Lisa Mailhot | January 16, 2024
Buyers
The real estate market is always evolving, and as a Gen Zer with dreams of renting your own place in Orange County, it's essential to be prepared. The recent decline in rental prices is good news, but there's still fierce competition for available properties. To ensure you stand out as a competitive candidate, building your credit is a smart step to take.
Here are three effective ways to build credit before renting your dream apartment:
Traditionally, household bills like utilities and internet services don't impact your credit score. However, programs like Experian Boost, StellarFi, and UltraFICO allow you to build credit based on alternative metrics such as banking activity and payments for streaming services, electric bills, and mobile phone plans. Some programs even report rental payments once you have your place, further strengthening your credit history.
Remember, building credit this way takes time and consistent good payment habits. It's not an instant fix but a valuable step toward securing your ideal rental property.
Another effective strategy is becoming an authorized user on someone else's credit card, particularly if they have a strong credit history. This can be a helpful option for parents looking to assist their children in building credit. Ensure the card issuer reports your payment history to the major credit bureaus, which is crucial for boosting your credit.
Coordinate with the primary cardholder to establish payment expectations and limits, and be responsible for your usage to benefit from this arrangement.
For young individuals looking to establish credit, a secured credit card is a straightforward option. It's easier to qualify for because it requires a security deposit, which sets your credit limit. Look for a secured card with no annual fee, reports to major credit bureaus, and a clear path toward an unsecured credit card with the same issuer once you've built a strong credit history.
Building a strong credit score isn't just about securing your dream apartment; it's an investment in your future. Whether it's your dream rental today or your future home tomorrow, a solid credit history will open doors to endless possibilities. As you embark on your journey to rent your place in Orange County, remember that building credit is a vital part of the process.
A strong credit history can significantly improve your chances of securing your dream apartment and favorable rental terms. And when the time comes for you to explore homeownership in Orange County, we'll be here to help you make that transition seamlessly. So, let's connect and ensure you're on the right path to your future real estate goals.
Discover the 15 U.S. cities leading in quality of life for 2024–25, as ranked by U.S. News & World Report. From affordability challenges to cultural gems and natural b… Read more
Women are redefining the luxury real estate market, emerging as powerful decision-makers in high-end home buying and selling. Discover how this trend is transforming t… Read more
Protect your investment! Learn how to identify red flags in real estate scams, from wire fraud to fake listings. Safeguard your hard-earned money with these expert tip… Read more
Discover the trends that froze the real estate market in December, as homes lingered on the market and inventory plunged. What does this mean for buyers and sellers he… Read more
California's new insurance regulation requires coverage in wildfire-prone areas but may result in significant cost increases for homeowners. Learn how this impacts hom… Read more
As real estate braces for 2025, antitrust litigation remains a key battleground. Learn about the appeals, buyer-side lawsuits, policy shifts, and DOJ scrutiny reshapin… Read more
Quitclaim deeds are a quick and efficient way to transfer property between family members or spouses without a sale. Learn what a quitclaim deed is, how to create one,… Read more
In November, existing-home sales reached a three-year high with a 6.1% annual increase, led by significant growth across three major U.S. regions. This blog explores t… Read more
Explore the challenges and solutions facing homeowners in areas known as "insurance deserts" where escalating premiums and climate risks make obtaining affordable cove… Read more
Let's find a time that suits you best to chat about your goals, show you how we work, and figure out how we can help you the most