applicants: one with bad credit, one excellent credit

[Roger Ward]

I got a lease application from a couple that has been living together at least 3 years. One has a credit score of 500; the other 800. They are being relocated from out of state by a Fortune 500 company (where they both work) and are in corporate housing for the time being. Their two previous landlords gave good references. The make $150,000 per year combined (about evenly split); the lease is $2,000 per month.

The 500 score is due to a string of delinquent credit card and auto loan accounts; he said it was due to him buying a too-expensive car so he fell behind on bills. This all happened within the past 12 months. He has since sold the car, and is going to send me some evidence that he's been cleaning up the delinquent items on the credit report, some of which are very recent. Prior to him buying the car, his credit was very good, which is how his credit report reads and this was also verified by a previous landlord.

I'm inclined to go ahead and accept them, but ask for two-months security deposit, which they said they are willing to do. I figure the one with high credit is basically like a co-signer for the one with low-credit.

Any words of wisdom?

[Steve L.]

I was going to recommend an increased deposit. If they are willing to pay 2-months deposit I would do it and move on.

His story does seem a little fishy to me. But it doesn't really matter that much. You have an 800 credit score, good income and a double deposit. Enough protection for me.