600 min credit score to high?
As part of my minimum requirements, tenants are required to have at least a 600 credit score. I require tenants to fill out a pre-qualification before the house can be shown. As part of the pre-qualification, one of the questions that is asked is if they meet the minimum credit score of 600. I have had a lot of interest in the house, with numerous pre-qualifications come in, but almost every one states they don't at least have a 600 credit score. At that point I reject the pre-qualification because they stated they don't meet the minimum requirements. I haven't had this property for very long (under 2 years) so I don't have a lot of historical data to go off of. House is in a class C neighborhood, so its mainly being targeted by traditional blue collar workers, entry level white collar jobs (to give context).
So l've been asking my self, is my minimum too high, do I need to re-evaluate what this should be? I have read in other places/forums that some people do not have a minimum credit score listed, however they still use it to gauge the quality of a potential tenant. I do not side with that idea. My belief is the credit score is an indication of your financial situation, and is something that cannot be overlooked. What say you?
