About Darren Hildreth Expertise As Las Vegas real estate experts I am able to answer any questions you may have. I work on a team with hundreds of years of experience in the valley. Please direct all questions relating to Las Vegas Real Estate through me.
Experience My family has been involved in real estate development and sales for decades. I have personally bought, managed, and sold projects including rehab, duplex (rental), single family, etc.
Organizations Specialists Real Estate, Hildreth Barnhill Team
Education/Credentials BS Business Management from Brigham Young University.
Minor Spanish
Expert: Darren Hildreth Date: 2/18/2007 Subject: question
Question Hi
I have been paying cash rent every month for the past ten years, and I am still paying $500 every month, and this cash is going to the current home owner where I live. This is not building my credit, I asked the home owner to use my credit card for the rent payment, but he doesn’t accept cards or he got no machine for that. My question is what can I do or the home owner do to help me build my credit while I am paying my rent every month? I have no contract with the owner; I just rent one room in his house. Can I or the home owner report my payments to the credit agency, I called all the 3 credit companies, but there is no human being answering the phone? Can I pay through the bank? Can I pay through some form of a check? I had been paying thousands of dollars in cash for the past 10 years, but how can I pay my rent so I can build my credit?
Thanks
Answer Many lenders will accept a rental history based on payments made. The best way to set this up is to have your landlord keep track of the payments you make. Often, a lender will simply contact the landlord to verify your rental situation. This doesn't necessarily build your credit but it proves you are good at making payments and lenders will consider it.
The problem with not having a contact is there is no paperwork to show a lender. I would have some type of contract in place just for future verification.
The only way to really build your credit is to pay with a credit card. If you have no credit history then a credit card will help build that. If you already have a good credit card history then it won't matter much. Just remember, if you use a credit card you will want to pay it off so the balance doesn't build up.
I would contact a lender and ask them what they require when taking out a loan.
