Your Credit Score

Hunting for a new apartment is never easy. There's a lot of legwork to do, getting together a security deposit and not to forget first and last months' rent. For some people, it's not all the work that's keeping them from renting or buying that dream apartment, it's their credit score. How can you fix a credit score? First, let's explain what a credit score is. Basically, a credit score is a number between 300-850 that is based on a person's credit history, according to AOL Real Estate. How does it work? Well, the higher the credit score number the better. So if you have a credit score of 780, then that means you're reliable to the renter. Before renting out an apartment, a landlord can (and most of the time will) make a research on your credit score to determine if you're going to be a reliable tenant or not. How is a credit score calculated you're wondering? A credit score also known as a FICO score ( from the Fair Issac Corporation) is calculated by looking at the renter's payment history, what the renter still owes, the length of the credit history, how much new credit is available to the renter and the type of credit the renter has used. It's quite easy to figure out what will affect one's credit score. When a renter doesn't pay on time or has accumulated so much debt that the minimum payment isn't affordable anymore, then the credit score plummets. If filing for bankruptcy, then the credit score will drop way down to 250 and that score will be on the person's credit report for 10 years! What score is expected by landlords? Anything above 770 is very reliable and well anything below 620 is a risk. Thus, there's a better chance of getting that apartment if you're credit score is over 700. Here are a few things one can do to raise that credit score. The best way to rebuild a bad credit is to stop accumulating debts. Cut some credit cards, have fewer of them and go back to paying by checks. Remember to pay your bills on time. This might sound silly, but so many forget to make their payments. Enter the payments in your calendar or in your phone this way you won't forget. Stay organized and go through your statements once a month. Stop paying the minimum payment and pay more. By taking all of these steps, you can and will improve your credit score. If you're thinking of renting in West Palm Beach, then make sure to call the West Palm Beach movers to help you. Our West Palm Beach moving company is licensed and insured and backed by four generations of professional movers. Our West Palm Beach moving company is family-owned and operated and we have over 20 years of moving experience! So if you're planning a move, call us today.