Credit or Income - Which is more important?
I just had someone apply for a rental unit that I own. He is a Boston Firefighter and also owns his own landscaping business. He more than meets the 3x rent requirement for income and I got a good vibe when I showed him the apartment as someone that I wouldn't mind living below me (We're house hacking). However, his credit score is TERRIBLE (528). He emailed me to let me know that his credit is so bad because he's going through a divorce, had to cover a mortgage at a house that he wasn't living in (which has since been sold), and the mortgage took priority over other bills. He also said that his wife opened accounts in his name that he is still being affected by and has averaged 150K/yr income the past 7 years. So, which is more important, the fact that his credit has been ruined from a terrible marriage, or his current income?