Are you in need of a better credit score? A good credit score can allow you to access the best credit cards, get insurance discounts, get the lowest interest on loans, and get approved for housing rentals. Luckily, we have a quick and easy way that you can start increasing your credit starting now!
Paying your rent online can have a surprisingly positive impact on your credit score! Online rent ensures that your payments are being recorded and that they are contributing to your credit score. It can also be paid with a credit card, increasing your credit even more! Let’s take a closer look at how this works.
Ensures Your Payments Are Reported
Paying your rent online will allow your payments to be recorded and reported. “Simply paying your rent will not help you build credit,” says Bev O’Shea at NerdWallet. “But reporting your rent payments can help you build credit—especially if you are new to credit or do not have a lot of experience using it.”
At Twin Pines Apartment Homes, we offer an online rental payment system that reports information to the credit bureaus. That way, credit bureaus receive a record of your on-time rental payments, which contributes to your good credit. These online payments can be accessed through the resident portal.
Your payment history is important when it comes to how credit scores are calculated. A consistent payment that is regularly being paid on time and in full is going to look amazing on your payment history! This is just what credit bureaus like to see, and if you’re already paying your rent every month, you might as well have it contribute to a positive payment history!
Combines with Credit Card Payments for Higher Score Gains
In addition to paying online rent, a credit card can give your credit score an extra boost! “Open a credit card and use it to pay your rent . . . then pay your credit card balance in full each month,” says LaToya Irby, credit expert for The Balance. “The timely credit card payments will help boost your credit score.”
Although the benefits of online rent are impressive already, it can be even better when combined with the benefits of using a credit card!
Do we have you convinced? Online rent is a great way to quickly improve your credit. It records your payment history, reports to credit bureaus, and can be combined with the benefits of using a credit card! With these small changes of habit, you can change your regular rent payment into an easy and effective way to improve your credit score! We wish you the best on your way to improved credit!