Nola4Rent Guide: Understanding Your Credit Score & How to Improve It

At Nola4Rent, we believe everyone deserves a fair chance at finding a great home. Your credit score plays an important part in the rental approval process, and understanding what affects it can help you plan ahead with confidence. Whether you're preparing to apply for a unit with us or simply want to strengthen your financial foundation, this guide breaks down what might be lowering your score—and the steps you can take to boost it.

What Can Cause a Low Credit Score?

A low score doesn’t mean you’re not responsible—it usually means life happened. Here are the most common factors that may be affecting your credit:

1. Late or Missed Payments

Payment history has the biggest impact on your score. Even one payment more than 30 days late can cause a dip.

2. High Credit Card Balances

If you’re using most of your credit limit, it can signal financial strain. Keeping balances low helps build trust with lenders and housing providers.

3. Limited Credit History

If you're new to credit, there may not be enough information to generate a higher score yet. This is very common for students, young adults, and people rebuilding their financial life.

4. Accounts in Collections

Unpaid medical bills, utilities, or other accounts that move to collections can significantly lower your score.

5. Multiple Hard Inquiries

Applying for several credit cards or loans in a short period can temporarily reduce your score.

6. Errors on Your Report

Mistakes—like incorrect balances or outdated information—can hurt your score without you knowing it.

How to Improve Your Credit Score

The good news? Credit is always rebuildable. With consistency and patience, your score can improve faster than you might expect.

1. Pay Bills on Time

Set up reminders or autopay to ensure all bills are paid by their due date. This one habit has the biggest impact.

2. Lower Your Balances

Aim to use under 30% of your total credit limit—under 10% is even better.

3. Check Your Credit Reports

You can get a free report annually from Experian, Equifax, and TransUnion. Review them for errors and dispute anything that doesn’t look right.

4. Build or Rebuild Credit Smartly

Options include:

• A secured credit card

• Becoming an authorized user on a trusted person’s card

• Credit-builder loans through your bank or credit union

5. Limit New Applications

Apply for credit only when necessary to avoid multiple hard inquiries at once.

6. Bring Past-Due Accounts Current

Even if damage has been done, catching accounts up or paying them off helps long-term.

7. Keep Older Accounts Open

The longer your credit history, the better. Closing older accounts can shorten your credit age and impact your score.

Nola4Rent Is Here to Help

At Nola4Rent, we understand that everyone’s financial journey looks different. Improving your credit takes time, but every positive step counts—and it can open the door to more rental opportunities, better rates, and a smoother approval process.

If you’re preparing to apply for one of our properties and want help understanding the credit requirements, our team is here to guide you. We’re committed to helping you feel informed, supported, and confident throughout your rental journey.