Did you know that paying rent online is a simple yet effective way to increase your credit score? In a recent study, RentTrack found that those who reported their online rental payments increased their credit score by an average of 29 points after just two months!
Paying rent online is a great way to increase your credit score as it records your payments in a payment history and allows them to be seen and recognized by credit bureaus. These payments can also be made with a credit card for further benefits! Let’s take a closer look!
Paying online rent allows your payments to be recorded in a payment history. “Simply paying your rent will not help you build credit,” says Bev O’Shea at NerdWallet. “But reporting your rent payments can help you build credit—especially if you are new to credit or do not have a lot of experience using it.”
Because of the way that credit scores are determined, having a good payment history is very beneficial to improving your credit score. At The Pines Apartment Homes, we offer an online rental payment system that reports information to the credit bureaus. Each time you pay your rent on time and in full, you are contributing towards your improved credit! Your online payments can be conveniently made through our resident portal.
Credit Card Benefits
Additionally, your online rental payments can be paid with a credit card! “Open a credit card and use it to pay your rent . . . then pay your credit card balance in full each month,” says LaToya Irby, credit expert for The Balance. “The timely credit card payments will help boost your credit score.”
Paying with a credit card is by no means required, but it is another simple and effective way to increase your credit score while paying rent like you always have been. There are also many great benefits associated with using a credit card, so it is definitely worth considering.
So, give online rent a try! As you do so, your payments are reported to credit bureaus, contributing to your credit score. Plus, if you choose to pay rent with a credit card, you may increase your score even more. Happy credit-score-boosting!