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Does your FICO Score increase by renting?

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FicoPower
Regular Contributor

Does your FICO Score increase by renting?

I never seen or heard anyone ask this question before.  Does your credit score improve if you always make rent payments on time (including an apartment?)  I would never rent a house, my dad rented a house when I was 12 years old and at the end of the lease we just had to get up and leave since the owner wanted to sell the house.  Having that uncertainty doesn't feel comfortable.  Also, I just recently purchased a new car, and even though my FICO score is always around 710, a lot of banks rejected my loan due to some 5 year old health bills that I didn't pay on time.  So I really do not think the score really matters since they only look at the DQs.
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2 REPLIES 2
llecs
Moderator Emeritus

Re: Does your FICO Score increase by renting?

I'd check with other lenders. Inquiries pulled within a 14 or 30 day period for mortgages only ding your score for one single inquiry rather than getting dinged for each. Most lenders will overlook the medical. YMMV.

Landlords typically don't report. I've seen this question many a time, but nobody has responded that their landlord reports. And it isn't necessary to have a mortgage reporting to get a high score. I'm 35ish and still rent a home.

You are right, the FICO score certainly isn't the only qualifier.
Message 2 of 3
Anonymous
Not applicable

Re: Does your PICO Score increase by renting?

(( I would never rent a house, my dad rented a house when I was 12 years old and at the end of the lease we just had to get up and leave since the owner wanted to sell the house))

 

that's a risk that you run. I have had friends who have rented houses for over 20 years.

Luck of the draw I guess, depending on what type of owner you get and if the owner passes away and the kids can't wait to cash out the estate. LOL.

 

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