Credit score requirements

[Sabrina Long]

What do you normally require for a credit score? Also do you ever modify it for a particular location or property?

Our current rental is in a small town and there seems to be some discussion if we should lower the credit score requirements for the area. I chose 600 as the requirement. I want to make sure that I'm being realistic but at the same time not lowering my standards too much. We just listed the property so it's not a matter of it being on the market too long and it's not even available for move in until February. Any thoughts are guidance would be helpful thank you. 

[Shain Ismailovski]

I usually go by FICO scores and a "good" FICO score starts at 670. Per Experian, only 8% of people in this group (670-739) ever run into delinquency issues on their bills and anyone below 670 is considered subprime. so I use that as my baseline. There isn't much need to modify unless you are targeting lower income areas or subsidized housing but even then I'd be careful. Ultimately, this is to protect you as a landlord and if you lower your standards you may find yourself appealing to a lower grade of tenants and running into all the "fun" issues they bring.