements then 90% claim they qualify and waste my time. If I don’t advertise I get the truth.

I collect 3 or 4 applications with credit fee. I start on one and if they pass I return all the other applications and fees. If one is rejected I move on to the second and so on till I get a winner. I advise all interested parties of my procedure. I don’t want to make money collecting applications and fees.

Majority of mine that "don't qualify" are due to the fact that they don't make enough in a month (in our pre-screener questionnaire we require minimum of 3x the rent as income).

I'm looking at one right now that I will most likely call because she's stating she works full time and makes $900 a month... and that also is the rent amount (so many don't actually understand the question they are answering).

Outside of that... if they aren't making that or are "just starting to work" (no time on job - but going from one "lower" pay to a "higher pay" would be ok... maybe, or moving from an area for a better job/pay, etc is also fine). All that said... I don't even look at their scores... I look at their credit and what they pay, etc.

"you may find someone that has a 714 and you are going to deny"

Bingo. Credit scores are arbitrary. Saying, "nothing below 715"... that could literally be the difference in a credit account being open and paid on time 36 months or 37 months. Really going to deny that if everything else is golden?

"they may not have a high credit score because they aren't out there using credit to buy things"

I had a 720 coming out of college. I had one measly American Express Card and no debt. I also only had a teaching contract. My job didn't start for 3 months... Got a home loan and paid on it for 18 months until we sold it and moved.

Credit scores are meaningless. Gotta see what's on the report.

What is in the 715 credit score that you are looking for Rent's Due? I want to see that the applicant is paying their bills on time.

If you have a class C place, I found that folks with credit scores as low as 580 have about an 70% chance of completing the year long lease. If you go to high on that score, you will get folks who will not stay that long as they will be buying a place soon. So you are looking for that sweet spot between that score is awesome and hmmmmm I see you have made some mistakes.

Surely credit score is not your only criteria??

Set up your screening process so that you are only pulling credit on those who meet every other qualification - income and employment history, rental history, etc.

I’m sure you can charge Rapid App Execution Fee or some made up BS line that. Goes something like this: Last line item of the digital application states that there are often many applications for available apartments due to the “national housing shortage” and sometimes applications take 7-10 to review. If you would like a review within 24-48 hours, you can pay a one time Rapid App Execution fee of $49.99.

Here in NY you can only charge $20 which doesn't nearly cover an adequate check. I send them a 49 question prequal.

Lots of "trick" questions. I have C class so CS over 600 is what I require which filters out 98% of the inquiries.

"Is your CS -above 600 -below 600 -I don't know?"

The "I don't knows" are below 600 to be sure.

"Do you smoke/vape?"

-yes -no -only smoke/vape outside

The smokers/vapers always say they only smoke outside

"Have you ever withheld rent?"

-yes - no -if yes, please explain the circumstance

I catch a lot of these bc they can't wait to tell me how horrid their living conditions are (where they are being evicted from and its below market rate anyway).

I have a lot of "please explain" questions which instantly trebuchets them into the DQ category.

I should add that my 49 question prequal is automated so all I have to do is look at my color coded auto formatted spreadsheet. Sea of RED. NEXT!

Calling the rental line more than once in a 2 day period is an instant DQ (desperation).

NE in theory that sounds like a plan, but all it takes is one ne'er do well to call the tv station and complain--then it goes to Tish James (corrupt AG who is waging war on landlords and a famous RE developer).