The credit score is important, but not the only factor relative to approval. Credit score is a factor in receiving approval to rent, along with setting the security deposit requirement. Scores in the following ranges can expect the following if approved to rent:
Guarantors are eligible to help increase your credit score average if needed. Qualified guarantor’s credit score must be a minimum of 675. Group applications, including guarantor applications, are evaluated based on the average of the credit score.
For example: Applicant Credit Score = 500 + Guarantor Credit Score = 700, Average Credit Score = 600 used to determine both security deposit and approval to rent.
Credit history must show that the resident has paid bills on time and does not have a history of debt write-offs or accounts that have gone into collection. Residency may be denied due to poor credit history. If you have any open collections greater than two accounts and a combined $1,000 in aggregate outstanding debt, this is an automatic denial unless we receive proof of payment.
We must receive a government issued form of identification from all applicants. This can include driver’s license, passport, birth certificate, social security card and other government identification documents. In addition, we will audit social media, residential history and other public record searches to confirm information listed in application is true and correct. If the application contains any information that intentionally misconstrued or fabricated statements is subject to automatic denial of the application.
Approval is subject to confirmation of monthly gross income from an unbiased source showing at least three (3) times the monthly income to the monthly rent. Additional occupants’ income may be combined to meet this requirement. Verifiable sources must always include a minimum of two statements such as pay stubs, payroll reports, bank statements, 1099 statements or other legally valid documentation showing proof of income. If the applicant is newly hired but has not received a current paystub yet, a written letter of hire and signed by employer detailing wage/salary, position and start date is required along with past two months bank statements.
All applicants are eligible for guarantors to increase verifiable gross income. Guarantor must have a minimum of 675 credit score and submit the same proof of income requirements.
*If you do not show proof of income or fail to meet the income requirement your application will be denied.
Applicants are responsible for providing information including the names, addresses and phone numbers of Landlords with dates of tenancy for the previous two years. Mortgage payment history will be considered if you owned rather than rented your previous residence during the past two years. In addition, there can be no history of evictions or damage to previous residences. Finally, the application will be scored based on other disparaging information such as late payments, insufficient notice to vacate, complaints, NSF fees and damage to property upon move out.
We require verifiable employment history for at least the past two years. You must be a permanent employee (not temporary or probationary). If you are self-employed, retired, or not employed, we can accept such documents as signed tax returns, bank statements, etc. that provide proof of applicant’s ability to pay the rent. If military, we need a current copy of your LES. If you are active-duty military, you must be on an assignment that, to the best of your knowledge, will allow you to complete an initial 12-month lease. Applicant’s employment history should reflect at a minimum of 6 months with your current employer. Transfers or relocations must have correspondence showing an accepted job offer. Any verification fees required by the employer must be paid by the applicant.
The following guidelines apply:
If your application is denied due to unfavorable information received on your screening report, you may contact McLean Company to discuss your application and assist with correcting any untrue information.
HOW YOU CAN IMPROVE YOUR RENTAL SCORE:
Your rental score results from information found in your credit report, criminal history, references, and application data. Such information may include your history of paying bills and rent, the accounts you have, collections and delinquencies, income and debt. Your rental score may change if the underlying information it is based upon changes. To improve your score, concentrate on paying your bills on time, paying down outstanding balances, and removing incorrect information. Your chances of approval may also improve if you apply for an apartment with lower monthly rent, or use a guarantor or co-signer if permitted by Management
