FICO Score : Tenant Screening

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JamieL

Post subject: FICO Score

Posted: Fri Jan 08, 2010 10:11 am

Joined: Mon Nov 23, 2009 7:53 pm
Posts: 2

My rental is a single family home in a nice area. I need to get it rented quickly, but don't want to rent to someone who won't pay the rent. The applicant I have has a FICO score of 620. Would you rent to him?

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cobbrealtor

Post subject: Re: FICO Score

Posted: Fri Jan 08, 2010 11:25 am

Joined: Thu Jan 07, 2010 2:22 pm
Posts: 5

For a tenant I would say that 620 is an acceptable score. After all you can get a mortgage with a score over 600.
I would say that I would base my decision on if they have accounts in collections or charged off, what their explanation is and of course look into if their income supports the rent rate and what their previous landlords say.

When processing an application it is important to ask a lot off questions and look at all aspects.

Hope this helps

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Bill Gray

Post subject: Re: FICO Score

Posted: Sat Jan 09, 2010 9:30 am

Site Admin

Joined: Sun Nov 22, 2009 2:43 pm
Posts: 19

Before I could give you any advice I would need to know more details than just the FICO score. I like to see the full report. The summary section of the credit report tells me much more about the prospect than any score.

_________________
Bill Gray
The Landlord Doctor
http://www.thelandlorddoctor.com Tenant Debt and Tenant Screening Blog
Bill@thelandlorddoctor.com

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