Re: Rental Question
[ QUOTE ]
[ QUOTE ]
It will show up on your credit report/history if it is your lease.
[/ QUOTE ]
None of my rentals ever appeared on my credit report, as anything other than an address.
I don't think it matters. Your payment ability will be judged primarily by your debt to income ratio and credit score.
[/ QUOTE ]
this is true
I own rentals, and I'm the only person in the world that knows if one of my renters pays on time or not (other than employees/accounts etc. of course) What I'm trying to say is if the lease is in your name, you fail to pay, I get a judgement, it goes on your credit report.
HOWEVER...if it's in your name, you pay on time, I don't report to the credit agencies and say "on time payments" or anything like that.
I went from a renter to a homeowner and I NEVER had a lease in my name (1 place I just gave my word, 2 other places I sublet, another place it was my buddy on the lease but he left so I took over (owner still thought I was him, lol))
Anyways...I would recomend not getting it in your name. When you apply for mortgages they'll ask where you lived last 2 years, you'll say renting place "x"...then they just take your word for it and don't double check or anything.
Now 1 tip you should look at is trade lines. (I think that's what you're concerned about) Trade lines are like credit lines. Basically, it's a debt or responsiblity that you have that DOES report to the credit bureaus. They are things like cell phone bills, credit cards, etc. etc. I recomend to all my buddies that plan on owning a house in 2-3 years to open 3 credit cards (use but pay off the balance at the end of the month if you can) and then have a cell phone (set up on automatic payment). If you have anything else, like student loan, car loan, etc. that's fine, they count too, just make sure you PAY ON TIME! [img]/images/graemlins/wink.gif[/img]
Hey man, if you have any other questions don't hestitate to pm or im me. I can try to help you out the best I can. I've gotten no doc loans, partial doc, full doc before in 2 different states and for living in and renting (both residental and commercial) so I'm pretty good with teh process from a "poker player looking to invest or own" aspect...lots of tricks I've learned [img]/images/graemlins/wink.gif[/img]
|