tenant application with BAD credit- but good everything else

[Tammy Skeath]

Hello BP family, I have a unit that has had several applicants but all have shown red flags. The last application has everything going for it except their credit score is bad (430). She recently went through a bad divorce and I guess no one paid for their mortgage or auto loan...? that's her excuse. From Cozy, I can see that she was on time with all her payments until last year around the same time for all accounts. These are the pros in her application:
- Teacher with 6 years at same job.
- makes almost 3x rent.
- Can put down 1st, last and deposit as well as a pet fee to move in.
-has good references from school
What do you guys think? yea or nay?

[Kenneth Garrett]

@Tammy Skeath

I use a scoring system that addresses the following categories. Each category is assigned a maximum score. Some have a flat score and some are weighted. A few examples: credit 650 or greater 20/20, 600-649 15/20, 590-599 10/20 (requires 2 month security deposit) Income 3x the rent 20/20, 2.5 x the rent 15/20, DTI 38%-45% 10/15, 37% or less 15/15 and so on. Maximum score 100. Score of 80-100 = Approved, 70%-79% conditional approval requires 2 months security deposit. I run everyone through this calculation.

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