 Credit score (by Jeff [IN]) Jul 16, 2018 6:16 PM
 Credit score (by DJ [VA]) Jul 16, 2018 6:24 PM
Credit score (by Vee [OH]) Jul 16, 2018 6:42 PM
Credit score (by Robert J [CA]) Jul 16, 2018 7:28 PM
Credit score (by Johnny B. [MA]) Jul 17, 2018 12:54 AM
Credit score (by Andrew, Canada [ON]) Jul 17, 2018 4:10 AM
Credit score (by Hoosier [IN]) Jul 17, 2018 5:14 AM
Credit score (by Sisco [MO]) Jul 17, 2018 5:41 AM
Credit score (by NC INVESTOR [NC]) Jul 17, 2018 7:01 AM
Credit score (by J [FL]) Jul 17, 2018 7:28 AM
Credit score (by RathdrumGal [ID]) Jul 17, 2018 9:21 AM
Credit score (by RentsDue [MA]) Jul 17, 2018 3:42 PM
Credit score (by bet [MA]) Jul 17, 2018 5:58 PM
Credit score (by bet [MA]) Jul 17, 2018 6:00 PM
Credit score (by Gene [OH]) Jul 17, 2018 7:06 PM
Credit score (by BRAD 20,000 [IN]) Jul 17, 2018 10:36 PM
Credit score (by plenty [MO]) Jul 18, 2018 6:23 AM
Credit score (by Robert Phaedra [NY]) Jul 18, 2018 10:12 AM
Credit score (by BRAD 20,000 [IN]) Jul 18, 2018 9:34 PM
Credit score (by Ray-N-Pa [PA]) Jul 19, 2018 5:18 AM
Credit score (by mike [C]) Jul 19, 2018 3:05 PM
Credit score (by Tom [FL]) Jul 20, 2018 10:32 PM
Credit score (by Jeff [IN]) Posted on: Jul 16, 2018 6:16 PM
Message:
Can I get anyone to weigh in on what’s your acceptable credit score for tenants. Thanks! --69.245.xxx.xx |
Credit score (by DJ [VA]) Posted on: Jul 16, 2018 6:24 PM
Message:
I'll take someone with no score at all.
I evaluate the whole credit report myself, and assign less weight to medical bills vs debt to a prior landlord, for example. --68.10.xxx.x |
Credit score (by Vee [OH]) Posted on: Jul 16, 2018 6:42 PM
Message:
The credit score means very little to me, I want to see the report that got them there. --76.188.xxx.xx |
Credit score (by Robert J [CA]) Posted on: Jul 16, 2018 7:28 PM
Message:
For a "C" property, I'd like applicants with a FICO score above 670. For a "B" property, I requirements are 700 and above. For my "A" rentals, I must have 720 and above.... --47.156.xx.xx |
Credit score (by Johnny B. [MA]) Posted on: Jul 17, 2018 12:54 AM
Message:
Rather than having a specific score I look for a credit history that demonstrates a history of responsible financial management and decision making. --24.147.xx.xxx |
Credit score (by Andrew, Canada [ON]) Posted on: Jul 17, 2018 4:10 AM
Message:
Minimum 700.
Legislation towards ontario landlords is punitive. As a result we simply cant afford to take unnecessary chances on higher risk tenants.
--70.31.xx.xxx |
Credit score (by Hoosier [IN]) Posted on: Jul 17, 2018 5:14 AM
Message:
I don't have a strict cutoff, but the preferred candidate will have a score above 680 for my B properties. I look at the application in entirety. --99.92.xxx.xxx |
Credit score (by Sisco [MO]) Posted on: Jul 17, 2018 5:41 AM
Message:
I used to think that I was passing over good tenants by using FICO scores, and I still look through the applications in hope of that person who has a long history of prompt payment whose scores were brought low by a gigantic hospital bill. I have not seen that application yet.
Whenever I make an exception in order to approve an applicant with some late pays, they pay me late at some point, they are a hassle at move out. These same people are the same that I later take to court, get judgements and garnishment.
With all of that said, FICO of less than 680 will not go well enough for smooth, profitabile business operations absent management intensive involvement.
--72.172.xxx.xx |
Credit score (by NC INVESTOR [NC]) Posted on: Jul 17, 2018 7:01 AM
Message:
As others have said I look at the history and not just the score. Bad debt or slow pay will stay on their report for 7 years. If the report shows that over the past 3 to 4 years they have been current then I disregard the years 5-7. I've also learned that many of the poor early scores were affected by medical expenses. I disregard all medical expenses as do the mortgage companies. I use a formula to establish a score without the medical bills.
I look for 700 and above. However,our target is millenials and most of them are buried in student loans and limited credit history so their income, job stability and previous LL's play a huge part in our decision. Anyone under 700 has to pay 2 months SD.
--71.75.xx.xx |
Credit score (by J [FL]) Posted on: Jul 17, 2018 7:28 AM
Message:
I've been using 600 as the minimum for a long time and it seems to work although I've thought about moving it up a bit to 620 or 650, as rents increase it becomes important to have someone who can pay.
On the other hand, as they say, there's a reason they are tenants...they have debt and other issues.
And someone can have a score of 700+ and still be a PITA in terms of behavior and breaking lease rules...I just went through that with someone. Score doesn't guarantee anything. --72.188.xxx.xxx |
Credit score (by RathdrumGal [ID]) Posted on: Jul 17, 2018 9:21 AM
Message:
720. Really thins the herd and saves time on showings. I would rather price my apartments competitively and get easy-to-manage, responsible tenants. --98.146.xxx.xxx |
Credit score (by RentsDue [MA]) Posted on: Jul 17, 2018 3:42 PM
Message:
I used to put a lot of weight in credit scores. All my tenants had great credit. They all stayed just long enough to buy or build house. I still have good tenants, they just don't have excellent credit that will get them a mortgage. --71.10.xxx.xxx |
Credit score (by bet [MA]) Posted on: Jul 17, 2018 5:58 PM
Message:
min score 580, no recent or any collections, some good credit with the bad. But recently they either have really bad credit or good. So the score is the most important element. Recently found out.. no credit as a mid adult.. jail time! --74.104.xxx.xxx |
Credit score (by bet [MA]) Posted on: Jul 17, 2018 6:00 PM
Message:
Meant to say score is NOT the most important thing, how about how many times they have moved, how many different names etc. --74.104.xxx.xxx |
Credit score (by Gene [OH]) Posted on: Jul 17, 2018 7:06 PM
Message:
As someone else mentioned, I would rather have a tenant with a zero credit score, but I haven't seen one yet.
I have set up criteria that if they pass on the rest of the criteria and their credit score is below 600 that I collect a double deposit. Some people have decided to go somewhere else, but the good ones who really want the property will come up with the money. In Ohio, we have to pay 5% annually on that second deposit, but it is well worth the security it provides. --99.165.xx.xxx |
Credit score (by BRAD 20,000 [IN]) Posted on: Jul 17, 2018 10:36 PM
Message:
Jeff,
We use credit reports but do not rely on the score. Some of our best long term renters had lousy scores.
The score is based on their ability to handle debt. Someone who plans to rent for the entire life pays their rent but might fall behind on the cellphone or medical.
We look for missing addresses and collections.
Also, the score does nto tell me if they will take care of my property. Only the 2 Minute In Home Visit will help me there.
BRAD --68.50.xxx.xxx |
Credit score (by plenty [MO]) Posted on: Jul 18, 2018 6:23 AM
Message:
when asked i answer..."it's part of the screening but not the deciding factor" i like to see what happen, what did the do about it, where are they now. Responding appropriately is important. Some huge medical bills are best left alone. --66.148.xxx.xxx |
Credit score (by Robert Phaedra [NY]) Posted on: Jul 18, 2018 10:12 AM
Message:
I have never paid a bill late in my entire life (I'm 53). Still, since I own a business that has bills, my credit score is rather low as debt/income ratio does not take rental income into account. However, if you look at my credit report, there is not a single late pay. So I think you have to look at what's ON the report. --134.179.xxx.xxx |
Credit score (by BRAD 20,000 [IN]) Posted on: Jul 18, 2018 9:34 PM
Message:
We have so many mortgages our score is not perfect. Interestingly MY score is lower than Wifey’s even tho both names are on every mortgage.
Go figure!
BRAD --68.50.xxx.xxx |
Credit score (by Ray-N-Pa [PA]) Posted on: Jul 19, 2018 5:18 AM
Message:
It depends largely on the place that you have.
I have class C apartments where 580 is alright.
I have a SFH two blocks away where I am looking for a 660 as a rental and a 700 if you want to rent to own it.
generally speaking the lower the score, the more stories you get. So what is your tolerance for stories? --72.23.xxx.xx |
Credit score (by mike [C]) Posted on: Jul 19, 2018 3:05 PM
Message:
640 is the start point for me. if the bad debt is medical and HUGE i get it. no one can pay off an $85000 nut. if they owe an ER $450 for 3 years then they are a roach. if they have 2-3 bad cell phone debts...roach. if they have child support liens more than $2000...roach. if they have a repo'd car...roach. if they have NO credit and are 44? they are lying to you or NOT who they say they are. if they're 22 in the marines and no credit...no problem. it's the derogs i look for. indifferent and irresponsible are character traits that do not change. if they have EVER filed BK they are out --76.176.xxx.xxx |
Credit score (by Tom [FL]) Posted on: Jul 20, 2018 10:32 PM
Message:
Credit score, charge offs, delinquent accounts, collections all are factors when reviewing a prospects credit report. PLUS 4x's rent for income and what other payments do they have: car loan, credit cards, etc. IF they have excessive monthly debt they could be a problem in the future trying to juggle who gets a piece of their monthly income and who may need to wait for payment. At that point they are in a financial situation and bankruptcy may be their best option. Life changing issues can create a problem for a tenant. This is why as a landlord its important to be proactive with a tenant if they do not pay the rent. Then its time to start the eviction and not let it drag out to another month or two before posting a notice to quit or pay.
--99.56.xx.xx |
Reply:
|
|