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Updated almost 7 years ago on . Most recent reply

User Stats

47
Posts
10
Votes
Damien L.
  • Rental Property Investor
  • Ft Mitchell, KY
10
Votes |
47
Posts

Question on credit requirements for tenants

Damien L.
  • Rental Property Investor
  • Ft Mitchell, KY
Posted

Hey guys,

I'm going through my very first applications.  We set our credit score standard to 600 and above.  In a case of husband and wife for example, do you require them both to have a score of 600 and above?  Or is one of them enough?  We would require them both to fill out the application of course.

Thanks for the help!

  • Damien L.
  • Most Popular Reply

    User Stats

    20
    Posts
    7
    Votes
    Carson McFadden
    • Real Estate Broker
    • Carson City, NV
    7
    Votes |
    20
    Posts
    Carson McFadden
    • Real Estate Broker
    • Carson City, NV
    Replied

    I also take credit into account when screening tenants, however, a high score does not always guarantee a high quality tenant.

    I suggest creating a scoring system and using that for EVERY applicant. A strong scoring system that you use consistently can help you stay out of trouble if someone accuses you of discrimination.  

    Example: credit over 700 = 5 points, 600+=3 pts under 600/no credit= 0 pts

    Good landlord reference= 2 pts, bad landlord reference= -1 pts, no landlord reference=0 points and so on with income, personal references, etc...

    If the tenant scores a 10+ they automatically are approved.

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