Establishing credit is a vital aspect of living in today’s economy. A positive credit score (with a history behind it) will help you get credit cards, auto loans, mortgages, and more. Numerous Lake Wales landlords will verify your credit before agreeing to rent to you. It indicates that as a renter, you need to have something to show them. Luckily there are several things you can do to establish and build your credit while renting a home in Lake Wales. By taking a couple of basic techniques, you can build a credit history that will enable you to acquire the things you deeply desire.
Pay Your Rent on Time
Over the past few years, your rental payments would not benefit when establishing credit. But kudos to some new technologies, you can now organize your on-time rental payments and get it reported to the credit bureaus. For instance, Experian will add your rent payments to your standard credit report upon request. By recording a positive rental payment history in this way, you can develop a good credit history over time. For renters who need to establish their credit, this might be one of your best choices. Just make sure to communicate with your landlord and the credit bureaus to guarantee that your payments are reported each month.
Apply for a Secured Credit Card
If you don’t have a credit history, it will be difficult to persuade anyone to offer you a loan. That includes credit card companies. One way to avoid that is to have a secured credit card. A secured credit card is a type of credit card that uses your own money to guarantee your purchases. In most instances, a secured credit card will ask you to make an initial deposit to the card, which then becomes your credit limit. The required deposit is often minimal, sometimes just a few hundred bucks, but it can increase according to your situation. Using the card will help you to make monthly payments. These on-time payments are then reported to the credit bureaus, helping you establish a credit history.
Apply for Store Credit
Another potential strategy to establish credit while renting a home is to apply for lines of credit from shops or other retail companies. These types of cards can be easier to qualify for than regular credit cards and can sometimes even offer a few perks. The best strategy to establish credit using store cards is to make relatively small purchases and then pay them off with on-time monthly payments. Just be cautious not to spend more on your card than you can afford to quickly payback. Ensuring that you settle the minimum amount due monthly can help you establish a good credit score. Another practical idea may be to rent to own appliances if you want a washer and dryer or refrigerator.
As a renter, it is better to have a credit history. Building a good credit score is much better. By utilizing the procedures illustrated above, you can establish credit while renting a home. In this manner, you can help ensure that you are prepared to face whatever the future may bring. Feel free to communicate with Real Property Management Lakeside to find your next home to rent. Contact us online or contact us at 863-302-8752 now.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.