Have you been trying to rent a home or apartment recently but have been limited by your credit score? No worries! Credit can be built back over time, but it is no quick and easy task. Here are a few do’s and don’ts when it comes to rebuilding your credit score so that you can rent a home.
One of the easiest things to do to improve your credit score is to set up split payments so you can pay twice a month instead of one large sum once a month. This can help you decrease your principal balance faster while lowering your credit utilization ratio and account balances so you will be able to rent the home you’ve been wanting.
Although this next tip may not improve your credit score, it will make your life easier and prevent your credit score from diminishing quickly. Additionally, setting up autopay will keep you from stressing about missing payments while developing a steady payment history. After you have set up autopay, make sure to monitor your credit score through free credit reports to hit your target.
If you’re looking for houses to rent in the Treasure Valley but have a bad credit history, there are some things you may not know you’re doing that have hurt your score. Co-signing with people who have below perfect credit can hurt you if they cannot pay, especially when making payments on your rental home. Another mistake when trying to build a perfect credit score is closing credit card accounts. Many people believe that closing a credit card account that has late payments will improve your credit once it is paid off, however it only hurts it.
Raise the Bar
Once you have raised your credit score, renting a house or your property out through a property manager will be much less of a hassle. If you use these tips, they will help you build your credit so you no longer have to worry about not being able to rent the property of your dreams. Credit building isn’t a quick process, so staying persistent is important. If you have any questions regarding credit information or anything rental property management related, don’t hesitate to contact us!