Prospective tenants FICO scores : ezLandlordForms

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Jodi M

started a topic almost 4 years ago

Looking for some feedback and insight… I have a rental property that I’ve rented for many years and typically have been able to find renters with good credit, income and Sally’s FICO scores. I’m just in the process of screening a new couple and had them run application separately. Phico scores are coming back 550 and 600 the lowest that I’ve ever rented two. They also went through a bankruptcy about 1 to 2 years ago… Easy landlord is showing that there and “A” great tenant, but I’m a bit nervous with such low FICO scores etc. Does anyone have any detail/thoughts they can share please. Thank you.

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Kevin K

said almost 4 years ago

Hi Jodi, In these type of cases, I like to ask for extra security deposit and/or a co-signer. They could pre-pay for several months rent as well. But overall I would also try to find better scoring tenants. Sometimes it takes time to find the right tenant but that time is usually worth it I the end.

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Benita N

said almost 4 years ago

I have minimum rental requirements IN WRITING for all prospective tenants. The scenario you provided they wouldn't have made it to the application stage after reviewing our WRITTEN requirements. Might be helpful in the future to provide your minimum written requirements ahead of time to save yourself, the prospect time and money. I use tenantreports.com for screening process and sometimes their SCORECARD will pass a prospect that income on application does not match paystubs provided. Please feel free to visit my website for a copy of my rental requirements. I am a 20 year veteran real estate agent and property manager. www.normaninvestments.com Good luck!

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APCentralProperties P

said over 3 years ago

Hi Jodi! Pre-screen first on phone...( seems like we are headed toward text pre-screen) and ask tenant 4 questions, 1) have you ever been evicted, 2)what is your credit score, 3) do you have any criminal records 4) where are you currently renting You will know a tremendous amount about the party with these answers.... If the go forward, You will find out a great deal more with the formal application. Any false information is grounds for immediate denial

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Suzann R

said over 3 years ago

Our policy is, If their past rental History is good we rent to then, and have no issues. We dont always take their word for who their past landlord was, as they will give names of friends ect. We do a record search on who owned the home they last lived in, and than reached verified the info that way. Sometimes things happen with their credit, but they always make sure that their rent is paid.

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Holly D

said over 3 years ago

To be honest I never use the FICO score as a basis for renting because people can work their butts off and still have to rely on credit cards, car loans, student loans, etc and those all have an effect on the score no matter if you pay on time all the time. I would do a background check, have them provide proof of income and speak with the current landlord, and 1. find out why they are moving. 2 How long they have been at their job or jobs. 3 Rent on a month-to-month basis compared to a lease. Month to month all you have to do is give them notice to move with no explanation as to why. 4 Drive by their current residence if it is a home and see what it looks like on the exterior. Yes, some landlords don't care what the property looks like. 5. You can let them know you will be doing an unscheduled drop-in sometime before making a decision to discuss any questions you may have and to see the current living conditions. You can't always judge a book by its cover. The worst titles become the best books. I have several rental properties and I have been in the same situation as many tenants in my younger years.

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Kenneth H

said over 3 years ago

Thank you, Rose B. I have a tenant on a month to month lease and she has become a problem. Has sneaked a a dog in the apartment withoout notice. ( No pets without owners permission). So, shall I serve her with a correct or vacate or just give her a thirty day mnotice to move

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Westromgroup C

said about 3 years ago

Jodi! Honestly, I never see FICO scores. But you can use extra security features if you want to proceed further with the couple. Firstly, You can keep an eye on their credit score. This is the best thing instead of getting nervous.