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Ways to Improve Your Credit

Renting with bad credit isn’t the easiest of tasks, but it’s certainly not impossible! During the rental process, landlords will look at your credit file to assess your financial history. So, it’s important to make sure that your credit is in good standing. We have put together a few tips to help you improve your credit score.

Pay Off Outstanding Debt(s)

This can seem like quite a huge task, but try to break it down into manageable chunks. If you have a significant amount of credit card debt that you can’t pay off all at once, start by paying a little bit more than the minimum balance.

Keep Credit Utilization Low

Credit utilization is the amount of debt you have in relation to your credit limits on a credit card. In order to get this percentage, you divide your total amount of debt to the total amount of credit.

As an example, if you have $2,000 worth of credit card debt and a $10,000 credit limit, your credit utilization is 20%. It is good practice to keep this within the 1-10% range to improve your credit.

Pay All Bills On-Time

Try not to make late payments on any of your bills. It may be easier to review your finances altogether and set all of your bills to leave your account on the same day. This way, you’ll never miss a payment.

Missed payments leave a mark on your score which landlords can see, so its best to avoid them where possible!

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Read our previous blog post here: How to Find an Apartment