About Al Romero, Ltrs. Expertise I can answer questions relating to general Real Estate in Pennsylvania including questions relating to Real Estate Investments and Landlord issues. I cannot delve out of my expertise ie;as in the practice of Law.
www.yorkhomeguide.com
Experience 5 years as an Investment property Advisor with a local Investment firm and 3 years of general practice.
Organizations National Realtors Association
R.A.Y.A.C
Pennsylvania Realtors Association
H.A.R
Publications york listings
Central Pa Real Estate Investors guide
Education/Credentials Center of Real Estate Law and Sales Practice.
Ltrs certified.
housevalues agent certification.
Expert: Al Romero, Ltrs. 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 Fars,
The best way to get around that is to open a bank account and pay your rent by check , the other alternative is to get a money order usually from the post office in the amount of your rent made out to your landlord(remember to make a copy of the money order before you give it to the landlord).If you are looking to get a mortgage for a home even for a first time home buyer the lenders generally require you to have a bank account so why not make it a checking account! Now you can track your rent payments for your lender, they require 12 to 24 months of proof they use this as what they call alternative credit.There are services that can include your rent into the credit bureau's even for general credit but may require your landlords cooperation check out this link http://www.payhalf.com/services/index.php#07
