Fixing Your Credit Can Be as Easy as Paying Rent Online

A low credit score can be bad for many reasons, and it might seem impossible to give it a boost. But what if we told you that increasing your credit score could be as easy as paying rent online? In fact, according to one study, 79 percent of renters who reported their online rent payments to credit bureaus saw an increase in their credit.

If your score is falling below the national average, learn why you should start paying your monthly rent online. Doing so will ensure your payments are reported, provide credit bureaus with the information they are looking for, and give you even bigger gains if you pay with a credit card.

Tracking and Reporting Your Payments

Your method of paying rent matters. Handing a check on time each month is fantastic, but there isn’t a way for credit bureaus to track your payment history.

“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.”

Lucky for you, Summerwood Apartments offers an online rental payment system that reports information to the credit bureaus. This ensures that the credit bureaus receive a record of your on-time rental payments, which contributes to your good credit. In order to opt in for the credit reporting, follow these steps:

Provides Credit Bureaus with What They Are Looking For

Twenty-five percent of millennials don’t know what a credit score is. So what actually goes into a credit score? Each credit bureau takes different aspects into accounts. Experian, for example, determines credit scores through the following elements :

As you pay rent online and report those payments, your payment history will build. Credit bureaus love to see a history of timely rent payments made in full. As you develop a positive payment history, it becomes part of your credit score.

Get Bigger Gains with Credit Card Payments

Want to boost your credit score even more? Pay with a credit card.

“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. Some people prefer not to pay with a credit card, and that is okay. But when it comes to improving your credit score, a credit card is the way to go.

If your credit score is looking a little sad, give it a boost! Try paying rent online through our resident portal so your payments will be reported to the credit bureau and watch your credit grow!