How do I up my credit rating before I appear in front of a co-op board?
A new national survey from the Mortgage Bankers Association shows you’re not alone: one out of every 3 renters says they have a hard time making their minimum debt payments.
Obviously you can’t change your payment history overnight. But if you can lower how much you owe – which is about 30% of your credit rating calculation – by paying off even a teensie bit of your credit card debt, do it.
And if you’re in the middle of buying an apartment, lay off other major purchases. Now’s not the time to run out and lease a car or buy a stereo.
For the long term, I once got this advice from a fellow panelist at the Harlem Home Fair: Use the “five/twelve” plan — Pay your bills five days before they’re due, and after twelve months your credit should be sparkling.
I have also heard, anecdotally, that phone companies are more aggressive about reporting slight late payments than other utilities. Don’t know if it’s true.