Will renting a private home affect my credit or renter's history? If so, How?

so, you know, everytime you apply for any kind of loan or for a credit card, they always ask "do you own, rent?" "how long have you lived there?" and even if you have lived for a short period of time at the current address, they will ask for your previous address. I'm curious because I lived in one place for 5 years, everything fine, never caused a problem, paid my rent always on time, you know, good record basically, but then a friend of mine moved to florida and asked me if i wanted to live at her place, a nice ranch style house, bigger where i used to live, same price, so basically i'm making her mortgage payments (and she doesn't have to sell the house, she just doesn't know how long will be living over there). recently, i got a car loan and they asked me all the routine questions i mentioned before. of course, where i used to live was an apartment complex and you know, they have the leasing office and all that, but now this is just an independent, privately own house.

It will not effect your credit at all. Apartment complexes do not report to the credit bureaus unless you don't pay.

The reason the banks ask those questions is so when they pull your credit they can compare the information you gave them to the information that shows on your report.

This is one of the ways that they make sure that you are who you say you are as required by the patriot act.

Thank you for your valuable input. Report It

Normally what you should do if applying for credit, and you've been living in a " private home " is, you should ask you're landlord for a formal letter stating how long you've been living at the address and that you're a good tennant by mentioning things like, improvement that you did; ontime payment of rent; how well you've been taking care of the place, etc. That will justify the same grounds that the leasing office would report to you're creditors. Goodluck!!!

This will not be on your credit as Im sure your friend is not reporting it.

The reason for those questions is more than just them checking to see who you are and compare info. etc.

The reason why they ask how much you make, if you rent or own and how much is pay is because....

They want to determine your finances at the same time see if you have assets.

If you default and they need to sue you....

If you own, to them that means that you have property for them to file a lien on. Thats good for them. Security.

If you have a job, they can garnish your wages thats why they ask where you work on credit applications.

Than how much you make cause they get to compare what you make to what your expenses are to rule out what type of payments you can make to them without defaulting and that helps determine the amount of the credit extended.

As you can see, there are a lot of reasons for their questions.

Good Luck

no it wont affect anything because rent is never reported to credit bureaus