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Building credit history with rental payments

Building credit history with rental payments

Old Jan 14th 2014, 4:47 pm
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Default 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?
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Old Jan 14th 2014, 4:55 pm
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Default 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.
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Old Jan 14th 2014, 5:04 pm
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Default 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.
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Old Jan 14th 2014, 5:08 pm
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Default Re: Building credit history with rental payments

Originally Posted by e3geek View Post
Should I provide SSN to my electricity and gas companies as well?
It's not necessary, no. In my opinion, the fewer people/agencies that have your SSN, the less likely it is to be abused.

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Old Jan 14th 2014, 5:20 pm
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Default Re: Building credit history with rental payments

Originally Posted by Noorah101 View Post
It's not necessary, no. In my opinion, the fewer people/agencies that have your SSN, the less likely it is to be abused.

Rene
+1
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Old Jan 14th 2014, 5:20 pm
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Default 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.
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Old Jan 14th 2014, 5:33 pm
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Default Re: Building credit history with rental payments

Originally Posted by e3geek View Post
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.
I asked this question of the phone company when I arrived in the US. They said they don't report bill payments to the credit reporting agencies.
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Old Jan 14th 2014, 6:09 pm
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Default Re: Building credit history with rental payments

Originally Posted by e3geek View Post
But utility bills are like credit because you pay them after you consume them. They should be reported. .....
You're going to find America a painful and frustrating place if you keep thinking about what "should" happen.

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".
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Old Jan 14th 2014, 6:13 pm
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Default Re: Building credit history with rental payments

Originally Posted by e3geek View Post
But utility bills are like credit because you pay them after you consume them.
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.

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.
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.

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Old Jan 14th 2014, 7:08 pm
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Default 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.
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Old Jan 14th 2014, 7:27 pm
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Default Re: Building credit history with rental payments

Originally Posted by NatashaB View Post
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.
I agree, but after a short stint of temporary work with a slightly shady credit repair lawyer, I warn people off doing ANY business whatsoever with Capital One. As soon as you start to have trouble, they let the dogs off the leash and don't give two hoots about creditor protection laws.

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.
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Old Jan 14th 2014, 7:28 pm
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Default Re: Building credit history with rental payments

Originally Posted by Noorah101 View Post
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
Their point is I need to apply so they can estimate what deal I can get. They won't be able to estimate my plan until I apply. So I am applying for Toyota/Honda and Nissan so get the best offer. Nissan has a 0% finance deal on two cars going at the moment.
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Old Jan 14th 2014, 7:30 pm
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Default Re: Building credit history with rental payments

Originally Posted by e3geek View Post
Their point is I need to apply so they can estimate what deal I can get. They won't be able to estimate my plan until I apply.
Something about this does not pass the smell test (as in, I think e3 is getting taken). Anyone? Am I wrong?
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Old Jan 14th 2014, 7:35 pm
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Default Re: Building credit history with rental payments

Originally Posted by e3geek View Post
Their point is I need to apply so they can estimate what deal I can get. They won't be able to estimate my plan until I apply. So I am applying for Toyota/Honda and Nissan so get the best offer. Nissan has a 0% finance deal on two cars going at the moment.
that is a lot of horse sh** ... The deal on the car has nothing to do with your credit rating. The loan percentage on the car does have to do with your credit rating. I'm sure it is the same in the UK as here.

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.
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Old Jan 14th 2014, 7:36 pm
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Default Re: Building credit history with rental payments

Originally Posted by Speedwell View Post
Something about this does not pass the smell test (as in, I think e3 is getting taken). Anyone? Am I wrong?
I think he is young, in a foreign country, has no credit rating, and needs to find a car FAST and is willing to be lead around.

Step back, take a deep breath, and listen to the replies you will be getting.
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