this post was submitted on 02 Apr 2024
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So let me get this strait... if you're struggling to make the 3200$ rent payment each month... because your roommate dipped or you got your hours cut... your credit rating gets tanked. And a tanked credit score means banks can charge you more for loans. Additionally future landlords and (apparently now even employers) are legally allowed to pass on you for ... let me get this right... being unlucky?
Well, to be fair, that is what credit scores are like for everyone. Either of those things can make you miss a mortgage payment, or a car payment, or a utility bill, or a loan payment, or taxes….
This just adds one more thing that can tank your credit score.
I don’t see the point. If you need to build credit, get a credit card ( even a secured one ) or take out a small loan. Use the loan money to pay off the credit card. Or take out an RRSP loan and partially pay it back with the tax refund.
Why would you want to add rent to your credit score? If you are too financially marginal to take out a $1000 loan or get a $500 credit card ( or even a $250 secured card ), you are probably late on your rent sometimes.