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Establishing Credit While Renting a Highland Village Home

Highland Village Couple Paying Their Rent Online Establishing credit is a significant share 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. A lot of Highland Village landlords will check your credit before agreeing to rent to you. This means that as a renter, you need to have something to show them. The good news is that there is a lot you can do to establish and build your credit while renting a home in Highland Village. By using a few simple strategies, you can build a credit history that will help you get the things you want out of life.

Pay Your Rent on Time

In years past, your rental payments wouldn’t be much help in establishing credit. However, all credits to modern applications, you can now arrange to have your on-time rental payments reported to the credit bureaus. For instance, Experian will include your rent payments in your standard credit report upon request. By recording a positive rental payment history in this way, you can create a good credit history over time. For renters who want to establish their credit, this could be one of your best decisions. Just be sure to validate with your landlord and the credit bureaus to guarantee that your payments are reported each month.

Apply for a Secured Credit Card

If you have no credit history, it won’t be easy to persuade anyone to give you a loan. This includes credit card companies. One way to get around that is to get a secured credit card. A secured credit card is a type of credit card that uses your own money to guarantee your purchases. For the most part, a secured credit card will probably ask you to make a down payment to the card, which then becomes your credit limit. The required deposit is often very low, sometimes just a few hundred dollars, but can be higher depending on your circumstances. Using the card will let you make monthly payments. These on-time payments are then reported to the credit bureaus, helping you establish a credit history.

Apply for Store Credit

One more feasible way to establish credit while renting a home is to apply for lines of credit from stores or other retail establishments. 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 charge more to your card than you can afford to quickly payback. Making sure that you pay the minimum amount due every month can help you create a good credit score. One more decent idea may be to rent to own appliances if you need a washer and dryer or refrigerator.

As a renter, you need to have a credit history. Building a good credit score is even better. By using the tactics outlined above, you can establish credit while renting a home. In such situations, you can help guarantee that whatever the future may bring, you are ready to meet it. Be sure to contact Real Property Management Lakeview to find your next home to rent. Contact us online or call us at 940-323-0505 today.

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