What are your credit qualifications?

At Qwest Property Management, we understand that even good folks can have credit issues at one point or another. And, with this in mind, we have developed a scoring model that can allow prospective residents with a less than perfect credit score to still have the ability to qualify for one of our rentals. 

Below is our application credit scoring model along with the details for the Risk Mitigation Administrative Fee:

Risk Mitigation Administrative Fee:

To help expand approval opportunities for applicants whose credit history reflects higher risk, Qwest Property Management, LLC offers a Risk Mitigation Administrative Fee option. This fee offsets increased financial exposure and allows approval for applicants who might otherwise be denied. It has been shown through both statistical and historical analysis that an applicant's overall credit rating directly correlates to the risk and likelihood of default and unpaid rent. Applicant(s) with a lower overall credit rating correlates significantly with higher risk and liability. The risk a housing provider takes with an applicant with poor credit is similar to a bank charging a higher interest rate to a borrower with unfavorable credit based on the higher risk for default. In an effort to mitigate that risk and allow applicants with a less than perfect credit ratings to still gain approval for their chosen property. We have implemented a scoring model that allows applicants to pay a monthly fee to offset the increased risk and exposure that comes with approving applicants with a less than reasonable (not excellent) credit ratings. The following scoring model is based upon the applicant(s) credit score(s) and will be used to determine the applicant(s) monthly Risk Mitigation Administrative Fee. These charges are uniformly applied based solely on the objective criteria described here and is not determined by any applicant’s membership in a protected class. This fee is not a penalty and is offered to expand approval pathways for applicants who might otherwise be denied.

Credit Score          Risk Mitigation Administrative Fee

650+                         $0.00

620-649                  $25.00/mo

600-619                  $35.00/mo

550-599                  $45.00/mo

500-549                  $75.00/mo

<500                         Automatic Decline or a Co-Signer would be required.

** For multiple applicants who are applying together for a rental unit, the scores are then averaged and rounded up to the nearest whole number. This average credit score will be used for the purpose of determining the monthly Risk Mitigation administrative fee using the scoring model above.

**If an applicant's credit score is returned with no score, then a default score of 500 will be used for the purposes of determining the Risk Mitigation Administrative Fee.

** In the event that a Co-Signer is required to make up for either the Applicant(s) lack of qualifying credit or qualifying income, the Risk Mitigation Administrative monthly fee will automatically default to the highest monthly charge amount stated above.

You can see all of our application qualifications here What is your rental criteria?