Leverage 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!