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Updated about 6 years ago,
Minimum Credit Scores
Hello everyone,
I am set to close on my first rental property on Monday (fingers crossed it all goes well but it is conventional financing and not a short sale or foreclosure so there shouldn't be any surprises). The house is a side by side duplex in West Warwick, RI. I figured I would get a head start on figuring out tenant screening and that is where I am in need of advice.
What do people (especially in RI, MA, and CT) set as minimum credit score for applicants? I understand that there are varying opinions on if minimum scores should be set, and I also know that just the credit score is hardly the whole picture. But I am looking to see if anyone has good/bad experience with setting a minimum score in this area. Will 650 be too high and leave me with too few applicants? Thanks for all the knowledge everyone brings together on here.