Credit reports and score

General question to everyone: What is your approach to credit scores? Do you have a certain number that you simply won't go lower than, does it depend on if they have collections? Do you factor in time it's been since? What do you use to qualify or disqualify a tenant?

I own a variety of properties ...

I own a variety of properties at various levels of income, so I really can't stick to a 'bottom number,' per say. When it comes to collections, I tend to shy away. There are a few exceptions to that, but you have to be careful with exceptions. If you start bending the rules around, someone will claim bias because you didn't rent to them specifically. You might have ahd a very good reason not to, but if you don't have set rules, then how do you prove it?

I'll second the set rules idea...

I'll second the set rules idea that RedTorino had. I actually go as far as to list my requirements and keep them on file for each property. It may be a bit extreme, but I can always go back to that if someone thinks I've treated them unfairly.

I tend to look at the score fi...

I tend to look at the score first, then see the reasoning behind the score.........if they have a short sale or a foreclosure (I'm in Arizona, that is common here), I tend to overlook the score a little more.  If they have a low score because of excessive debt, tardy credit card payments, etc.....then I go by the score.  The score to me is just a guideline and you really need to look more into the credit report.

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