Peter Decaprio: Understanding Your FICO Score
Most landlords want to know how they can predict if an applicant will skip out on their lease explains Peter Decaprio. Unfortunately, there are no magical numbers that determine someone’s trustworthiness; however, there is a way to predict who is more likely to default. It all depends on your credit score. Here is how to understand Your FICO Score: Landlords may use someone’s credit history as an indicator of whether or not they will fail to pay their rent. If someone has paid bills late in the past, they may do so again (on your property) leaving you stuck with an empty house and a serious financial loss. Before you can make any judgment on an applicant’s credit history, however, it is important that you understand what all those numbers mean on your credit report. That number range from 300 to 850 is critical for landlords trying to predict if an applicant will follow through with their payments or leave them hanging dry. There are three major components of a FICO score: payment history, amounts… Read More »Peter Decaprio: Understanding Your FICO Score