Credit Builder – Build Your Credit Score and Save Money

credit builderLeverage your largest monthly expense to start building your credit today.

My credit report was low because I didn’t have much history or many cards, even though I’d never been late on a rent payment. Using Credit Builder helped me show the world I was actually a qualified buyer. Thank you!

Brynn S. (Logan, UT)

Without good credit, people can’t get the house they want, the loan they need, or the car they’re dreaming of. That’s why it is important to take any opportunity you have that can raise your credit score.

At University Park, we offer our residents to do just that with CreditBuilder, which helps to raise credit scores on average 20-40 points every year through reporting on-time rent payments.  

Credit scores are important because they can determine your credit approval, and lower scores may cause extra fees to be associated with approval if a score ranges from 300 to 600. Not having an established credit history for at least three years and late payments can both negatively impact scores.

Renters using CreditBuilder have their monthly lease payments automatically reported to multiple credit bureaus, so if they don’t have any credit cards or loans, rent payment will help to start establishing credit. 

Guarantors or parents who help pay the monthly rent will also benefit from CreditBuilder. With monthly rent payments being reported to help build credit, the renter or student will begin to build their own credit, so the guarantor won’t have to co-sign for any future credit requirements.  

Through a resident portal, CreditBuilder also allows residents who enroll access to a wide range of  financial tools and education such as:

  • industry-leading money management tools
  • debt-to-income ratios
  • budgeting software
  • financial education and advice

All of these tools are a great way for residents to get started on their path to financial responsibility. CreditBuilder also won’t immediately report late rent payments from negatively impacting scores since it only reports late payments if they aren’t made within 30 days. 

The longer someone is on a lease and having their payments reported, the more payment history will impact their credit score. On-time payments can account for up to a third of the total, so that can go a long way in improving your score!

Learn more about Credit Builder

View the brochure here. To get started building your credit, contact us today.

Tips for Living in Your First Apartment

cat over looking apartment

Moving out on your own for the first time can be scary. It’s a new place, you’re without your parents, and in some cases, you’re moving in with someone you might not know. You also might wonder if you are bringing the right things? Maybe you are overthinking and bringing too much?

Your first apartment can either be a nightmare or a great next step along your journey! Here are some helpful tips for how to start out on the right foot when getting your first place on your own:

Tip #1: Consider Your Finances

Before moving out on your own, you need to assess your finances. Who will be paying for your new place? If it’s you, can you afford to move out? What bills are you currently paying? What’s your budget looking like?

The last thing you want to do is move out before you can afford to. Make sure you have enough to take moving costs into consideration as well. Some places require security deposits, others require first and last month. Find out what’s included in rent. Will you be paying utilities? Budget for things like gas and food but also cleaning supplies, toiletries, and an emergency fund. 

Tip #2: Practice Good Habits

It would probably be ideal to practice these before moving out but practicing good habits on your own will make transitioning a breeze. Create a schedule for when to do chores, study times, and free time. 

Hold yourself accountable when you’re late for class or you forget an appointment. No one will be there to tell you that you stayed out too late and should get home to either study or go to bed because you have class in the morning. 

Tip #3: Use Your Resources

Just because you’re on your own for the first time, doesn’t mean you’re by yourself. Remember to surround yourself with a good support system. 

Keep in mind that even if your parents aren’t right there, they’re a phone call away. If you’re having any issues with your living space, the office staff is there to help the best they can. Check out local shops for great deals and local pages for events in your area. 

Tip #4: Talk with Your Roommates

When some people think of having roommates, sometimes they think of horror stories of roommates doing crazy things or being unsanitary. If your apartment offers it, sign up for their roommate matching program so you get placed with someone who best fits your characteristics.

You don’t always get the ability to use roommate matching when moving somewhere new. It’s important to set boundaries and discuss how your ideal household would run. Talk about who will be bringing what, if you’re okay with sharing common household items and what rules should be set in place.

Tip #5: Consider What to Bring

When living at home, you don’t realize how much extra stuff you really need when you move out. It’s not just food and clothes anymore, you now have to budget for cleaning supplies, extra appliances and little things here and there that seem to be in never-ending supply. When initially moving, don’t overdo it with what you bring, remember the essentials. 

If you’re moving into a fully furnished apartment, keep in mind what they’re supplying so you’re not bringing duplicates and cluttering your space. Ask beforehand the size of the bed and even test one out while touring so you can determine if you need a mattress pad and to buy any sheets you need prior to moving. 

No matter where you end up moving your first time, remember that there are plenty of resources for you to use, that a good support system will make or break your experience and that this is your time to grow on your own and discover yourself! 

If you have any questions about what you’ll need to look for in finding your next apartment home, feel free to reach out to us either on our website or calling (865) 409-2955.

By: Lalita Tinari, Leasing Consultant