rentings effect on credit?

[preferredduck]

you can rent and it can help. pay by check and keep records. i am a loan officer and lenders do look at rental history. the proof is the check. aslo most landlords keep books as well. start by getting a small loan from your local bank, or go get a credit card somewhere easy like maybe a sears card, gas card etc. only charge small amounts, something you could pay off at one time but keep a balance on it. pay on it for 3mos. and it starts reporting as an open trade line. do not exceed 50% of the approved amount (ex $1000 limit) do not charge over $500. i would keep it lower than that 50% myself. that greatly hits your credit score. some lenders want to see three open trade lines for 6mos to 1yr or a 2yr rental history. some are less strict than others. depending on where you buy you could get a gov't loan that is designed for 1st time homebuyers. this loan would not apply in atlanta, athens, gnett, parts of hall county as well. do not miss a payment and don't charge a bunch of stuff my friend. hope this helps.

[preferredduck]

you can rent and it can help. pay by check and keep records. i am a loan officer and lenders do look at rental history. the proof is the check. aslo most landlords keep books as well. start by getting a small loan from your local bank, or go get a credit card somewhere easy like maybe a sears card, gas card etc. only charge small amounts, something you could pay off at one time but keep a balance on it. pay on it for 3mos. and it starts reporting as an open trade line. do not exceed 50% of the approved amount (ex $1000 limit) do not charge over $500. i would keep it lower than that 50% myself. that greatly hits your credit score. some lenders want to see three open trade lines for 6mos to 1yr or a 2yr rental history. some are less strict than others. depending on where you buy you could get a gov't loan that is designed for 1st time homebuyers. this loan would not apply in atlanta, athens, gnett, parts of hall county as well. do not miss a payment and don't charge a bunch of stuff my friend. hope this helps.

[sk8er602]

jJust be careful its very easy to screw up your credit(like i did) over a $500 limit card. One late payment and interest goes nuts. Like it was stated it will take 7 years to fix if you do. Hope you do better then i did

[preferredduck]

jJust be careful its very easy to screw up your credit(like i did) over a $500 limit card. One late payment and interest goes nuts. Like it was stated it will take 7 years to fix if you do. Hope you do better then i did

ggod point. read the fine print. best buy tried that with me. 40 for one day late as a charge. and i did electronic debt. damn weekends. they do not report until at least 15 to 30 days late. but they will jack the rate to 30% sometimes.

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[preferredduck]

jJust be careful its very easy to screw up your credit(like i did) over a $500 limit card. One late payment and interest goes nuts. Like it was stated it will take 7 years to fix if you do. Hope you do better then i did

credit takes less than 7 years to clean up, that only applies to bankruptcy. and even in a year or less you can get your credit going. bankruptcy is a cheap way out for some. but some ppl really have to(divorces for example). i had a 450 beacon 3 yrs ago. by reducing my debt to income ratio and making all payments early and more than minimum on cc's i now can buy whatever i want. my score was close to 700 a little over a year ago. the low score was due to an ex-wife of mine. thats why i used the example. i was cosigned on her car and a loan which was late 60% of the time and i mean 4-5 months late. so you really can clean up your credit quit easily. it just take patience. and as stated earlier renting does not boost your score. lenders giving home loans look at rental history as well. sometimes morer than you think.

[keevo54]

you can rent and it can help. pay by check and keep records. i am a loan officer and lenders do look at rental history. the proof is the check. aslo most landlords keep books as well. start by getting a small loan from your local bank, or go get a credit card somewhere easy like maybe a sears card, gas card etc. only charge small amounts, something you could pay off at one time but keep a balance on it. pay on it for 3mos. and it starts reporting as an open trade line. do not exceed 50% of the approved amount (ex $1000 limit) do not charge over $500. i would keep it lower than that 50% myself. that greatly hits your credit score. some lenders want to see three open trade lines for 6mos to 1yr or a 2yr rental history. some are less strict than others. depending on where you buy you could get a gov't loan that is designed for 1st time homebuyers. this loan would not apply in atlanta, athens, gnett, parts of hall county as well. do not miss a payment and don't charge a bunch of stuff my friend. hope this helps.

+1