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Thread: Rebuilding Credit By paying Bills On time......

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    Default Rebuilding Credit By paying Bills On time......

    I had quick questions about this. You can rebuild credit (albeit very slowly) by paying your bills on time, right? Well, does this include utilities/living expense bills? Because since we file BK last year that's all we have.

    Also, will my credit get the benefits of timely monthly payments if my name is not on the bill but I'm married and the bill is in my husband's name? Or does it only help his credit?

    Does his credit affect my credit and vice versa?

    Does having my name on a rental lease in good standing improve my credit?

    Thanks in advance.

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    Banned Melonie's Avatar
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    Default Re: Rebuilding Credit By paying Bills On time......

    let me put it this way ... paying bills on time won't hurt your credit rating. Also, married persons are typically treated as one person in terms of credit rating unless some special circumstances exist. With a recent bankruptcy on file, it's unlikely that your credit rating will improve significantly until all outstanding issues are settled and the corresponding credit report line items 'age' their way off of your credit report. As to rental lease payments, a few corporate landlords do report to the credit agencies - but typically mom & pop landlords do not.

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    God/dess virgoamm's Avatar
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    Default Re: Rebuilding Credit By paying Bills On time......

    As far as I know, just paying basic bills on time like rent, electricity, water etc., does absolutely nothing to help your credit. It only goes against you if you go into collections with an outstanding balance and don't pay. I think that's pretty lame. So, it hurts you if you don't pay, but if you do, it does absolutely nothing. Bleh.

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    Default Re: Rebuilding Credit By paying Bills On time......

    Meh, OK. At least our rental history is OK. (first rental for either of us, no late payments, renewing the lease this month )

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    AudreyLeigh
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    Default Re: Rebuilding Credit By paying Bills On time......

    Quote Originally Posted by Melonie View Post
    let me put it this way ... paying bills on time won't hurt your credit rating. Also, married persons are typically treated as one person in terms of credit rating unless some special circumstances exist. With a recent bankruptcy on file, it's unlikely that your credit rating will improve significantly until all outstanding issues are settled and the corresponding credit report line items 'age' their way off of your credit report. As to rental lease payments, a few corporate landlords do report to the credit agencies - but typically mom & pop landlords do not.
    100% false.

    Getting married does not merge your credit. You are still individuals on all aspects in credit unless you are joints on a credit card/mortgage/etc.

    I am married but my husband still has perfect credit even tho i have a bankruptcy. We have a joint card together post BK my previous credit does not affect his at all.

    And Ive never once heard of rent being reported monthly to a credit report. They are not extending credit therfor they CANNOT report to the agencies.

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    God/dess Deogol's Avatar
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    Default Re: Rebuilding Credit By paying Bills On time......

    Quote Originally Posted by AudreyLeigh View Post
    100% false.

    Getting married does not merge your credit. You are still individuals on all aspects in credit unless you are joints on a credit card/mortgage/etc.

    I am married but my husband still has perfect credit even tho i have a bankruptcy. We have a joint card together post BK my previous credit does not affect his at all.

    And Ive never once heard of rent being reported monthly to a credit report. They are not extending credit therfor they CANNOT report to the agencies.
    50% false.

    While corp landlords may not report payment of rent month to month - they will report non-payment of rent - you can be assured of that!

    The report is not about your credit - it is about your credit worthiness which takes into account the squelching on bills and such.

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    Default Re: Rebuilding Credit By paying Bills On time......

    Oddly enough, my new apartment does report your payments each month. It's the first I've heard of this ever. Not that it helps me any though. Since my credit's so shitty this apartment is in my boyfriends name and I'm only listed on the lease as a resident.

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    Banned Melonie's Avatar
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    Default Re: Rebuilding Credit By paying Bills On time......

    ^^^ credit agency reporting is becoming more and more common for 'corporate' landlords.

    Also, as Deogol pointed out, a married couple's creditworthiness is definitely affected by an evaluation of total 'household' income and total 'household' liabilities. True that individual credit ratings still exist, but any credit committee at any lender is going to look at the 'household's cash flow picture. If this were not the case, then the wife could maintain a perfect creditworthiness and thus be able to obtain new loans, even though the husband already had a bunch of delinquent loans in his name.

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    AudreyLeigh
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    Default Re: Rebuilding Credit By paying Bills On time......

    I meant the part in bold was 100% false.

    Yea, when getting an apartment they evaluate each persons credit BUT they are not "as one" ever....

    I had a bk, no income, crappy credit - because my husbands credit and income were good we got in no problem. His good credit overrode my bad credit so we were not reguarded "as one". Had we been my bad credit would have made no difference and we would not have been let in.

    Quote Originally Posted by Melonie View Post
    credit agency reporting is becoming more and more common for 'corporate' landlords.
    They may be doing it but its not legal. They are not extending credit therefor they cannot report to your the CRAs.

    Quote Originally Posted by Deogol View Post
    50% false.
    While corp landlords may not report payment of rent month to month - they will report non-payment of rent - you can be assured of that!

    The report is not about your credit - it is about your credit worthiness which takes into account the squelching on bills and such.
    100% agreed

    I didnt mean that part was 100% false (I was refering to the part in bold)

    Non payment of rent makes sense because in that sense they "extended credit" to you - the apartment at $xx a month and you didnt pay. Therefor yes, it should be on your credit report.

    Why its not good to have monthly rent reported and why its illegal:

    If its showing a monthly payment for rent - creditors dont realize that (unless you do a manual pull and explain it) so you can look overextended when applying for new credit because they will think ok, their rent is $1500 a month and they have a $1500 a month payment to this credit line (they dont know WHAT it is without a manual review) + this + that can make it look like you have higher payments than your income can support. Not good.

    One thing people must KNOW is getting married does not ever, in any way, "merge" peoples credit. His credit is still his. Hers is still hers. The only merging that may go on is if anything is joint, then it will report on both persons credit. Its amazing how many people dont understand this.
    Last edited by AudreyLeigh; 08-09-2008 at 04:12 PM.

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    Banned Melonie's Avatar
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    Default Re: Rebuilding Credit By paying Bills On time......

    One thing people must KNOW is getting married does not ever, in any way, "merge" peoples credit. His credit is still his. Hers is still hers. The only merging that may go on is if anything is joint, then it will report on both persons credit. Its amazing how many people dont understand this.
    again just to clarify, this thread is really discussing two different 'properties' ... credit rating / scores ... and creditworthiness for new loans. Yes, in terms of credit rating / scores, a husband's and wife's credit rating / scores remain separate and distinct. But in terms of creditworthiness, bank credit committees typically treat the husband and wife as one 'family / household unit' and evaluate total income versus total existing financial obligations.

    Also, in terms of 'corporate' landlords and reporting to credit agencies, the existance of an apartment lease does constitute an extension of credit in the same way as an auto lease.

  11. #11
    AudreyLeigh
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    Default Re: Rebuilding Credit By paying Bills On time......

    Quote Originally Posted by Melonie View Post
    again just to clarify, this thread is really discussing two different 'properties' ... credit rating / scores ... and creditworthiness for new loans. Yes, in terms of credit rating / scores, a husband's and wife's credit rating / scores remain separate and distinct.

    But in terms of creditworthiness, bank credit committees typically treat the husband and wife as one 'family / household unit' and evaluate total income versus total existing financial obligations.
    The only reason I put that there is because some people do NOT REALIZE that credit does not merge when they're married. I don't know why you assume everything is some kind of a personal attack against you. I was just pointing something out. Jeez.

    Also, in terms of 'corporate' landlords and reporting to credit agencies, the existance of an apartment lease does constitute an extension of credit in the same way as an auto lease.
    LOL. No it doesn't. Completely different.

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    Default Re: Rebuilding Credit By paying Bills On time......

    Quote Originally Posted by virgoamm View Post
    As far as I know, just paying basic bills on time like rent, electricity, water etc., does absolutely nothing to help your credit. It only goes against you if you go into collections with an outstanding balance and don't pay. I think that's pretty lame. So, it hurts you if you don't pay, but if you do, it does absolutely nothing. Bleh.
    Thats true and it is lame.
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    Default Re: Rebuilding Credit By paying Bills On time......

    See in milwaukee The only bill that reports to your credit report every month is are gas and electric bill. We energies reports every month!! But as far as rent it doesnt count .

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