I've been a bit frustrated for some time now. The frustration is always when I finish up a renovation and I begin looking for tenants. Too many of my people simply just have bad credit. Why is that? Is it because we are not taught about the importance of credit in school? Or is it because parents don't teach their kids the importance of credit and it becomes a cyclical issue. I'm sure it's a combination of a lot of things. I recently rented out two properties this month and out of the 12 applications I received for one of the properties, 10 applicants had scores between 500 and 596. 1 had a credit score between 600 and 620, and one had a credit score of just over 700. For the other property I received 19 applications and the results were similar.
There are some really nice people out there and I'm sure they would pay their rent, however when you have such poor credit you don't give the landlord much of a choice. Everyone with low credit seems to have story. When you have good credit you don't need a story. If you are one of those people with low credit the good news is that you can always fix your credit. Your credit will remain low if you never take action. So you can start today, or not start at all. If you start today, even though the road may not be a quick one, if you are committed I promise you that you will see a signification improvement in your credit. Not only that, once you repair it, the likely hood you will keep it in good standing will be pretty high.
Depending on how bad your credit is you may need some professional services, but for most people its really just a matter of finding out what is negatively impacting their credit and taking the steps to get those items removed or in good standing.
If you can fix you credit your quality of life will be greatly improved.
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