TOPIC: What do you do when the spouse of an applicant (with excellent credit) has NO credit score?

What do you do when the spouse of an applicant (with excellent credit) has NO credit score? 6 months 3 weeks ago #47181

Hello friends...so...what do you do when the spouse of an applicant (with excellent credit) has NO credit score? This individual has literally NEVER bought anything on credit. If we have a minimum credit score requirement for each applicant...how do I proceed?

What do you do when the spouse of an applicant (with excellent credit) has NO credit score? 6 months 3 weeks ago #47182

No credit isn’t bad credit. Use the spouses.
  • Anonymous
  • Anonymous's Avatar

What do you do when the spouse of an applicant (with excellent credit) has NO credit score? 6 months 3 weeks ago #47183

That's my feeling too. She does have assets

What do you do when the spouse of an applicant (with excellent credit) has NO credit score? 6 months 3 weeks ago #47184

Depends what your requirements are. We require all adults to qualify regardless of marital status. In Minnesota marital status is a protected class, so you can't use that in your criteria in any way
  • Jon Espy
  • Jon Espy's Avatar

What do you do when the spouse of an applicant (with excellent credit) hasWhat do you do when the spouse of an applicant (with excellent credit) has NO credit score? 6 months 3 weeks ago #47185

Joint and several liability. One spouse is basically the guarantor of the other
  • Anonymous
  • Anonymous's Avatar

What do you do when the spouse of an applicant (with excellent credit) has NO credit score? 6 months 3 weeks ago #47186

Guess it depends on management co but you could ask for a small deposit. Weird they wouldn’t just pass since they are married? It’s credit not criminal.
  • Angie Gabriel
  • Angie Gabriel's Avatar

What do you do when the spouse of an applicant (with excellent credit) has NO credit score? 6 months 3 weeks ago #47187

It is possible. Not likely but possible. If they saved and paid cash for everything they wouldn’t have a credit score. A credit score only shows how well you handle debt. Maybe they have never been in debt.
  • Adrianne Luper
  • Adrianne Luper's Avatar

What do you do when the spouse of an applicant (with excellent credit) has NO credit score? 6 months 3 weeks ago #47188

It’s also possible that they hired a company to wipe out the credit file. I know people that have done this, and it literally removed everything and they started at zero!!
How old is he? Not because age would matter, but if he is in his 30’s, 40’s, or 50’s having a zero score would be nearly impossible..
  • Sharon Mettille Robinson
  • Sharon Mettille Robinson's Avatar

What do you do when the spouse of an applicant (with excellent credit) has NO credit score? 6 months 3 weeks ago #47189

I’d do one months rent for a deposit. When or if they ask “why” I usually say “the system doesn’t tell me much but does tell me it may have something to do with credit”. I’ve never had anyone have an issue after that:)
  • Anonymous
  • Anonymous's Avatar

What do you do when the spouse of an applicant (with excellent credit) has NO credit score? 6 months 3 weeks ago #47190

That’s awesome of them! Don’t punish them for that.
What is your company policy? If there isn’t one, have you verified his employment? He did show up when you screened him?
If he checks out otherwise, there’s no need to not approve them.
Could she qualify financially alone.
  • Leah Love Orsbon
  • Leah Love Orsbon's Avatar

Multifamily Discussions

More Topics »