Generally, a credit report will include your credit score and is an objective way for a landlord to determine whether to accept or reject your application for housing. A credit score, even though it does not tell the whole story, provides the landlord with information into the applicant's financial history. As a landlord, or property management company acting on behalf of a landlord, we review your credit history to understand how you manage your finances, specifically your credit, and whether you pay your bills on time, late, in full, or have balances due and outstanding. Your credit score and history is ultimately but one of several factors, which we will discuss in subsequent posts, that goes into the decision of whether to accept your application. As such, understanding how your credit score works and what information is on your credit score should be a top priority for students seeking to apply for housing for the upcoming 2017 - 2018 school year. Check out our properties available here. There are several free methods of requesting your credit score, such as Credit Sesame, that allow you to review your credit for free and without an inquiry. Other free sites are available as well. One major factor, accounting for 35% of your credit score, is your payment history. In other words, do you pay your bills on time? If you pay your bills on time, even if you carry a balance, your credit score is likely going to increase over time. The more late payments and delinquent accounts, the lower your credit score. Credit Sesame will show you what your payment history is, so you could see how you pay your bills. Another key credit score factor is your credit utilization. Your credit utilization accounts for 30% of your credit score. How much credit do you have outstanding relative to your total credit available? The higher your balances, the higher your utilization rate, the lower your credit score. Credit Sesame will show you what your total credit available is and what your total outstanding balance is. So, if you don't know your credit score, what are you waiting for? Sign up for Credit Sesame today! Do you know what your credit score is?
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Author#LSHR is a blog about off-campus student housing, financial education, networking, travel and helping you build your career. Archives
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