Increase Security Deposit or Guarantor

[Justin R.]

I'm wanting to get the communities thought on whether a higher security deposit or a guarantor would be better in this situation. I have searched the forum and wasn't able to find much information on this. However, I did read that out of state guarantors may be difficult to collect from.

The couple is from Michigan and are relocating to the area do to husbands work related training. He works for his fathers company as an online dispatcher and will continue to work while relocated. The wife plans to find a job in the area once they relocate. Currently with both their incomes they exceed 3 times the rent at $575, but until the wife finds a job they will only have an income of 2.25 times the rent. Husband's income is approximately $1300/month.

They both have credit scores around 750, no delinquencies/late payments, great rental references, no evictions, no criminal background, and steady employment.

Currently, they have combined resolving monthly payments of $248 and an installment monthly payment of $121, for a total of $369/month to creditors.

The husband informed me that his father would be a guarantor. Would you require a higher security deposit or a guarantor? Any advantages of one versus the other? Are there any concerns with collecting from out of state guarantors? Any advice would be greatly appreciate. Thanks!

[Bill Gulley]

Any time a guarantor is offered, take them up on the offer, the more the merrier! :)