How long does it take to get a good credit score?
Boo asked:
I was wondering how long it took to get a good credit score to rent an apartment? Like would would be the score? Thanks in advance.
Kansieo.com
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I was wondering how long it took to get a good credit score to rent an apartment? Like would would be the score? Thanks in advance.
Kansieo.com
January 11th, 2012 at 2:00 pm
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“The score” depends on the landlord. Some want MUCH higher than others. You don’t need good credit to rent an apartment, you just cannot be a complete deadbeat.
January 14th, 2012 at 4:30 pm
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“Good” is relative. If you are trying to repair bad credit, it used to be a 7-year period in which you made good credit activities (timely payments, extended some revolving and secured loan based credit).
Once you’ve bought a house and established good payment history, you will develop positive “house creditability” and the same goes for other secured loans like car loans. You can have great car credit-worthiness, but find it difficult to buy your first home, and vice-versa.
Lots of revolving credit (credit cards, store cards, etc.) can help build credit, but too many work against you, as a loan officer may need to determine a debt-to-net ration in a scenario where all of your credit lines were at 50%-75% of their capacity.
If you’re looking to buy a first home or car, consider closing some revolving credit that you may not need at the time. Check your credit with free credit reporting offered from the major monitoring sites like equifax, too.
A lot of “checks” on your credit will temporarily diminish your credit standing a bit (if you’re shopping for a car, for instance, and go to 10 dealerships – each one performing a credit check).
Good luck!