Skip to main content
All CollectionsFAQRent Reporting (Coming Soon)
How will missing a rent payment impact my score?
How will missing a rent payment impact my score?
Updated over a week ago

Just like how paying your bills on time helps your credit score go up, the opposite is also true. If you don't pay your bills on time, it will damage your credit history.

Therefore, ensure timely rent payments to avoid the closure of your rent reporting account and any negative effects on your credit score.

The closer of a line of credit may or may not impact your credit score. Here are the reasons you might notice an impact on your score:

  1. It can shorten your credit history and make you appear less creditworthy to lenders who prefer to see established lines of credit.

  2. It might reduce the variety of account types in your credit history, which can impact your credit mix.

  3. It could increase your credit utilization rate, which is the amount of credit you're using compared to the total amount you have available. When you close a credit account, you reduce the amount of available credit you have. If you’re borrowing from other credit lines, your utilization will increase.

Improving your credit score takes time and patience.

Did this answer your question?