Listen: Yes, You Need A Credit Report AND A Credit Score To Rent An Apartment!
"When I hosted my open house for one of my rentals last fall. The demand was overwhelming over. Fifty parties showed up and by the end end of the day. I had twenty applications on dining table each application contained at least one bank statement and earnings statement a letter of reference sometimes a resume and of course their our latest credit score. My asking price was three thousand three hundred dollars. which in retrospect was probably two hundred a month to low given the amount of demand I received I felt too to guilty raising the price after the advertisement so I let it be hoping someone would offer more instead I was offered free meals and back massages instead? Curiously enough the good thing about so much demand is that got to be more picky because nothing is worse than having a problem. Tenant who always complains makes a lot of noise and is always late on rent. Thank goodness goodness. I haven't had one of these types of problem tenants yet and I don't ever plan to have one. If I maintain a disciplined approach to screening with so many applications on the very first day guess switch document. I looked at first to screen the credit score report. Of course you need an actual credit score to be considered about seven of the twenty applicants and had a credit report no actual credit score. I was flummoxed wondering whether the report was missing a page it turns out that the applicants used a service that provides. It's one credit history important for fraud and false reports but no actual score by which to judge. Thanks to the comments on the post who should check their credit scores. I finally realized what these reports were. At the time I thought providing a credit report with no credit score was very fishy and frankly annoying as a result. I put those seven applicants against in the bottom group. Don't they want to know what their credit score is. At least I kept thinking to myself. I then separated the rest of the applications between those who had over a seven twenty credit. It'd score good enough for me and those who did not. The Best Group contained nine applicants all with credit scores above seven twenty the Middle Group for applicants with credit scores between between six eight thousand seven nineteen and the bottom group had seven applicants with good incomes but no credit scores just reports after spending several minutes sorting out. The applications is by credit score. I then looked at income assets occupation and any letters of references from the best group I with nine applications in the best group with credit scores over seven seven twenty the other eleven applications really had little chance unfortunately landlord's perspective if there are nine applicants with seven sixty credit scores eighty eighty thousand dollars in liquid assets who will make over one hundred and fifty thousand dollars in income. Why would anybody choose? Another applicant with six eighty credit score with the same income and assets. Sure the applicant with a six eighty credit. Score might be really thoughtful and Nice but so were the other applicants. You can't risk going with a lower credit score applicant. Unless that's all you've got one of the applicants was a third-year cardiologists. Who made three hundred? Twenty thousand a year. Unfortunately he only had a six seventy five credit score because he whiffed on his medical school payments. No thank you buddy. I don't care how much you make. If you don't pay your bills. The credit score is a window into one's just like how employers screen the first cut of applicants based based on grades landlords. Do the same with credit scores if you're one of those job applicants who purposefully omits their GPA on a resume like the seven applicants who included a report right but had no score. You're going to be"