Montvale, NJ · Member since 2016 · 61 posts · 28 votes
I have had a couple apply to live in my 1BR. They are an engaged couple in their 50's. After I met them I wanted to rent to them.
The apartment rents for $1,150/month.
He makes $86k a year, has a credit score of 720+. Is current on all bills.
She has a credit score of 520, $9k in credit card debt. $50k of unpaid cc's from a couple years ago reported as loss. No income. No outstanding collections. Judgement of $3k against her 3 years ago for credit card payment.
Obviously I am going off of his financials. He alone more than qualifies. And since her outstanding $9k in current debt is $182 a month, household debt is also not an issue.
I would like to rent to them. But her numbers are scary.
@Account Closed is right - He is a great potential tenant, she is not qualified. Provided there is no BK or eviction in their past AND they both have a long history in the area, I would rent to them, especially since you got that good "gut feeling" after meeting him. To be honest, It's the long local history and eviction record that I often lean on more than the financials. Obviously they need to be able to pay the bills, but just because tenants CAN pay doesn't mean they WILL pay.
Put them both on the lease and have each individually responsible in full for the rent.
Not having her on the lease is a mistake because when they break up she will stay in the unit anyway because her credit will not afford her the luxury of finding another landlord that will rent to her.
You will be forced to go through the process of evicting. If they are both on the lease and equally responsible for the full rent you hold him responsible while evicting her and can then take him to small claims court to collect if necessary.
Not having her on the lease places you in a tenuous position legally when it goes side ways.
I just called her current landlord. She is current on her bills with them and has been. They mentioned an issue about a year and a half ago but there have been no recent issues. This is roughly the same time as her cc bills. She offered the information that she was not working to take care of her mother a couple of years ago. All of it seems to tie together around the same time.
I will put both on the lease on account of his financials. As I said, I got a good feel for them and believe they would be good tenants.... and he would make a good billpayer.