Building credit history with rental payments
#1
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Building credit history with rental payments
Hi, I have received SSN number now so was just wondering if I should provide my SSN to the apartment complex managers so my rental payments would build some credit history for me. Good idea? Or is it even possible? Should I provide SSN to my electricity and gas companies as well?
#2
Re: Building credit history with rental payments
It is highly unlikely that your apartment manager reports your rent payments to any of the credit scoring bureaux. I wouldn't even bother asking about it as they probably won't even understand what you're asking for.
#3
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Joined: Dec 2010
Posts: 168
Re: Building credit history with rental payments
yeah, I don't think rent payments would have any impact on your credit score, unless you stopped making them and were referred to a collection agency.
Credit scores seem to work by rewarding debt. Get some no-fee credit cards, use them - don't go nuts, pay them off each month, and just keep doing it. It takes time, but once you get a good credit score, lots of things swing in your favor. That said, don't do anything to harm your credit, bouncing a check, missing payments - once something negative actually gets reported on your credit, it can take a big chunk out of it, and take a long time before it disappears.
-Matt
Credit scores seem to work by rewarding debt. Get some no-fee credit cards, use them - don't go nuts, pay them off each month, and just keep doing it. It takes time, but once you get a good credit score, lots of things swing in your favor. That said, don't do anything to harm your credit, bouncing a check, missing payments - once something negative actually gets reported on your credit, it can take a big chunk out of it, and take a long time before it disappears.
-Matt
#5
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#6
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Re: Building credit history with rental payments
But utility bills are like credit because you pay them after you consume them. They should be reported. And I don't see much of a point saving your SSN from utility companies while you give your SSN to pretty much everyone i.e. banks, car dealers and what not. I have been talking to a few car dealers and I know I am going to buy it from one dealer only but I will have to apply for credit approval from 5 different dealers.
#7
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Re: Building credit history with rental payments
But utility bills are like credit because you pay them after you consume them. They should be reported. And I don't see much of a point saving your SSN from utility companies while you give your SSN to pretty much everyone i.e. banks, car dealers and what not. I have been talking to a few car dealers and I know I am going to buy it from one dealer only but I will have to apply for credit approval from 5 different dealers.
#8
Re: Building credit history with rental payments
The credit agencies are private businesses that are "in it" to make money. They collect data from sources of their choosing, and sell it to banks and other providers of credit and services. It isn't fair, it isn't particularly objective, and it certainly doesn't work how you think it "should".
#9
Re: Building credit history with rental payments
And I don't see much of a point saving your SSN from utility companies while you give your SSN to pretty much everyone i.e. banks, car dealers and what not. I have been talking to a few car dealers and I know I am going to buy it from one dealer only but I will have to apply for credit approval from 5 different dealers.
Applying for too much credit all at once can actually hurt your credit, not help it.
Rene
#10
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Re: Building credit history with rental payments
Our gas payments do show up on our credit records, but our phone and electricity does not. I would consider getting a secured credit card from Capital One to build up your credit history. And definitely don't apply for credit from car dealers if you know you are not going to be purchasing a car from them.
#11
Re: Building credit history with rental payments
Our gas payments do show up on our credit records, but our phone and electricity does not. I would consider getting a secured credit card from Capital One to build up your credit history. And definitely don't apply for credit from car dealers if you know you are not going to be purchasing a car from them.
Then again, if you live in Texas, the fair credit laws provide that you can take them to court and get the debt cancelled if you can prove they are in violation. Meh. IANAL.
#12
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Re: Building credit history with rental payments
However, they are unlike credit cards and loans, because the agencies don't report to the credit bureaus unless you make no payments or late payments.
Why do you need to apply for credit approval from 5 different dealers, if you already know which one you're going to buy from? That makes no sense to me.
Applying for too much credit all at once can actually hurt your credit, not help it.
Rene
Why do you need to apply for credit approval from 5 different dealers, if you already know which one you're going to buy from? That makes no sense to me.
Applying for too much credit all at once can actually hurt your credit, not help it.
Rene
#13
Re: Building credit history with rental payments
Something about this does not pass the smell test (as in, I think e3 is getting taken). Anyone? Am I wrong?
#14
Re: Building credit history with rental payments
I walked into my Hyundai dealer, choose the car I wanted, test drove it, and then we discussed price. I refused to take it for any amount over $xxxx which he after haggling a little and removing destination charges, etc., etc. got me my car at the price I wanted. In fact he never asked me what I was putting down on the car.
#15
Re: Building credit history with rental payments
Step back, take a deep breath, and listen to the replies you will be getting.