Getting qualified for a commercial property has different nuances than with renting a residential property. But regardless of what you are renting, here are 5 credit tips that will help set you up for success when it comes time to show your credit score to your prospect landlord or property manager

1. Check Your Credit Report Regularly

Once your credit is ruined, it can take some time to get it back on track. That is why it is suggested to stay ahead of the game by being proactive and checking your credit before you need to use your credit history pulled to get something that you want. Credit Expert John Ulzheimer recommends checking your score once a month. There are some scam sites that claim to check your credit score, but in actuality, they are trying to steal your personal information, so be cautious when selecting a credit checking site to use. You can try using AnnualCreditReport.com to get a safe credit check completed for free, until the end of April 2022.

2. Always Make Payments On Time

A landlord or property manager needs to be able to trust that you will be able to pay on time. Since they may not know you personally, all they have to go on about your ability to be a tenant that won’t require hand holding to receive the rent on time is your credit history. It’s important to stay on top of all bills that are associated with your credit, because late payments set off red flags.

A helpful tool to use to stay on top of payments is is auto-payment. A majority of businesses and credit card companies have that option; this takes the guess work out of when and what to pay. I suggest setting a reminder on your phone calendar when a bill is due as well, just in case your banking information changes and needs to be updated in order for the payment to go through.

3. Fix Reporting Errors

Errors on your credit report can happen. If this happens to you, it’s best to report the error to the credit bureau as soon as possible. It can take time for the error to be removed so staying on top of your credit report can allow you to have the issue fixed before your credit report has to be ran.

4. Pay Your Rent Via an Online Portal

If you forget to pay your rent or have a rent checked returned, this information is typically reported to the credit bureau. If your apartment or rental home has the option of paying online, consider paying using this method so that you don’t have to use a check.

5. Provide Alternate Proof of Good Credit History

Although a credit report is heavily weighted when being considered for a rental property, it doesn’t paint the complete picture. If you have had some hiccups in the past with your credit, all is not lost. There are other things that the landlord can take into consideration if they choose to.

It could not hurt to ask if they will accept copies of consecutive utility payments that show that you have paid on time over a 6-12 month period. This is not typically accepted for commercial properties, but it’s accepted on a case-by-case bases for residential properties.

Final Thoughts

Think about your credit score before you actually need to use it to rent or buy something important. It’s a lot easier to fix your credit issues if you are proactive with checking your credit report regularly.

Looking to lease a commercial property? Bianchi Estates has locations available that may be just what you are looking for. If you would like to know more, click here for our Sacramento properties or click here for our Reno properties.