Should I deny this application from a prospective tenant?

[Tina Nguyen]

Hi,
This is my first time screening tenant. I use mysmartmove to run credit and criminal check on this applicant. The resullt shows his credit score is less than 500, with several outstanding, unpaid credit cards and crimal report shows he was in probation 10 years ago because of carrying weapon. Should I immediate deny this applicant without running any further reference check? I haven't requested a credit and criminal check on his wife yet. Don't want them to waste more money if I am going to deny them anyway.
Any advice is very appreciated.

Tina.

[Connie Silva]

Tina,

Prior to renting any property you should set up your criteria. I will share with you what mine are and I have very few problems collecting rent and rarely have to file for an eviction and I manage 108 units. Income should be at least four times the rental amount. I do a credit check and only look for outstanding major utility bills, no eviction filings within the last 48 months, 10 year national criminal background check, no serious misdemeanors or felonies, 100 year for sex offenses. Take the time to contact the previous landlord and cross check the address listed on their application to the credit report.
You can google for companies that have all in one reports that check credit, criminal and evictions. I cannot suggest the company I use as they are only for companies with a specific amount of units.
Be very careful with the whole I will wait until I meet them approach. Discrimination is no joke and having a criteria and following it protects you from discrimination claims.

Good Luck