I just got an email from an apartment owner/manager I had written to earlier. I am surprised that she has such detailed requirements for credit scores of prospective renters. (e:Paul), I am posting this for you. She wrote to tell me that I would need to provide her with a credit score report and included these specs in her email:
Here's how the deposit works based on your credit score:
Credit Score Below 500 - Deposit is $475 + $475 1st month = total is $950 to move in
Credit Score 500-600 - Deposit is $325 + $475 1st month = total is $800 to move in
Credit Score 600-700 - Deposit is $175 + $475 1st month = total is $650 to move in
Credit Score Above 700 - Deposit is $0 + $475 1st month = total is $475 to move in
I think, with the kind of rotten luck you have had with your renters, its time you set some of these rules in place as well.
Hell, for Paul he should do deposit plus the first month plus the last month.
Well there are a couple ideas on why people do this. The one is so that if people don't pay there bills you know about that right away. But see to me that seems odd because you would think that you would pay your rent and let the other things go not the other way around but it does set up a pattern of behavior. There is some other thing about credit cards being bad because you can buy more then you can pay back and you pay them instead of the rent or something............