Can I add rental history to my credit report?

Are you looking at a low credit score and wondering how you can improve it? Perhaps you are being denied credit because your credit history is limited. Either way, you probably would want to do what you can to boost your credit rating and score as much as possible.

This has probably got you thinking whether or not you can weave in your rental history to your credit score. So, if you are asking the question “Can I add rental history to my credit report?” the answer is yes.

Well, actually, you would not be the person adding it to your credit score. When you ask “Can I add rental history to my credit report?” it would actually be the landlord that adds the rental payment history to the credit score.

That means you would have to ask them to do this for you. Don’t worry. It is not a difficult process at all. Your landlord could probably do it in a few minutes.

When you wonder if you can add rental history to your credit report, you are probably wondering why the landlord did not do it in the first place. Generally, landlords will not report anything to a credit agency unless you have a lease or other agreement and default on it.

This is for two reasons, 1) it costs them money to report and 2) they often work with a skeleton staff therefore have not the time to make regular reports.

When you are simply making your ‘standard’ payments of your rent, there is generally no reporting made to the credit agency. This can prove to be a negative of sorts to those that do pay their rent on time. Their record of honest and timely payments is omitted which is certainly not helpful to a credit report.

Again, this is not a problem. If you are wondering “Can I add rental history to my credit report,” all you need to do is ask your landlord to furnish a letter detailing the timely payments to the credit bureau. A simple, basic letter that conveys this info is all that is needed.

The letter should also include a payment history as well. Perhaps you could even type the info up and have the landlord sign it and then send it out in the mail. Yes, it is pretty much a simple process and it certainly can be helpful.

You should always send copies to the bureaus not originals.

Side note: Bureaus are not required to add information you send to them and if they oblige, you may be charged a fee. No free lunch.

If you have been paying your rent on time for five years, it would definitely not hurt to have such info made available. Anything that reflects a positive payment history is one that should be reflected on a credit score.

And when it comes to rental, this does mean anything you rent. It need not just be a house or apartment. Do you rent storage or garage space? If you do and you have been making timely payments, it would not hurt to have the info reported on a credit score. Again, when the info helps, why not have it added to the mix?…

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Finding money to pay off debt without suffering for It

Let’s face it. All the good, even great, advice for getting out of debt is worthless without the money for doing so. In this article we shall explore two ways for finding money to pay of debt.

There are basically two ways of finding money to pay off debt. One is using the money you already have or make. The other is making extra money. Which of the two is easier or better?

Well, none of the two ways can be said to be easy. Sorry, but anyone who promises that they will get you out of debt without any effort most likely does not have your best interests at heart. And each individual’s case is different. You can choose either way, and you can also do both.

But as most successful people and companies (including fortune 500 companies) will tell you, it is easier to save a buck than to make a buck. So first in the order of things is to see if you can cut down on some of your expenses. I know this may not be what you want to hear but read on.

The good thing is that you can cut down on expenses without necessarily cutting out some of the things that you love. Getting out of debt needs not be punishment.

You need to sit down with a pen and paper in hand. Make a list of all your expenses. If you know how to use a spreadsheet such as Microsoft Excel, use one. You don’t have to do this for the rest of your life, just the first couple of months. This is important in order to know where your money really goes.

Next, ask yourself what in that list is a “must have” in order to be happy. It is tempting to check everything, so you might need to list these things in order of importance from the greatest to the least.

What you are going to do is keep the things you “must have” but cut down mercilessly on everything else. If you enjoy your Starbucks coffee several times a day, you will keep that. But if you also live alone and don’t watch that much TV, you might have to downgrade your cable or satellite TV plan.

Alternatively, you can cut down on most things on your list, but leave a little bit of your “must haves”. For example, instead of having four cups of the Starbucks coffee you can scale it down to one or two. You still get something you like but also save some money.

Done right, the above method could help find money to off debt without punishing yourself for it.

However there are times when expenses have been cut to the bone but the money is still not enough. In this case you need to generate some extra cash.

We are going to steal a chapter from Angela Logan, a woman who almost lost her home but came up with a brilliant idea that did more than just save it. What did she do?

Angela took an old family recipe for a cake and turned it into a commercial venture. She aptly called it the “Mortgage Apple Cake”. This not only saved her home, it has virtually altered the cause of her life and in a positive way.

You can find extra money to pay off debt using what you already have and/or know. This includes your skills, talents and hobbies.

We shall look at a few ideas of making extra money to get out of debt in a future article. Keep looking at this blog.…

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