By: Ingrid Tanner
Rent, Current tenants, Tips

Paying Rent and your credit rating

 Rent... typically due on or BEFORE the first of the month.

Yes, you can drop off your payment before or you can give post-dated cheques.

Did you know that if you do not pay your rent you can be given notice and you can be evicted.  

There are plenty of rules and regulations on how a landlord can evict you.  NOT paying your rent is a one of the reasons a landlord can ask you to move.

So... what happens next... you decide to find a new place to live.

Many landlords will call your previous landlord or the even the one before that.  That is where they hear that you did not pay your rent.

AFTER you are evicted - and you move out with or without the sherrif being present.

  • many property owners will put your arrears into collections.
  • Your credit rating goes down.
  • You might not be able to get a credit card.
  • You definitely will not get into another apartment building where the owners do credit checks (which really are the buildings you want to live in.)
  • If you want to purchase a home you will eventually have to pay off your debit and correct your credit rating.
  • You might not be able to get a car loan.
  • Some employers check your credit rating ... trying to determine if you are a responsible person.

Your credit rating is extremely important.  Protect it... learn how to build it up.  Learn how some of you actions can make it go down.

Finally, if you decide to rent an apartment with a room-mate you must be aware that if both of you on the lease/application, then both of you are responsible to pay the rent.

If you pay half and your room-mate decides not to pay their half... you will still be evicted and BOTH YOUR credit rating will be effected. Pick your roommate wisely!

If you find yourself in trouble and you cannot pay your rent... most cities and towns have some sort of agency that can help you to pay your rent.

Typically, these agencies will help you ONCE... so you need to figure out a good budget.  Prioritize your rent - keep you and your family in a rental home.

By the way... most of what I just wrote... could apply to mortgage payments.



use these links and learn more about your credit rating and how to improve it.