topic Re: Leasing appartment in General Credit Topics

Leasing appartment

Anonymous — Mon, 29 Jan 2018 00:10:12 GMT

I just got approved for a lease for 6 months appartment. I don’t have a credit score but I am starting it with a Capital one.

I got approved because of my job offer and also because I paid the security and down payment e.t.c.

Would having this lease help me in anyway towards building my credit score?

How does having a lease really helps you?

Re: Leasing appartment

Anonymous — Mon, 29 Jan 2018 00:34:49 GMT

wrote:
I just got approved for a lease for 6 months appartment. I don’t have a credit score but I am starting it with a Capital one.

I got approved because of my job offer and also because I paid the security and down payment e.t.c.

Would having this lease help me in anyway towards building my credit score?

How does having a lease really helps you?

It doesn't affect your credit score unless your evicted and owe them money and don't pay. Other wise it does nothing for your credit reports FICO scores.

If all is good when you leave, they would be a great reference.

Re: Leasing appartment

jefftolan — Mon, 29 Jan 2018 01:34:33 GMT

That is correct typially only evicitons or rental debt at move out are reported. There are couple of management companies out there who have begun reporting a monthly payment history or TL. Check with your leasing office they should be abe to tell you if your management company reports. I haven't seen reporting in GA but I do see it frequently in TX. It may also depend on the local laws in your area.

Re: Leasing appartment

Kree — Mon, 29 Jan 2018 14:12:12 GMT

My apartment reported as a revolving credit line. Only on one bureau though. I told them "nope" and they stopped. Not dealing with people messing with my AAoA and AoYA numbers. How would they even report utilization?

Re: Leasing appartment

Anonymous — Mon, 29 Jan 2018 17:05:40 GMT

As the others have mentioned, the lease won't help. Something one of us should do at some point is come up with a guidance for newcomers, an easy set of actionable steps for someone who has no credit history or perhaps only one credit card, and who would like to build his score to at least 760 in his first 24 months. I have done that a few times before, as a response inside the thread of some specific newcomer, but it would be nice to work up a brief little guidance that would work for pretty much anybody.

Re: Leasing appartment

SBR249 — Tue, 30 Jan 2018 02:14:41 GMT

OT but, the problem with coming up with a catch all guide is that everyone's situation is different. Different incomes, different levels of comfort with credit management, different goals, different financial circumstances. What works for one person will likely not work for another. So it may be difficult to write a one-size-fits-all guide to raising your credit score.