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Updated over 6 years ago on . Most recent reply

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Cerelia Bennett
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Votes |
5
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Clean credit / low credit score question

Cerelia Bennett
Posted

Hi everyone,

I'd love some feedback on my scenario.  I have an applicant with the following scenario:

1.  Income 4x the monthly rent.  

2.  Credit history is flawless - mortgages paid off, solid history of paying credit cards with no late payments, no late charge-offs, nothing negative at all.  But, his credit score is 616.  I'm assuming it's due to the amount of owed on cards/open credit.  Total monthly payments are high (including car loan of $830), but come to 50% of his take-home.

3.  Passed the background check with zero issues.

4.  Work history is very solid, references are solid, prior 5yr rental history is solid with a monthly rent the same as I'm charging.  Previous apartment complexes confirmed rent was never late.

5.  Tenant presents very well - very clean, very well dressed.

Even though everything else checks out, I'm hung up on the 616 credit score.  Can I ask for some feedback on what others would do in the same situation?

Thanks so much for your thoughts!

Most Popular Reply

User Stats

891
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701
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Christopher Brainard
  • Rental Property Investor
  • Rockwall, TX
701
Votes |
891
Posts
Christopher Brainard
  • Rental Property Investor
  • Rockwall, TX
Replied

Hi @Cerelia Bennett and welcome to BP!

Unless this is a Prime Class A property, most renters have lower credit scores than buyers, I wouldn't find this particularly alarming. 

Generally speaking, most landlords look for a score over 600.

-Christopher

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