How to properly deny application
Hi All, I'm back with another question! So this weekend we had two showings with families that really liked the place and submitted full applications. I'm using cozy.co so it is all online. The first family submitted on Saturday and the second on Sunday. I like the second family better, but what reason do I give to deny the first family? And how much work do I have to do to justify their denial. At first glance they look like they make the required minimum income I am asking for. So it has to be something else. Here are my options:
1. Credit score below 500. OMG - you gasp! But yes we are telling people we will consider applicants with low credit scores... My lawn guy has a low credit score and he is the most trustworthy person I know who has paid back two personal loans we made to him over the years! There are so many people in my area who have low credit because they don't deal with credit at all. However, we could draw the line at 500. The boyfriend's score is 474.
2. Incomplete application. For some reason they filled out the application so that their current address (As far as I can figure) is listed under previous addresses and the current address field is blank. Remember we're using Cozy so this could have been an honest mistake, but they still only filled out one address. Unfortunately, I didn't specify in my directions that they needed to fill out a previous address.
3. Lack of tenant history. The boyfriend admitted orally to me during the showing that he has never been on a lease ( he is about 40 years old. :( Do I have to confirm this?
The thing is I like the second family better. Their jobs seem more stable... they have been in them longer. They are local to the area (the first family is moving back to the area to be near family but say they are going to continue to commute to their current jobs which are at least a hours drive from here). And the second family, although they also have low credit scores, the score is based on the fact they don't use credit they do have some collections but the debit amounts are very low.
What kind of CMA work do I need to do before I deny the first family? I haven't called employer's or landlords yet on them because, if I'm going to deny on credit score or the credit report, than it is cut and dry.. right?
Thanks Everyone!