It is possible to take some of your rental payments and add them to your credit report. This is good news for those who may not have much of a credit history because they are only 18, or those who need to improve their credit score because of some bad financial mistakes in the past. They can work with their landlord and have their on-time rental payments get added to the credit reports, which can do wonders for raising their scores.
Compared to paying your bills on time and lowering the amount of debt that shows up on your report, rent payments don’t have as big of an impact, but it can do something. Only 1 percent of reports will take rental payments into consideration, which is why a lot of renters do not go through the process at all. It does take some time and doesn’t have as big of an impact as some other options, but it can work to your advantage.
But this shouldn’t deter you from reporting your rent to get your credit score up if you need an added boost. Your rent payment is a big payment that you have to make each month. Why not take advantage of that and show you are paying it off on time. Plus, on-time payments are always a good thing when it comes to your credit score. In fact, your payment history accounts for 35% of your credit score at any given time. If you do not have many other payments to show on your account, then adding the rental payments can make a difference.
Improving your credit report is always important. Lenders want to know that you pay your bills off on time and that you are good with payments to determine your risk. A stellar record of paying things on time, including your rental payment, can make you look like less of a risk and can help you financially in the future. The longer you can make payments on time, the better it looks on y our report.
When you are in the market for a new apartment, come check out some of our downtown Long Beach apartments. This is the perfect location for you to call your new home, giving you a ton of space, good amenities, and an area that others will be jealous of. Apartments in this area do not come around that often, but our units are calling your name and ready for you to make them all your own. Come and check out some of our available units to see if they are right for you.