Establishing Credit While Renting an Oviedo Home

Establishing credit is an essential part 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. Several Oviedo landlords will look at your credit before agreeing to rent to you. It shows that as a renter, you need to have something to offer them. Thankfully, you can do a lot to establish and build your credit while renting a home in Oviedo. Using a few basic techniques, you can build a credit history that will help you acquire what you truly desire.

Pay Your Rent on Time

In years past, your rental payments wouldn’t be a lot of help in establishing credit. But thanks to some new services, you can now arrange to have your on-time rental payments reported to the credit bureaus. For instance, upon request, Experian will add your rent payments to your standard credit report. You can build a good credit history over the years by recording a positive rental payment history like this. This could be one of your best choices for renters who want to establish their credit. Just be sure to inform your landlord and the credit bureaus to verify 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 someone to offer you a loan. It 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. A secured credit card will demand that you make a down payment to the card, which then turns into your credit limit. The required deposit is usually pretty low, often just a few hundred dollars, but it can increase according to your status. Using the card will allow 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 simple method 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 mindful not to charge more to your card than you can afford to quickly pay back. Guaranteeing that you pay the minimum amount regularly can help you establish a good credit score. Another useful idea may be to rent to own appliances if you need a washer and dryer or refrigerator.

As a renter, you must have a credit history. Building a good credit score is much better. By using the guidelines recommended above, you can establish credit while renting a home. In this instance, you can assure that you are ready to handle whatever the future may cause. Don’t forget to contact Real Property Management Vanguard to find your next home to rent. Contact us online or call us at 407-681-7802 right away.