Get A Credit Score Bump For Paying Rent On Time

by Gary Leff

I receive compensation for content and many links on this blog. Citibank is an advertising partner of this site, as is American Express, Chase, Barclays and Capital One. Any opinions expressed in this post are my own, and have not been reviewed, approved, or endorsed by my advertising partners. I do not write about all credit cards that are available -- instead focusing on miles, points, and cash back (and currencies that can be converted into the same). Terms apply to the offers and benefits listed on this page.

Bilt Rewards – even if you don’t have their credit card, which lets you earn points for paying rent – has publicly launched the option for residents of participating buildings to have their on-time rent payments reported to their credit. This is expected to generate an average credit score increase of 60 points for those who opt in.

With the public launch, this feature is available free to over 2 million residents of buildings owned by:

  • AvalonBay Communities, Inc.
  • Camden Property Trust
  • Cushman + Wakefield
  • Equity Residential
  • GID Windsor-Communities
  • Morgan Properties
  • Related Companies
  • Veritas Investments

A recent TransUnion study, however, showed that when rent payments were included in a credit file, consumers experienced an average increase of nearly 60 points to their credit score, which
can make a significant difference in access to loans, mortgage rates, and overall quality of life.
As a further extension of Bilt’s mission to improve the financial outcomes of renters, Bilt will
begin reporting on-time rent payments to Equifax, Experian and TransUnion free of charge for
both residents and multifamily owners and operators, giving renters an opportunity to build their
credit score at no cost and earn valuable rewards on each rent payment.

It makes sense for rent payments to factor into credit, but it’s been costly to track. There are services renters can pay to report their payments, but Bilt does this for free. This feature is available on an opt-in basis through the Bilt Rewards app.

The higher credit score is great for securing better rates on mortgages, for auto loan approvals, and for getting approved for more credit cards.

While not required to benefit from this feature, getting the Bilt Mastercard is an absolute no brainer for most who rent their homes. That’s because you earn points paying rent with the card. If you don’t live in a Bilt-affiliate building that’s fine, they charge your credit card and send your landlord a check.

You can earn up to 100,000 points a year this way, which would cost you $2,850 if you used Plastiq to accomplish the same thing. And it’s a no annual fee card. If you’re currently missing out earning points on rent, the Bilt Mastercard is for you.

It’s also a great starter card, which earns 3 points per dollar on dining and 2 points per dollar on travel, and they’re the only loyalty program transferring to more than one of the three largest global U.S. airlines. You must make at least 5 purchases each month to earn points. Their transfer partners are:

  • Star Alliance: Air Canada Aeroplan, Turkish Miles & Smiles, United Airlines MileagePlus
  • oneworld: American AAdvantage, Cathay Pacific Asia Miles
  • SkyTeam: Air France KLM Flying Blue
  • Non-alliance: Emirates Skywards, Virgin Atlantic Flying Club, Hawaiian Airlines HawaiianMiles
  • Hotels: Hyatt, IHG Rewards

About Gary Leff

Gary Leff is one of the foremost experts in the field of miles, points, and frequent business travel - a topic he has covered since 2002. Co-founder of frequent flyer community InsideFlyer.com, emcee of the Freddie Awards, and named one of the "World's Top Travel Experts" by Conde' Nast Traveler (2010-Present) Gary has been a guest on most major news media, profiled in several top print publications, and published broadly on the topic of consumer loyalty. More About Gary »

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Editorial note: any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Comments made in response to this post are not provided or commissioned nor have they been reviewed, approved, or otherwise endorsed by any bank. It is not the responsibility of advertisers Citibank, Chase, American Express, Barclays, Capital One or any other advertiser to ensure that questions are answered, either. Terms and limitations apply to all offers.

Comments

  1. Thank you Gary! I just applied using your link and paid my rent without any fees (normally $28.50 each month via plastiq)!

  2. It’s such a beautiful thing when your credit score spikes to over 800. It’s a struggle getting to that number. But once you get to an 800+ credit score, you’ve been through something in your mind whereas you appreciate the struggle, and know the importance now of maintaining that kind of credit score. It’s always a good thing to pay your credit card bills and rent immediately before the due date so you acquire no interest fees, no late charges, and maintain a healthy pattern of payment history on your credit cards.

  3. So if you know you are going to be late with rent, can you opt out after having opted in?

  4. Gary, if a person applied / applies for Bilt after the Wells Fargo partnership, a person can do an Experian Boost by linking one’s WF account. But, if a person applied for Bilt before and one’s account has not yet transitioned over to WF, as far as I know, Experian Boost cannot link to the prior lender. As such, this group cannot yet receive that Boost. Any thoughts?

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