“Does paying rent on time for a few years without missing a payment give you a good credit rating for the bank for future home loans?”– Sharon
Are you paying rent on time?
We asked Property Manager with Harcourts Integrity, Kim-Anh Cao for her advice:
Kim-Anh said a clean rental history does not give you a good credit rating, however it is a perfect reference when you are applying for a home loan.
“Your bank is more than likely to ask you to provide a copy your rental payment ledger to support your application, and in some instances, a reference from your Property Manager,” she said.
“The only time your rental payments could affect your credit rating is if payments are not made on time, and you are ever put onto a tenancy database. – Kim-Anh Cao
You might also like:
Reader Q&A: Does my credit rating affect my application?
Reader Q&A: My roommate isn’t paying the rent. What can I do?
Reader Q&A: Can I pay my rent via direct debit to avoid bank fees?
Got a burning question you’d like answered? Send your question and your state to email@example.com