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Being part of a military family (husband) and prior service myself, DO NOT DO IT. If his pay is good and he is military and is getting a paycheck every 2wks, there is NO reason for such a low FICA score
Being part of a military family (husband) and prior service myself, DO NOT DO IT. If his pay is good and he is military and is getting a paycheck every 2wks, there is NO reason for such a low FICA score
I think that is a very unfair assumption. There is no way for you to know what this man has been through in his past that may have caused his score to go down. Just because people get paid every two weeks NOW does not mean they always have, or that life has always been smooth sailing.
I think it matters more what SPECIFIC things are on the report and if he can explain them. We are human beings not walking numbers!
Agree with last post. Maybe he lost his job, credit got wrecked and he joined the service. What is late? Why? Is it medical? Repo cars? Look at it this way, you've got 4 months up front either way. Also with military you can get a hold of his command fairly easy I he stops paying.
All that said is it still a risk? Yes. But so might the next one and the next one. Use your gut feeling after talking with them.
Hope it works out.
Last edited by ColoSpgsJamie; 08-31-2010 at 07:51 AM..
Reason: Typo
Does he have any outstanding collections with utility companies that would prevent him from putting required utilites in his name? Does he have any judgments that look like they might be rental properties? Does he have a lot of small amounts at random places that might be bounced checks? Those are the three main things we look for.
If you decide to take him with the 4 months up front, here is what I would insist on. He pays 4 months now. 2 months from now, he has to start paying rent, so he always has 2 months in reserve. So today, he pays September, October, November and December. Then in November, he pays January, in December, he pays February, and so on. That way, you will have time to get through the eviction if he stops paying.
It takes effort to get a score that low. In 9 years I've only seen a couple in the 400s. Even a recent bankruptcy usually puts you in the 500+ range.
Also, people say how easy it is to collect against military personnel, but I have had the opposite experience. We've had two military tenants flake out and leave us with large expenses, and despite repeated attempts to notify both them, their CO, and the JAG on their base, we've had NO luck in collecting anything.
Does he have any outstanding collections with utility companies that would prevent him from putting required utilites in his name? Does he have any judgments that look like they might be rental properties? Does he have a lot of small amounts at random places that might be bounced checks? Those are the three main things we look for.
If you decide to take him with the 4 months up front, here is what I would insist on. He pays 4 months now. 2 months from now, he has to start paying rent, so he always has 2 months in reserve. So today, he pays September, October, November and December. Then in November, he pays January, in December, he pays February, and so on. That way, you will have time to get through the eviction if he stops paying.
It takes effort to get a score that low. In 9 years I've only seen a couple in the 400s. Even a recent bankruptcy usually puts you in the 500+ range.
Also, people say how easy it is to collect against military personnel, but I have had the opposite experience. We've had two military tenants flake out and leave us with large expenses, and despite repeated attempts to notify both them, their CO, and the JAG on their base, we've had NO luck in collecting anything.
As a former Army soldier and someone who bounced a check once when young, the CO and NCOIC can only put heat on the soldier. They CAN NOT make that soldier pay their bills or even punish that soldier for not paying their bills, they allow civilian courts to handle that. I remember that speach vividly when my NCOIC got a letter in the mail about me. I quickly paid that bad check because it was an embarassment, but him the First Sergeant and the CO all stated they can not make me pay but encourage I do pay. If I have to miss work for any civilian nonsense then that would not bode well for me.
Good lord, that is a horrible score..... Keep in mind many states have extra laws about evicting and terminating military personnel on top of normal rules, which can make it even more risky to rent to military. Without knowing WHY his scores are so low, it's impossible to say.
I smell trouble. Would it be hard to find a renter with a better credit score? Probably not. Hold off on this guy unless you are trying to rent a dump.
he default prett much most his accounts somehow. and many colelctions are utility, even one on his wachovia saving account back to 2006 or time around that with overdraft.
i will do 2 month security deposit, one month for his first month, then one month for his last month if i will go forward with him.
called his landlord now and they have rented to him in two places, the first place he was good, on time but the current one, he is late for his aug but promised to pay sep.1 for both his aug and sep rent to wrap up his current lease..
I probably will decline and pass... can not afford drama...
I am telling myself: 90% of the tenant problem can be eliminated at screening...." I need stick to the rule.
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