why cant all the money i payed for rent over the years count as good credit?

Question

i have been a renter for nearly 22 years

Answer 1

The only way this could be counted is if a bank did whats called a direct check with your landlord.

This used to be quite common, but now banks only go by whats on your credit report and since rent is not a loan, it is not reported to the credit bureaus.

Answer 2

Above answers are correct for most part. However, it depends upon what you want reflected by your years of good payment history. If you are getting a mortgage and MANUAL underwriting is involved, they will look at your rental history to see if you make your monthly payments timely to see if you qualify. Obviously if you had a mortgage history, that would be a preference. However, there are many, many first time buyers in this world on a constant basis and they are NOT going to have a mortgage history......yet.

Also, if you move an go into a new apartment, they are going to check your history. Banks will look at this as a reflection of your overall ability to repay and credit risk.

But unless your apartment agency REPORTS to a credit bureau.......and most do not because remember folks: IT COSTS CREDITORS TO REPORT......you are not going to have this on your CREDIT history.

Answer 3

Because the landlord is not extending you credit. Rent is almost always paid in advance. It has no bearing on your credit score.

I've been buying groceries for almost 30 years, but the grocery store doesn't report me as a good paying customer either.

Answer 4

It was not money that you had borrowed.