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100% disagree credit score means nothing its all about debt to income. Credit score is only a number on how well you have managed you debt up till now. If you want to add debt without added income, as a landlord I have a right to decide if you can still manage the new expense.
My personal opinion and for reasons stated and having been both landlord and tenant over several decades.
Quote:
Originally Posted by MiamiRob
First thing that came into my mind? The father is hiding something.
Well, did you read the rest of the thread and see how different people have different perspectives?
It's nothing complicated. Personally, my income is my own business and between me and the IRS. Likewise there is no way that I would show my bank statement to anyone.
That's the weird part -- this guy was fine with the credit check, which is extremely detailed and intrusive about a whole slew of financial details -- but not with the one last little piddly bit of info.
I don't get it either. Would they expect the bank to loan them money without proof of ability to pay, and only a credit score?
I've been applying to subsidized housing for seniors, and I had to get a new letter from Social Security to prove my benefits. I also had to provide 6 months of bank statements. I didn't think it was unreasonable at all. They'll also check my credit, eviction and criminal checks.
Unless someone is a full time student, I require proof of savings and/or income with paystubs. Then I call and talk to the HR department - not the number of their "supervisor" that they give me.
I can't imagine any of these posters allowing someone to move into their homes without proof they could pay the room rent. But, there's a reason there are 31 flavors.
You are just some person who requires that people show you their bank account information. It's none of your dang business. If my credit score is over 700, you know that I pay my bills on time, every time. If I am willing to cosign for my child then I am confident that they can pay their bills on time every time, but if they can't, I am willing to step in for the sake of my credit.
I'm not going to show you my balances. I have never had a landlord ask me that, but if they had, I would have walked out and gone somewhere else. When I had to get an apartment to stay in when moving jobs, I was not asked for bank account records. I was asked for my social and how much money I made. When they got my credit score back, I was not made to provide proof of anything. I guess that's because they were a professional apartment management company.
If you are someone renting your home out, then that is your prerogative to ask whatever you wish as it is your private property. However, you would be my last resort because as a simple landlord, you are not insured or bonded to protect my privacy. It's as simple as that.
That's the weird part -- this guy was fine with the credit check, which is extremely detailed and intrusive about a whole slew of financial details -- but not with the one last little piddly bit of info.
What's up with that?
I thought I'd explained it pretty well from my viewpoint but convextech enlarged upon it!
You are just some person who requires that people show you their bank account information. It's none of your dang business. If my credit score is over 700, you know that I pay my bills on time, every time. If I am willing to cosign for my child then I am confident that they can pay their bills on time every time, but if they can't, I am willing to step in for the sake of my credit.
I'm not going to show you my balances. I have never had a landlord ask me that, but if they had, I would have walked out and gone somewhere else. When I had to get an apartment to stay in when moving jobs, I was not asked for bank account records. I was asked for my social and how much money I made. When they got my credit score back, I was not made to provide proof of anything. I guess that's because they were a professional apartment management company.
If you are someone renting your home out, then that is your prerogative to ask whatever you wish as it is your private property. However, you would be my last resort because as a simple landlord, you are not insured or bonded to protect my privacy. It's as simple as that.
You are making assumptions. I won't rent to someone who will not disclose their income. A credit score tells me nothing absolutely nothing more than you pay your bills. For all I know you have a income of 4500 bucks and a outgoing payables of 4400 bucks. Just because I'm not a big conglomerate rental company does not in any way make me less professional. In fact I take care of my tenants and rentals and I have every tenants application and information in a safe. The people that filled out applications and have personal info gets kept in boxes under lock and key to be shredded by a professional service. I take private information very seriously and I know what it means to give it out therefore I am almost fanatical to protect it.. I understand its private info but in order for me to see you as a potential tenant I want to make sure that my property is protected also. Like I said before you have the right to say no but it's a two way street.
Try getting a house loan from a bank and tell them you don't want to disclose your income and to simply go by your credit score. See how far into the loan process it gets you. There is no difference between a ll protecting their investment or the bank protecting the loan they are about to give you. DTI ratio is needed to see if you can afford the house payment. Weather it's a rental or a buy makes no difference because its still protecting a investment.
I am willing to bet you that if you had a rental to protect you will want to see a DTI ratio. Not just a credit score.
Go live in someone else's shoes before you discount them as pitiful losers/simple landlords. Try to get a conglomerate to lose. To you when you had a bad week at work kid is sick and your wife lost her job and you are gonna be short a few hundred. I'm sure they will be kind hearted and work something out and not slap a late payment on top.
1. I won't rent to someone who will not disclose their income.
2. Try getting a house loan from a bank and tell them you don't want to disclose your income and to simply go by your credit score. See how far into the loan process it gets you. There is no difference between a ll protecting their investment or the bank protecting the loan they are about to give you.
3. I am willing to bet you that if you had a rental to protect you will want to see a DTI ratio. Not just a credit score.
1. Then you wouldn't rent to me. I have NEVER in decades of renting both residential and commercial properties been asked for proof of income. Not once.
2. Totally different scenarios and I disagree with your analogy.
3. As well as being a tenant I've also been a landlord several times over and never once has it even crossed my mind to ask for proof of income. I've verified employment a few times. I've never been "stiffed" on rent, either.
Obviously the way you conduct your business works for you, so all is well!
You are making assumptions. I won't rent to someone who will not disclose their income. A credit score tells me nothing absolutely nothing more than you pay your bills. For all I know you have a income of 4500 bucks and a outgoing payables of 4400 bucks. Just because I'm not a big conglomerate rental company does not in any way make me less professional. In fact I take care of my tenants and rentals and I have every tenants application and information in a safe. The people that filled out applications and have personal info gets kept in boxes under lock and key to be shredded by a professional service. I take private information very seriously and I know what it means to give it out therefore I am almost fanatical to protect it.. I understand its private info but in order for me to see you as a potential tenant I want to make sure that my property is protected also. Like I said before you have the right to say no but it's a two way street.
And that is absolutely your right.
Quote:
Originally Posted by Electrician4you
Try getting a house loan from a bank and tell them you don't want to disclose your income and to simply go by your credit score. See how far into the loan process it gets you. There is no difference between a ll protecting their investment or the bank protecting the loan they are about to give you. DTI ratio is needed to see if you can afford the house payment. Weather it's a rental or a buy makes no difference because its still protecting a investment.
I am willing to bet you that if you had a rental to protect you will want to see a DTI ratio. Not just a credit score.
Again, you are not a bank.
Quote:
Originally Posted by Electrician4you
Go live in someone else's shoes before you discount them as pitiful losers/simple landlords.
Your words, not mine.
Quote:
Originally Posted by Electrician4you
Try to get a conglomerate to lose. To you when you had a bad week at work kid is sick and your wife lost her job and you are gonna be short a few hundred. I'm sure they will be kind hearted and work something out and not slap a late payment on top.
*shrugs*
Not sure why you have gotten so defensive, but whatever. You asked why I won't disclose my bank account balances and I told you.
To the people stating they never had to prove income. it is because the rental company didn't need it. Where you worked came up in the background check. They verified your income already. You gave them permission when you signed the application.
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Because you are not a bank.
