Does terminating an apartment lease early damage your credit?
Please allow me to confirm that it CAN effect your credit. The apartment community typically, but not always, turns the accounts over to a debt collection agency. Once the agency has the account, they start sending letters, calling etc. The account is typically reported to the bureaus between 90-120 days after placement. The reporting is the first piece of leverage to get a debtor to pay. The goal is to get the money, not to prevent you from opening up an account at Best Buy. If you pay the collection agency quickly, you won't have a mark on your credit at all. You might even be able to pay a settlement rather than a full amount. Evictions however are reported independently through the county. Evictions by the way, don't drop off after 7 years, depending on the state, they can last a lot longer depending on the state. The FCRA (fair credit reporting act) says that an item on your credit can stay for 7 years from the date the debt was incurred OR the last payment date.
How would breaking a lease on an apartment two months early impact your credit rating or fico score?
If the landlord goes to court to obtain a judgment on the unpaid two months rent, this will show up on your credit report. Any time an account is unpaid, in collections, judgment or late, your credit report will take a hit. This may hinder you from obtaining another apartment as that information may be listed under adverse which can remain on your credit report for 7 years.
I would assume not for the simple fact it's not a loan you're terminating. Cell phone companies and the like go by your payment history, not necessarily the fact you might have bad credit as a score may show. Just make sure you pay all final and applicable fees as those CAN hurt your credit if unpaid and sent to collections.
If you rent an apartment and pay your rent on time or one to two days early does it go against your credit report if the apartment waits to deposit your check five days later?
If the apartment management has an open apartment ready, then they may let your boyfriend move in early. It sounds like he will need to wait however, since they did not offer him the option. Usually, it takes them several weeks to clean up the apartment, make repairs and replace the carpet. If he is only a few weeks early, he could opt to camp in a state or national campground for two weeks--they have…
If you get a cure of quit notice and you want to quit does it go down on your credit report and will the landlord make you pay out the rest of the lease?
If you quit you are still responsible for the rent for the month in which you are late. You may also be responsible for rent or costs related to getting the apartment re-rented. To recover these costs your landlord could take it from your deposit or if that is not sufficient you could be sued for any of these costs. If your landlord wins a judgment that is the time that it will affect your…
Will your credit score go up if you pay your Chapter 13 off early and if so how much of a boost can you expect to see?
As long as you pay any early termination fees tied to your lease, and pay off your remaining payments, it will not affect your credit. However, like with any contract that involves money, if you 'run away' from the lease, it can be turned over to collection agencies, which could then harm your credit. Hope that helps!
I'm no lawyer but...here is my understanding of the situation. While the tenant is alive, they (or the person legally acting for them) are responsible for the financial obligations and the lease is in force. If the tenant is not returning, you should consider terminating the lease and moving out. If it is a month-to-month lease, this part is easy. If it is a fixed-term lease, investigate whether the landlord will agree to terminating the…
What should you do if your girlfriend's roommate keeps walking around the apartment in her underwear or less?
If someone with great credit co signs for some with bad credit does it help the person with bad credit?
The person with bad credit pays back the loan that the good credit helped him with in good payment statis. Have payment met on time or a little early will help the person with bad credit. The person with good credit is very generous with his credit. If the bad credit person does not pay on time or falters the loan. the Good credit person will have a problem . Not the bad credit person…
Banks, car dealerships and other people interested in loaning you money will refer to your credit score. Since the credit crunch of the early 2000s, there are a few parties who did not used to care about your credit score that are now interested, such as insurance companies and hiring jobs. Credit scores are becoming more and more important in today's world.