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.
no dont worry it has no effect
Legally you must be an adult to sign a contract. With Parental consent and cosigning, you could get an apartment.
A 17 year old can rent an apartment in Illinois but only with the cosigning of a parent. There are a few other stipulations.
Yes, it will affect your debt to income ratio.
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.
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.
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.
No. It will become a part of your credit report and will have some effect on your debt to income ratio.
Because you have taken on the risk of a deadbeat.