I know the legal issues, like you would have to pay if the other person doesn't and all that. But what happens to your credit? Does the score go up or down, how is that affected? I'm asking because I want someone to co-sign for me so I can move, there won't be any problem with me paying my rent but this person is worried about their credit score.....
2006-11-26 06:40:01 · 3 answers · asked by advicemom 4 in Business & Finance ➔ Credit
it's not odd that i need a co-signer for an apartment. in CA you have to make 3 times the rent to qualify to rent a place, rents here are not cheap, and i am a full time student so i don't work much. i make enough to pay my rent but not 3X my rent.
2006-11-26 07:42:21 · update #1
it goes up if the payments are paid on time ,but it could go down if payments are missed i believe. ask a banks loan officer they could explain how credit scores are affected by things better then most of us on here
2006-11-26 06:50:38 · answer #1 · answered by Anonymous · 2⤊ 0⤋
Well it is weird that you need a co-signer for an apartment. If this person co-signs for you and you don't pay the rent there credit will be affected if they do not pay the rent. It works like this. for instance a telephone bill. If you pay the telephone bill nothing happens to your credit, but if you do not pay the bill your credit score is affected. I know it is bowl crap, but that is the way it works. So hope this helps you. If you have a good standing job and have been there a while and are reliable then I say they should co-sign for you. Well Good Luck
2006-11-26 14:55:58 · answer #2 · answered by Anonymous · 0⤊ 0⤋
co=sign-- person can be held accountable for that debt....
legally...
also it is listed against that person credit......
When they go for a loan or to buy a car-- they might not be able too...they might be over their credit limit due to that co-signing..
you speak of rent-----if it is just rent and not buying-- then it should not affect them to much if you meet obligations of lease...
but many people get into trouble with co-signing----
one should not need a co signer for an apartment..
That I would not co-sign for...
the land lord could later say-- thousands of dollars of damage was done and stick me......
2006-11-26 14:58:07 · answer #3 · answered by cork 7 · 0⤊ 0⤋