Credit score standards - Landlord Forum thread 335295

Credit score standards by Robert on May 21, 2015 @09:42

In the past I have always held out for 720 or higher applicants.
Just wondering what others think about renting to someone with scores in the 640s to 670s
I have had good luck by avoiding the applicants with less than a B credit report card.

Just looking for opinions...

[ Reply ] [ Return to forum ]

Re: Credit score standards by Anonymous on May 21, 2015 @10:17	[ Reply ]

There used to be a poster here who used to say in regard to this, "Lower your price, not your standards." Are you having difficulty finding applicants with a higher credit score? If so, you need to look at why they are going to other rentals and not yours. Is your price in line with others? Do you have features or amenities that make yours more desirable? While you shouldn't lower your standards, you also need to take the numbers into consideration. Average credit score in the country is in the mid to high 600s. You may want to look into what the average is for your area and see if you may be shooting way too high.

Re: Credit score standards by Anonymous on May 21, 2015 @10:52	[ Reply ]

The average FICO score in the U.S. today is about 687 according to two sources. I consider people from 640 on up. I am doing a showing for a family, the husband and wife this weekend. They have 680 and 640 scores. Transunion says a 600 to 700 credit score is a "D". They say 700 and above is a "C". I also have two applications in house, one with a 615 (He claimed 645) and another one with a 720. It has taken a LONG time to find a 720 person very interested.

Re: Credit score standards by MrDan (Georgia) on May 21, 2015 @15:50	[ Reply ]

Too many landlords confuse the different credit scores (There are 49 FICO scoring models) Different Credit Agency’s use different formulas and scoring ranges to calculate credit scores. Some use scores created by FICO. (FICO is a registered Trademark) Others use VantageScore, developed by credit rating bureaus Experian, Equifax and TransUnion. Others compute scores by working with a single credit bureau. FICO and TransUnion’s New Account Score ranges from 300 to 850; Vantage from 501 to 990; Equifax’s is between 280 and 850 and Experian’s is 330 to 830. (TransUnion, Vantage, Equifax and Experian use their consumer version for your credit score, but it's not your FICO score) “There is no one real score. It’s not like the SATs.” Christine DiGangi… Credit.com

Re: Credit score standards