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If you are signing for someone and they pay late it goes on your credit report as a late pay. Also if the person can not pay the rent you are liable to.

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โˆ™ 2008-01-30 15:24:53
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Q: How does cosigning for an apartment effect me?
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Related questions

Can a friend of mine cosigning a apartment hurt her chance on buying a house?

no dont worry it has no effect


Is a non custodial parent responsible for cosigning when the custodial parent can't get an apartment on her own?

no


Can a 16 years old rent an apartment with parental consent?

Legally you must be an adult to sign a contract. With Parental consent and cosigning, you could get an apartment.


Can a 17 year old rent an apartment in illinois?

A 17 year old can rent an apartment in Illinois but only with the cosigning of a parent. There are a few other stipulations.


Will cosigning a loan effect your ability to get a loan?

Yes, it will affect your debt to income ratio.


If you're a senior in high school and next fall you and two of your friends want to get an apartment together what is the cosigning process?

It depends on who is doing to the cosigning and how old you are. If it is just you and your potential roommates, then you just need to find an acceptable apartment and sign the lease prepared by the landlord. If you are asking your parents to cosign or guarantee payment if you default, then the landlord can add some simple language to cover this situation.


Do you have to have any credit to cosign for an apartment lease?

Yes, that is the premise of having a cosigner. The person cosigning must have a reliable, acceptable level of income and a good credit history.


Would cosigning for your son's apartment rental agreement be viewed the same as cosigning for an actual loan when applying for future credit assuming all payments are made on time?

Co-signing means that you accept 100% financial liability for the contract in question. The manner in which the contract is adhered too has equal impact on your credit.


Does cosigning for a vehicle lease obligate you to other debts the person has?

No. It will become a part of your credit report and will have some effect on your debt to income ratio.


How does cosigning for a car loan affect your credit?

No.


How do you repair the damage on your credit report from cosigning a bad loan?

TIME!


Why does cosigning lower your credit score?

Because you have taken on the risk of a deadbeat.

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