General Credit Topics

[MarineVietVet]

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webhopper wrote:

There is a company called Churchill mortgage who will write loans for people with non-traditional credit, like utility bills, cell phone bills, rent.

Also, some companies are popping up now, EX has started to include rent as reported.  I signed one of my tenants up for this as she is credit challenged (due to medical issues when she was un insured), but always pays her rent on time. You may ask your landlord if they would consider doing this?  It cost me $49 and I used RentKharma

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This is true but rental history is still not part of the scoring formulas. Perhaps someday it will be.

[webhopper]

I do hope it will be... as a landlord, I would love to see rental history reported on my tenant screening credit reports that I order. Also, I've had some great tenants in the past, these are younger people and families, and I as a landlord would love to be able to help them build positive history in exchange for them giving me what I need, which is my cash on time. I have wiggle room in my budget just in case one or both tenants decide to stop renting at the same time. I could float that mortgage without their rent... but... it would be very tight. I like to reward good behavior. 

So far I have been very lucky with the tenants that I have selected.  I did inherit some tenants when I bought the place that ran into problems and eventually I discussed with them the fact that maybe they should move on and try to find a cheaper place while they were going through their financial problems.  I was able to work with them and we both won in the end, because i got to get new renters who paid more in rent and were timely and they got to move without fear of reprisal from me as far as their lease agreement was concerned.  Literally my new renter lived there for 2 yrs and he would pay the rent on the 25th when it wasn't due til the 5th.

[pizzadude]

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Anji wrote:

As I understand it, mortgages don't actually affect your score either... some banks don't even report it.  (mine doesn't).

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If your mortgage is on your credit reports then it will be included in FICO scoring.    Rental TLs are currently excluded from FICO scoring.