All Forum Posts by: David Lee

@David Lee- can you get  more detail on their credit  histories  ( and not just a  vague  reference on what  score they dont have ...)  ...ask prop mgt  compnay for more  credit details and make a  decsion .....if  he has a  credit score of  480 - this is a lot diffrent than having a score of 619

 I would stick to your PM's screening requirements. You hired them and should trust their expertise. This is what they do for a living 

@David Lee The only thing that would sway me in this is previous rental history and payment history. With this score he has some issue they should have mentioned.  If he took a hit on medical bills, or another plausible issue reflected in the credit report I get that but would have expected them to mention it and I would expect to see good payment history on everything else. Did the manager share anything?  I would also weigh negatively if the previous rental history is not together because one doesn't have enough income to cover the rent and guess who stays if they split.  If it is a rental history together that history is good no problem, given a plausible reason for the score that you can live with.  Did your relator turn them down or is it up to you, that is two different messages. If you have to use just the number, you need to turn them down.

Follow your gut, you know what it's telling you. And don't worry about being 'discriminatory'.....just say that you found another tenant before their application went through. But don't state it on the internet!

In my experience, you'll almost always regret renting to someone with a horrible credit score. As you've pointed out, the situation is "awkward" and your gut is telling you to walk away, or you wouldn't be here asking for advice. 

My advice? Find a family with a better credit score and makes you feel comfortable with the transaction. 

Good luck. 

I assume you’re saying $10k/mo income? Any liens/child support/tax debt?

What’s the rent? Is it under $3,000/mo?

What’s your local regulations regarding security deposit limits? Extra months prepaid regulations?

What are the hits on their credit? (Is it medical or failure to pay a mortgage?)

Are they moving from another rental? Why?

If they don’t have any income deductions they seem pretty susceptible to a judgement if you bring them to court. 

It's discrimnatory to prefer a traditional family.  Don't put that in writing.  Nontraditional tenants are the fodder of cocktail party stories.  :)

In addition to earlier questions:

How long have they lived at previous addresses?  Have they lived in the area long?

Is their income verifiable?  Stable?

Are they fussy/high maintenance?  Anything interesting on social media?

Which applicant would you consider the primary/strongest applicant?

If the criteria is 620, they don't meet the criteria.  If anyone has applied and been denied in this applicant cycle, don't change your criteria.  Be very careful about updating standards mid stream, evaluate between application cycles.