Can co-signing for your sons rental apartment hurt your credit?

Answer 1

If your son moves out owing money beyond the amount of his deposit, you will be in the hook for that full amount; if you don't pay that balance, then it can negatively affect your credit in as much as you have an unpaid debt that is in default. You are on the hook for the duration of the tenancy, or until the lease is renegotiated to exclude you as a cosignor. You will be responsible for all charges, including rent, late fees, cleaning, damages, etc.; if he is evicted you will also be responsible for the costs of the eviction; oftentimes the landlord is responsible for the tenant's final utility bill as well, which will in turn be passed onto you.

Don't cosign unless you have the willingness and the money to pay in full when he leaves owing a balance. IF you do cosign, it would behoove you to follow up with the landlord each and every month to verify that the rent is being paid, and utilities, and find out about his mode of living, i.e., if he is running a 'party house' so you can have an idea about how much cleaning and damages you can expect to pay for when he moves out. Remember that there will be nothing you can do to force the matter, you will just have to buckle down and pay is rent, etc. or our credit will suffer with his.

If it were me, rather than cosigning I would help him find ways to do it on his own.