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Updated almost 5 years ago on . Most recent reply

User Stats

231
Posts
12
Votes
Eli M.
  • Investor
  • Brooklyn, NY
12
Votes |
231
Posts

A tenant without credit score

Eli M.
  • Investor
  • Brooklyn, NY
Posted

Dear BP family,

I have a potential tenant who is interested in my property. She is single doesn't have any kids and makes 3x the monthly rent. However, she has no credit history because she is only 26 years old. (never even had a credit card)

What are your thoughts? What extra precautionary steps should I take? 

Thank you all in advance,

Eli K

Most Popular Reply

User Stats

236
Posts
140
Votes
Carl Hebert
  • Rental Property Investor
  • Auburn, ME
140
Votes |
236
Posts
Carl Hebert
  • Rental Property Investor
  • Auburn, ME
Replied

@Eli M. be sure to call her work and references to verify everything and run a background/credit check anyways to see what pops up, also, although I have never done it myself, you can ask for a parent to cosign for them.  

The other thing I do if everything else checks out is get an increased deposit. In Maine I am allowed up to 2x rent as a deposit. The score is low or non existent up the deposit.

I would also be nice and tell her to get a credit card and start building a solid credit history "only 26" is not a good reason not to have a credit plan...

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