Credit Reporting
Dizmang Properties, particularly Broker, Paul Dizmang, is very involved with advocating for the real estate industry. One thing heavy on the legislative priorities is credit reporting for rent payments made. This would help tenants tremendously in building their credit (assuming that they pay their rent on time and in full) so that they can improve their purchasing power. We will keep you posted as this progresses.
Obviously, we advise you to use that purchasing power wisely and consider investing your money in owning a home. Improving your credit score can be a long and challenging process, but there are steps you can take to improve your credit score over time. Here are some tips for tenants trying to improve their credit score for buying a home.
Here are some simple tips for starting your credit report improvement plan now.
Pay your bills on time: Payment history is one of the most important factors that impact your credit score. Make sure you pay all your bills, including rent, utilities, and credit cards, on time.
Keep your credit card balances low: High credit card balances can negatively impact your credit score. Try to keep your credit card balances below 30% of your credit limit.
Monitor your credit report: Check your credit report regularly to ensure that there are no errors or fraudulent accounts on your credit report.
Don't open too many new credit accounts: Applying for new credit can cause a temporary drop in your credit score. Only open new credit accounts when necessary.
Build a positive credit history: If you have a limited credit history, consider opening a credit card or taking out a small loan to start building your credit history.
Consider a secured credit card: If you have poor credit or no credit, a secured credit card can help you build your credit history. You'll need to make a deposit to secure the credit card, but it can be a good way to build credit.
Seek professional help: If you're struggling with debt or have a poor credit history, consider seeking help from a credit counseling agency or a financial advisor.
Remember that improving your credit score takes time and effort. Start by taking small steps, such as paying your bills on time and monitoring your credit report, and over time, you'll see your credit score improve. Message us, we will help line you out on a path to success in buying a home.
