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Updated about 7 years ago on . Most recent reply

User Stats

51
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6
Votes
Georgee Gilbert
  • Lathrup Village, MI
6
Votes |
51
Posts

What's the lowest credit score you should except for a rental?

Georgee Gilbert
  • Lathrup Village, MI
Posted

Is a minimum 650 credit score too much to ask for a rental?  The property is renting for $1050 in a working class neighborhood. 

Most Popular Reply

User Stats

97
Posts
22
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Lance Petway
  • Investor
  • Farmington Hills, MI
22
Votes |
97
Posts
Lance Petway
  • Investor
  • Farmington Hills, MI
Replied

@Georgee Gilbert To be 100% honest with you I don't look at credit scores as much as I look 4 things.

1. What is ON the credit report

2. Debt to income ratio (along with high balance on any credit cards within last 2 years)

3. Eviction report

4. Job time (are they bouncing around a lot or are they stable)

The reason being is that just looking at the credit score, that does not tell the whole story. There are 5 factors that determine credit scores, so sometimes that score means nothing to me.  Also with any of my tenants with low credit scores, I work with a credit restoration company that builds the tenants credit scores up while in the house and they add the rental history to the credit report as well.  My tenants are very grateful to be given this education on top of being able to move into a nice house while doing so.  Knock on wood but I have not had to evict anyone since 2011.  That includes apartment units and homes.

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