Chart of Credit Scores
To develop consistency and supervisory oversight in our qualifying procedures we developed a chart to identify who an application needs to go to in the office for review. We let assistant managers approve certain applications, managers another group, senior managers another and only the broker could approve certain applications. For example, we wouldn’t let an assistant property manager approve someone with a 500 credit score, a comfort pet, a past bankruptcy, a co-signer, a quick move in, multiple pets or a recent eviction without senior staff involvement. There were things only the broker could approve in our system, usually because they had a greater chance of developing some kind of conflict. We developed this internal tool to manage the application process and make sure the better trained staff had an opportunity to approve or deny the harder applications. As you grow your staff this tool becomes more and more important to your qualifying process.