Ask experience for bed credit applicants

[Ken Wang]

(typo, I meant bad not bed credit... the system won't let me edit the title afterwards, :p )

Dear friends,

  I have an applicant for my rental property.  Everything seems ok. The applicant has a stable job (UPS for 27 years) income from 80-90k. The rent of my property is only $1050. He is divorced so will be him alone living in the property. Family is living in the neighborhood so he will be potentially long term tenant. The only concern I have is the bad credit; the story I was told is his ex-wife left his name on his old house after he left and let it slip into foreclosure subsequently ruining his credit. The house has since been sold and he has currently obtained a lawyer and credit support group to help him rebuild the credit. He will have his lawyer to submit a supporting letter for the rental application. 

  I am wondering do you guys

1. Won't take the applicant with bad credit no matter what

or

2. I am thinking to ask 2-month rent as deposit + co-signer who has good credit and willing pay the rent if he doesn't pay rent on time, as the condition to accept his application

Would like to know what you guys usually do, thanks a bunch!

Sincerely,

Ken   

[Ozzy Sirimsi]

I agree with @Matthew Olszak, depending on the location, it can be very common to see bad credit.

When you run the application, some are just bad at paying debt, and some are just having difficulty hear and there. Like Matthew said it is very common to see unpaid medical bills, or phone bills like $120, and they are not paying it for some reason.

Just look at the details, and make your decision accordingly.