Will you let people rent the house with this credit score?

[shawnusa]

What is the name of your state (only U.S. law)? Mass

I just did credit check for two people and come back with the following score. Do you think that is risk to rent to them? Thanks!!!

Score Models

Credit Score: 598
Key Factors affecting the score:
-Derogatory public record or collection filed
-Time since delinquency is too recent or unknown
-Number of accounts with delinquency
-Lack of recent revolving account information

Credit Score: 565
Key Factors affecting the score:
-Serious delinquency, public record or collection
-Time since delinquency is too recent or unknown
-Number of accounts with delinquency
-High balance owed on revolving accounts

 

[Just Blue]

What is the name of your state (only U.S. law)? Mass

I just did credit check for two people and come back with the following score. Do you think that is risk to rent to them? Thanks!!!

Score Models

Credit Score: 598
Key Factors affecting the score:
-Derogatory public record or collection filed
-Time since delinquency is too recent or unknown
-Number of accounts with delinquency
-Lack of recent revolving account information

Credit Score: 565
Key Factors affecting the score:
-Serious delinquency, public record or collection
-Time since delinquency is too recent or unknown
-Number of accounts with delinquency
-High balance owed on revolving accounts

What has the potential tenants current LL said pertaining to their rental payments? Do they have a good payment history with him/her?

 

[jgold]

NO WAY. They obviously don't pay their bills, would makes you think they would pay the rent?

 

[shawnusa]

What has the potential tenants current LL said pertaining to their rental payments? Do they have a good payment history with him/her?

The current LL said them paid, but some time late.

 

[Just Blue]

The current LL said them paid, but some time late.

Then I would deny the application...

 

[jgold]

If I was trying to rent my place for over 3 months and I am desperate to get it rented maybe I would.

If I have cash to spare and don't mind waiting for the right tenants I would not.


I was desperate to rent my place last year and I rented to these 2 of a credit score a lot better than your guys. Now, they are late every single month, I have to send them a 3 day notice to pay or quit almost every single month and call them at work and late at night to get them to pay. It is very stressful, every month I have to go through that. I will not renew their contract at the end of this year.

 

[atomizer]

Current LL may be lying in order to get "paying" renters in his rental. Ask the LL before the current one about applicants ability to pay. I'd rather have an empty rental than one with bad tenants.

 

[You Are Guilty]

Funny. When I was on the Board of Directors of my co-op, we had a couple looking to purchase a unit who had scores within 10 points of those. We denied their application. They hired a lawyer. It didn't end well... (for them).

I vote thumbs-down also

 

[Who's Liable?]

Deny...

Bankruptcy and chronic late bill payers...

Save yourself the headache...

 

[shawnusa]

I am kind of new and this is my first time to be a landlord. I meet with the couple and the two young kids. They looks nice and easy to talk to. They said they know their credit is not that good, otherwise, they would go and buy a house. They have been rent for 2+ years and said never missed a payment.

Is that ok to rent to them with lease month to month, then change to year to year if they pay the rent on time?

This is a signal house. I like this type of family which is with 2 kids. Not have too much kids. On applicant have 5 kids.

Thanks all for your inputs!!!

 

[Andy0192]

In my opinion, you should either join a local landlord association, or hire a competent property managment company.

Any money you think you're saving now is going to be dwarfed by the amount of money you're going to lose the first time you run into a problem tenant. Landlording is a business, and a difficult one at that.

There are people out there who will take advantage of uninformed Landlords every day of the week. Don't become their victim.

 

[disneykid52]

somewhere down the road everything will be based on a credit score. then we will have LOTS of homeless people, LOTS of jobless people, etc. nice huh?

 

[atomizer]

somewhere down the road everything will be based on a credit score. then we will have LOTS of homeless people, LOTS of jobless people, etc. nice huh?

So what are you saying? That the homeless, those with the inability to pay their bills, those that refuse to make good on contracts be given the opportunity to take other people down with them?

If you have bad credit, then you work on fixing your credit score. An applicant can ask to pay first and last and a deposit (If state law allows.) I think if a landlord knows that he can evict and recover all losses, he may agree to rent to them at least on a month to month basis.

 

[jgold]

What is the big difference between month to month or yearly? In both cases if they stop paying you have to evict them.

 

[atomizer]

In most states, you don't need a reason to terminate a month to month tenant. You just give them their 15 or 30 day notice or whatever notice your lease has and they have to leave or you evict.

This is helpful in cases where you really don't have a good enough reason to legally evict.