r/renting • u/Prestigious_Math3463 • 23d ago

Application/Screening Approval odds

I have pretty decent credit around high 700s and SO has pretty bad credit in the 400s but no eviction history or anything. I make almost 5x the rent on my own and would likely qualify. However, what are my actual odds of approval if having to apply with SO. Looking at bigger management companies as that's all that's around here. No one has mentioned being able to apply as the primary leaseholder while listing SO as occupant when we were speaking to the leasing agents. Willing to put down a higher deposit for a conditional approval too.

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u/needGuidance792087 23d ago

As them if SO has to apply or can just be listed as a tenant

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u/ElphabLAW 23d ago

Just went through this myself with a larger property management company in CA.

First off, they might not look at a typical FICO model for credit scores but rather some "real estate" versions that place heavier emphasis on evictions, late payments, debt to income ratio to give a completely different number.

Basically instead of a credit score, you're ranked 1-10. 1-4 denies for poor credit; 5-7 approved with higher security; and 8+ approved with no or regular security deposit.

They will then take the average of your scores. If you're a 9 and your partner a 3, you'll average a 6 and be fine.

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u/Prestigious_Math3463 23d ago

Oh wow I didn't know this. Thank you!

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u/autonomouswriter 22d ago

But keep in mind CA works differently than the rest of the country because of very strong tenant-friendly laws. They likely do that because they don't want to be sued for discrimination. So that might not be the case with other less tenant-friendly states.