I know Roy asked the question but I am sure that there are many others who wonder about how well each of the various credit scores performed at least with me over the years. Many years ago, I complied over a seven-year data base of credit reports from folks who have sense moved out of my 41 unit place I used to own. Please understand that rural Pa doesn't have the crazy tenant protections that larger cities do so if you have rentals still in those goofy locations, adjust your policies and rethink your business model after you smack yourself a few times.
Credit 520 and below - only about a 30% probability of completing the initial one-year lease. These folks were an automatic NO for all my units. When you would get rid of these head aches, almost all of the time the deposit was eaten all up.
521-579 very high risk acceptance if you elect to accept these folks. Above about the 565, people began managing their own lives instead of the other way around. Above 560 in a class C apartment, I would consider possibly accepting them if they had a co-signer or extra deposit saved up. No special programs. Typically, below 560 I didn't accept them unless it was the middle of off season, and afterwards I would commonly regret it.
Above 580 - regular acceptance in class C apartments. About a 80% completion rate. Sometimes life does jump in their way, but they tend to start to manage things better.
For class C Houses, I typically add about 30-40 points to my minimum requirements. The lease completion rate skyrockets upward and people stay longer.
For Class B places - You will need at least a 650 credit score and that is if I didn't just overhaul the place. If I just took that place out of phase maintenance, I add at least 20 more points to my minimum.
People tend to stay long term on my class B and C houses. It is measured in yeas or even occasionally decades. Long term in an apartment is different than long term in a house. I have had people stay decades in apartments before, but they are far fewer.
So I find there is a balancing act that gets performed between rent raises, vacancies, tenant credit scores and apartments vs houses.
Hope this helps some folks out there. If you state has silly laws, what you do is on you. Blaming the applicants doesn't improve YOUR business model. Work on your business and stop working in your business.
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--67.140.xx.xxx