rentings effect on credit?

[bluuuurr]

quick question.. i'm a college student and considering ways to start building decent credit. right now, I commute to school which is about a 45 minute drive. I was wondering if I rented a house near the campus, how much would that help me build my credit score?

[quickdodge®]

quick question.. i'm a college student and considering ways to start building decent credit. right now, I commute to school which is about a 45 minute drive. I was wondering if I rented a house near the campus, how much would that help me build my credit score?

Depends on whether or not the owner reports or not. If you are renting from a realtor, then more than likely, yes. If it's just a private home owner, then you might be out of luck. Unfortunately, I am in the latter scenario. Later, QD.

[Extrememustang]

Ok NO renting does not affect credit ONLY affects credit if you skip out and owe money. So like cell phones apartments dont report good payers only if you break your contract and owe money..

[quickdodge®]

He's not talking about apartments. He's talking about renting a house. Realtors report rental and mortgaged homes. And some apartments do report good renting history to creditors. Mine have. I do nkow that some only report if you have bad history. Later, QD.

[gobraves00]

but to build your credit, i dont see it helping any if they do report it to the bureaus.
credit deals with how you handle your money and your possesions, you arent paying on something you own.a mortgage you are stuck with for thirty years, renter you can walk away any time, no obligation to the long term.

get a credit card, pull it out once a month and buy a pack of gum, mail off the payment on time every month for the that dollar you spen and that would help you alot more. discover card usually pretty easy to get if you new to debt.

i had to get a credit card for my wife to help her with her credit, hers was bad though, it required me to put a couple hundred bucks into the account before she could use it, kinda sucked cause all we were doing was using our own money but also paying interest on all purchases, but after about a year she finally was able to get a regular credit card.

credit is a bitch, just remember u mess it up, u gota wait 7 years for it to drop off.start off slow

[JennB]

Far more likely that they don't. Personally, I have never seen a rental history reported on a credit report and I used to pull at least 10 reports every day for customers when I worked in car finance.

Get a credit card, just one, and be very responsible with it.

[quickdodge®]

Personally, I have never seen a rental history reported on a credit report and I used to pull at least 10 reports every day for customers when I worked in car finance.

Wow. That's crazy shit. I've seen all kinds of rental reports on credit. Later, QD.

[JennB]

I didn't in any of the time I worked at two dealerships when I was in college. I have definitely seen collections from unpaid rent/evictions but I have never seen a positive rent report on a credit history.

[Extrememustang]

Yea I have lived in around 10 apts and never saw it on my credit. Now MAYBE a house or so, but when you goto a apt complex they are not going to report UNLESS you skip out and owe them $$$$$$$$$!!!!!

[BlueHatch]

cell phones and leases of houses or apartments will only effect you negatively. get a secured credit card from your bank. and pay your utilities early. check out clark howards website. not sure what it is maybe clarkhoward.com? he is the man

[Extrememustang]

cell phones and leases of houses or apartments will only effect you negatively. get a secured credit card from your bank.

EXCATLY!!!!!!!! Shame though, why it only effects in a bad way and not a good way. Thats life.

[Dracc]

Jewerly helped me out.. i'm 19 in college... got a low 700 score but have been buying jewerly since 15..... most major jewlers report... just buy it on a payment plan and pay it on time and pay it for about 6-8 months...... dont' just pay it out in like 2 months.. my dad taught me this after his credit was jacked up after my parents got a divorce... works too... they report every month.. and a secured credit card from your bank... just dont' miss more then 3 payments

[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]

I didn't in any of the time I worked at two dealerships when I was in college. I have definitely seen collections from unpaid rent/evictions but I have never seen a positive rent report on a credit history.

correct, it is rare for a someone to report someone renting. but some places do.

[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

[disco]

Renting is not a way to build credit, if you are a disciplined person you should get one of those many credit cards that they offer to college kids, put a little on it every month and pay it off every month. After a few years you'll have great credit. Remember with credit they look at many factors, length of credit, ratio of the available balance to the balance on your accounts too. Don't have a $1000 credit card and keep a balance of over 500 on it. That will lower your credit.

[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

[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.

+1

[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.

[bluuuurr]

thanks alot guys, reps to all that replied

[preferredduck]

no problem

[Extrememustang]

My first credit card was a capital one and it was $200 limit, then I got a car loan with a co signer. I paid on them very well for a year and opened a few jewerly accounts. Lets just say in one year I got my car loan which was 18% refinaced it thru Suntrust bank and GOT the title because my credit score was so good. Well they re did it as a personal loan.