Low Credit Scores - Higher Security Deposits?

[John Herte]

I have a minimum credit score requirement of 650 of all applicants, 2.5x monthly rent in documented income and positive background checks. If they don't have this score do any of you charge a higher Security Deposit (paid up rent)?  I did this for one of my tenants who was out of the country for years and had no credit history.  I charged 1st month rent, 1 month security and 3 additional months of security(paid up rent).  I tried this again and the prospective tenants declined.  

Also, do ask for additional documentation for your decision process?  In the last group of applicants I asked for bank statements and pay stubs.

Any thoughts are welcome.  Trying to figure out a process for our applicants.

[Anna Sagatelova]

In addition to limitations on maximum security deposit as @Ujwal Velagapudi mentioned, some states (including Ohio) require you to pay interest to your tenants if you collect SD greater than one month of rent. Be sure you fully understand all your obligations relating to the security deposit before you use it as a bargaining tool.