Credit Scores matter when you rent!
Credit scores are used as an indicator of personal behavior. Credit scores are a guide of your payment history and show if you are a bad financial risk. Low Credit score means higher credit risk. Lenders will charge higher interest rates, require higher repayments, lend less or even decline loans to bad risks. Landlords often use your credit score to determine how likely you are to PAY YOUR RENT ON TIME, and as an indicator of HOW RESPONSIBLE you are.
5 Tips to Boost Your Credit Score
- Pay your bills on time.
- Apply for credit only when you need it
- Keep your outstanding credit card balances low (under 30% of the max).
- Reduce your total debt.
- Build up a credit history.
See this fun clip called “Boost Your Credit Score” from It’s a Money Thing