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thanks! How about student loan collection? Someone says it is huge deal some days it is not. By the way, this person has around 5k balance in bank account
Student loans are very easily garnished so of all collection issues student loans are the second worst problem, taxes being the worst.
Just got an application. The rent is $1600. Tenant shows $8000 as pretax monthly income. The credit score is 646 according to tenantbackgroundsearch.com. What concerns me is that the tenant has 10k student loan (national collegiate trust) in collection and 7-8 medical bill collections with amount of several thousands. And the tenant also has about 190k active student loan. Any suggestions on whether I can rent to this person or not?
Thanks a lot
If you have to ask that question, you are NOT qualified to be a landlord/investor. The guy is in debt up to his eyeballs. You are either joking, or trolling.
Medical collections don't matter to me at all, I ignore them as if they didn't even exist on the report at all.
But student loans in collection show me that the person isn't a good money manager, because almost all student loans will go into forbearance/deferment if you just call up and ask for it. You still are charged interest, but at least you aren't messing up your credit also. Not doing that shows me that you just don't care.
My criteria on credit are more lax than some. I figure if you had perfect credit, you'd likely be buying a house. I'm looking for 1. No landlord collections, 2. No utility collections, and 3. More good credit than bad overall, and any bad to be older than the good.
So it is possible for someone to have some collections, for medical or student loans, or whatever that isn't a landlord or a utility, but have enough recent good credit for me to overlook a few negative items.
Medical collections don't matter to me at all, I ignore them as if they didn't even exist on the report at all.
But student loans in collection show me that the person isn't a good money manager, because almost all student loans will go into forbearance/deferment if you just call up and ask for it. You still are charged interest, but at least you aren't messing up your credit also. Not doing that shows me that you just don't care.
My criteria on credit are more lax than some. I figure if you had perfect credit, you'd likely be buying a house. I'm looking for 1. No landlord collections, 2. No utility collections, and 3. More good credit than bad overall, and any bad to be older than the good.
So it is possible for someone to have some collections, for medical or student loans, or whatever that isn't a landlord or a utility, but have enough recent good credit for me to overlook a few negative items.
Thank you for the suggestion. So will you be worried about the big amount of the sactive tudent loan(190k)? What does that mean in terms of the monthly payment, if he is paying any?
If you have to ask that question, you are NOT qualified to be a landlord/investor. The guy is in debt up to his eyeballs. You are either joking, or trolling.
I wish I could get normal tenant and do not have to deal with this!
I use tenantbackgroundsearch.com and it always gives a recommendation on your selected criteria. Did it say to pass on them? Did they recommend a co-signer or higher deposit amount? What was their delinquency rate on the analysis?
I use tenantbackgroundsearch.com and it always gives a recommendation on your selected criteria. Did it say to pass on them? Did they recommend a co-signer or higher deposit amount? What was their delinquency rate on the analysis?
The recommendation is that they meet the credit requirements that my husband set (although I don't know what he used as the requirements). It suggested to review the criminal history- that is another thing we were trying to figure out. Is the criminal record including traffic violations? How do we know exactly what it is?
The delinquency rate is 31%.
Thank you for the reply. We are new landlord and still learning. Thank you all!
The recommendation is that they meet the credit requirements that my husband set (although I don't know what he used as the requirements). It suggested to review the criminal history- that is another thing we were trying to figure out. Is the criminal record including traffic violations? How do we know exactly what it is?
The delinquency rate is 31%.
Thank you for the reply. We are new landlord and still learning. Thank you all!
31% delinquency is too high IMO. Odds are it'll take all of three months until they stiff ya.
Criminal is at the bottom of the last page of the report. It typically doesn't deal with any court cases other than criminal which will include serious traffic citations (DUI, DWLS etc.).
31% delinquency is too high IMO. Odds are it'll take all of three months to stiff ya.
Criminal is at the bottom of the last page of the report.
Thanks Tommy! So what is a reasonable delinquency rate?
As for the criminal record, I do see there is one. But I can't see the details. Do you know how to get details?
I wish I could get normal tenant and do not have to deal with this!
How does someone have this: "the tenant also has about 190k active student loan" ???
You could wait for a good tenant for years based on this guy's massive debt, and you won't get one cent that way either.
Give a worthy homeless person this apt. and sleep well at night. ! After all the hurricanes, fires, etc. etc. there are many people who will be glad to pay you back when they get on their feet. And.... you will feel good about what you've done for another human being who may be a mom with a child.
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). It suggested to review the criminal history- that is another thing we were trying to figure out. Is the criminal record including traffic violations? How do we know exactly what it is?
