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Updated 20 days ago on . Most recent reply

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Jerome Bland
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What is the Minimum credit score a renter should have?

Jerome Bland
Posted

Rental property in North Philadelphia Brewerytown area. Screening potential tenants and want to know what would be the Minimum Credit score landlords should be looking for with tenants?

Also I read that some landlords ask for a higher deposit from a potential tenant with a score lower than your minimum requirement. 

Any thoughts on this topic?

  • Jerome Bland
  • Most Popular Reply

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    Sheryl Sitman
    • Rental Property Investor
    • Philadelphia, PA
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    Sheryl Sitman
    • Rental Property Investor
    • Philadelphia, PA
    Replied

    It really depends on the tenant pool you are aiming for - which depends obviously on your property location. N Philly/Brewerytown can mean something different depending on the precise location and property type. You also need to be sure to comply with both state and city regulations. Using a tiered deposit system based on credit score can be risky legally if it's not applied uniformly. And taking more than 1 month deposit will soon mean that tenant must be given an option to pay the SD in installments (new city law passed this month).  There are some great resources for Philly-centric landlord info to help you make these decisions. Feel free to reach out.

    In some areas, you may find it is tough to get tenants with good credit scores. So  sometimes, it is suggested to look at the reason for the bad credit and to look beyond the credit score. There are LLs who don't use credit scores and there are those who heavily rely on them. It's good to learn from experienced folks in your region specifically.

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