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Establishing Credit While Renting a Kennewick Home

Spring Hill Couple Paying Their Rent OnlineEstablishing credit is a significant part of our daily life in today’s economy. A positive credit score (with a history behind it) will help you get credit cards, auto loans, mortgages, and more. Some Kennewick landlords will inspect your credit first before agreeing to rent to you. It shows that as a renter, you are required to prove something to them. Fortunately, there are several ways to establish and build your credit while renting a home in Kennewick. By implementing a few easy procedures, you can build a credit history that will enable you to get the things you want.

Pay Your Rent on Time

In years past, your rental payments wouldn’t be a lot of help in establishing credit. But thanks to modern technologies, you can have your on-time rental payments reported to the credit bureaus. For instance, Experian will add your rent payments to your standard credit report upon request. By recording a positive rental payment history like this, you can construct a good credit history over time. For renters who want to establish their credit, this could be one of the best suggestions. Just remember to verify with your landlord and the credit bureaus to make sure that your payments are reported each month.

Apply for a Secured Credit Card

If you have no credit history, it will not be easy to persuade anybody to grant you a loan. It includes credit card companies. One way to evade that is to obtain a secured credit card. A secured credit card is a type of credit card that uses your own money to guarantee your purchases. Most often, a secured credit card will require you to pay a cash deposit to the card, which becomes your credit limit. The required deposit is regularly low, sometimes only several hundred dollars, but can be raised based on your situation. Using the card will permit you to make monthly payments. These on-time payments are then reported to the credit bureaus, helping you establish a credit history.

Apply for Store Credit

Another useful way to establish credit while renting a home is to apply for lines of credit from stores or other retail organizations. These types of cards can be easier to qualify for than regular credit cards and can sometimes even offer a few perks. The best strategy to establish credit using store cards is to make relatively small purchases and then pay them off with on-time monthly payments. Avoid purchasing more from your card than you can afford to quickly pay back. Ensuring that you settle the minimum amount due per month will help you achieve a good credit score. Another good idea may be to rent to own appliances if you need a washer and dryer or refrigerator.

As a renter, you must have a credit history. Building a good credit score is a lot better. By executing those guidelines given above, you can establish credit while renting a home. Therefore, you can assure that whatever the future may bring, you are ready to handle it. Be sure to contact Real Property Management Tri-Cities to find your next home to rent. Contact us online or call us at 509-572-5440 today.

We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.