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    angelar826's Avatar
    angelar826 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Sep 18, 2007, 11:42 AM
    Lease termination
    I am in Louisville KY and need to terminate a lease. I was wondering if terminating a lease early affects my credit?
    Emland's Avatar
    Emland Posts: 2,468, Reputation: 496
    Ultra Member
    		  
    #2

    Sep 18, 2007, 11:44 AM
    If they sue you and win a judgement, it will definitely affect your credit score.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Sep 18, 2007, 11:45 AM
    It can. Unless you have permission to terminate the lease, then you are defaulting on a contract. The landlord can sue you for the balance of the rent owed. When they win that will go on your record. Some landlord can report rental arrears to the credit bureaus.
    ballengerb1's Avatar
    ballengerb1 Posts: 27,378, Reputation: 2280
    Home Repair & Remodeling Expert
    		  
    #4

    Sep 18, 2007, 11:48 AM
    You can't just terminate a lease, you need to negotiate it with the landlord. You are legally bound to pay for the entire lease but the LL may let you off with a limited buy out. Otherwise you owe until a suitable tenant can be found to fill your place, plus any advertising costs. It will not effect your credit if you do a buy out or if the LL takes no legal action.
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