Whether you’re applying to rent a new place or preparing to buy a home, your credit score plays a major role in the process. At My Simple Rentals, we work with people at all stages of their housing journey, and one thing is always true: the better your credit, the smoother your experience will be.
Understanding what goes into your score—and how to improve it—can make a big difference. Not only can it help you qualify for a better apartment or mortgage, but it can also save you money and reduce stress during the approval process.
To help you get ahead, check out this graphic breaking down the major factors that impact your credit score:
What Makes Up Your Credit Score?
Here’s how the credit scoring algorithm works and what landlords and lenders look for:
🔵 35% Payment History
This shows how reliable you are when it comes to paying bills. A history of on-time payments builds trust—whether you’re applying for a lease or a loan.
🔵 30% Credit Utilization
This is how much of your available credit you’re using. High balances relative to your limits can make you appear financially overextended. Keeping your usage low (ideally under 30%) shows smart credit management.
🔵 15% Length of Credit History
Longer credit histories show consistency and responsibility. Even if you’re just starting out, be sure to keep older accounts open to help strengthen your score over time.
🔵 10% New Credit
Opening several accounts quickly can lower your score. If you’re planning a big move or major purchase, avoid taking on unnecessary new credit in the months leading up to your application.
🔵 10% Mix of Credit
Lenders and landlords like to see that you can handle different types of credit responsibly, from credit cards to installment loans. A healthy mix demonstrates financial flexibility.
Why This Matters for Renters & Buyers
Whether you’re applying for a rental or working with a mortgage lender, your credit score is one of the first things reviewed. A strong score can help you:
- Get approved for rentals faster (and with fewer hoops to jump through)
- Avoid higher deposits or cosigner requirements
- Secure better mortgage terms and interest rates
- Build trust with landlords and lenders before they even meet you
In short, understanding and improving your credit score can save you time, money, and stress—no matter which path you’re on.
Let’s Make Your Next Move Simple
Whether you’re looking to rent, buy, or just want to be better prepared for either, I’m here to help. I’ll guide you through the process, explain what to expect, and help you get set up for success.
👉 Have questions or want to talk through your next steps? Click here to contact me directly.
Let’s make your next move a confident one—with My Simple Rentals by your side.
