Minimum Credit Score

[Shawn M.]

I was reading the tenant screening guide provided by BP, WOW it is full with some great information. Assuming the prospective tenant income is 3x rent, no evictions, and good references, do any of you also set a minimum credit score requirement? If so, what is the minimum score that you would accept?

[Account Closed]

Steve,

You are right there are more to a credit report then a little old score that is the reason we never use a credit score. Talking about tenants being honest I always take that with a grain of salt. Steve, as you know, credit reports are not 100% accurate. I found out the best policy tells the future tenant once they fill out the application that you will visit or send someone to the last apartment complex where they live and talk to neighbors and set back and watch them sweat and lose eye contact, and you know what you need to do next.

Joe Gore

[Robert Brubaker]

There were good Tenancies before Credit Scores came

along and fewer problems. Never relied on them, kept

"tried and True " procedures in place, Still don't have the

problems alot of people complain about!

If you take your investment seriously, you can't rely on

an " arm-chair " reviews of tenant applicants positive

or negative! There is very little correlation between prompt

payment to Macy's and the Payment of Rent! Besides that,

Many tenants have stuff going on below the " Radar "

anyway and this too needs sorting out!

The Landlord-Tenant Relationship requires a much more

involved transaction than mere " consumer credit " purchases!

The error rate in the " Qualitative " Information cotained

in many report formats is way too high to be relied upon!

Don't be so busy looking at reports that you

fail to pay attention to the people!

Most of what you need to know comes out in a thorough

interview!

You obtain both substantive and " Qualitative" info. that a

"confirming " credit report may only touch on!

Iam in agreement with Joe the Interview is KEY ! Best

for Buccess!

[Kyle Hipp]

@ joe gore. As I have said before, I have never used credit score to evaluate a prospective tenant. I do think it is vitally important to understand the variety of credit scores out there, what they mean and how they are arrived at. You last statement did not seem to display a knowledge on the way a good credit score is obtained. I have always felt it is important to understand the methodologies that other folks or industries use for evaluations as any information can be put to use for a beneficial use.