A young couple, Piya and Sean, successfully navigated the daunting process of becoming first-time homeowners by leveraging their rent payments to build their credit score. At just 22 years old, they faced challenges due to their lack of credit history, as they had never used credit cards or loans before. Recognizing the importance of a solid credit score for mortgage approval, they discovered CreditLadder, a service that reports timely rent payments to major credit agencies like Experian and Equifax. By consistently paying their rent on time, they were able to enhance their credit profile, which ultimately led to a significant increase in their credit score—by 60 points in just a few months. After saving diligently for a house deposit, they secured a mortgage and moved into their new home in November 2023. Their journey highlights the importance of credit awareness and the potential of rent payments in building a strong financial foundation for future homeownership.
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