Credit Score Examples

[Dane Fossee]

Hello all, 

Can fellow landlords give us examples of minimum credit scores they accept for their properties, and the rent of those properties? Thanks! (Ex. Minimum 600 score for a $1k/month SFR...etc.)

[Dion DePaoli]

I will sort of agree with Joe Gore.  The three bureaus are not all the same.  They are in some manner geocentric.  So depending on where the creditor is in the nation, they have a high propensity to report to the more local bureau.  Trans Union tends to be West, Experian tends to be Southeast and Equifax tends to be Northeast.  National creditors will be more inclined to report nationally but I have seen those at times limited in reporting as well.  

Creditors do not pay to report to all three agencies every month.  Some creditors do not report at all.  The best bet is always a tri-merge report with all three.  The vendor of the report also matters as not all access is the same.  

I do agree, that reviewing based on a score only can be misleading on both sides of the spectrum.  A good debtor can be disqualified and a bad debtor can qualify.  It's always good to look at credit history and practices for a more rounded idea of how the debtor treats credit.  Long existing trade lines are always good first line of defense in review.  

The other ideas that Tom V mentioned are certainly good ideas to consider as well.