Originally posted by @Rob K.:
Originally posted by @J Scott:
I've found that site to be less than worthless (at least in my area). Rentlinx is a great site.
As far as the PM rejecting applicants, I've found that many of them rely on a credit score, which doesn't always tell the entire story. I had a PM in the past and they had a minimum credit score which disqualified a lot of good tenants. I actually prefer people with bad credit, but a good rental history. The tenants with good credit will just buy something and move.
Credit scores are truly bizarre, actually, and I Don't even think most PMs/LandLords even really understand them. For example when we get a report to provide to a PM, there are like 40 (yes, 40), different models of credit scores we can choose to provide. The most common is FICO Classic 04, but others use FICO Classic 08, and then of course the proprietary ones used by the bureaus (TU has VantageScore, for example). Because the models are so different, the exact same stats can produce wild fluctuations in the score depending on the model.
What's more important is to look at the report, too, even though it takes more time:
- Any recent bankruptcies, collection items (and a lot of people are more forgiving of medical related debt)?
- Are bills typically paid on time?
- how many open credit accounts, what type, for how long?
This is part of what the credit score is trying to do for you, but let's say you have a $50 collection item from Verizon - it will ding you for this, even if all your other bills are paid. So it's best to look over the whole thing to get the full picture.
