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I make my payments (credit cards, cell phone, car) ON TIME, using my social security number, but I think it is not quite enough. I am a 20-year-old and I did check my score and it was 740. But…I could say that I am a “greedy” person, which makes me think on how to raise my credit scores as nearly perfectly as possible.

So, could it help me to get a better credit score, if I make my monthly payments on the time, which I will definitely do.

Thank you.

3 Thoughts on Can renting an apartment help me to develop credit scores?
  1. Reply
    timothy p
    July 23, 2011 at 9:28 am

    rent usually only reports if you don’t pay. So if you pay on time it will not change your score one way or the other. If you violate the lease, then it will seriously hurt your score.

    If you look on your credit report in the score section, it will usually have a list of things that help and hurt your score. Look to these to figure out how to improve it. Keep credit card balances as low as possible, continue to pay your bills on time…

    Your score is probably at 740 because you have a short credit history. Only time will improve this.

  2. Reply
    SPIFIMAN1
    July 23, 2011 at 10:09 am

    Things like rent, utilities, cell phones and gym memberships are not considered credit so are not reported to the bureaus unless you default and they go to collections.

    So your car and credit card payments are the only things that are helping you.

    Just keep making your payments on time and keep you usage on your credit cards below 30% and you will be fine.

  3. Reply
    ManageMyScore
    July 23, 2011 at 10:28 am

    Good for you. Don’t consider yourself greedy…it’s really a matter of practicing good credit hygiene. Make sure you’re keeping a healthy credit score, so when you do need it for a purchase or something you know that you’ll be approved for the credit, and you’ll get a decent interest rate on it.

    It’s like brushing your teeth…you don’t just brush the day before you go to the dentist. You practice good hygiene and brush multiple times a day. That way, when you get to the dentist, you’re free and clear without cavities or tooth decay.

    Renting an apartment does not go on your credit report as ‘debt’. So no, that won’t help your score. (It can hurt your score if you fail to pay and the landlord puts it into collections)

    ManageMyScore can help here. ManageMyScore.com will start with your credit report and enable you to see the impact of anything you might try to do (open new accounts, pay off other debt, close accounts, transfer balances between accounts, etc). This will enable you to determine the best course of action based on your goals for your credit score. And it’s truly personalized to YOUR credit situation, which will have much different drivers than someone else’s. Especially since you’re young, and still building credit. The things that impact your score (and by how much) will be much different than a 45yo who’s had car loans, mortgages, etc.

    The online service is under $ 30, and discount code “Yahoo113025D” will take 25% off until November 30. That’s probably the best place to start and will get you the most accurate information, rather than the conjecture from a lot of individuals who can only speak from the experience on THEIR OWN credit profiles.

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