Because your co-signer is equally responsible for the lease, the account and its payment history will appear on both of your credit reports. If you don’t pay your car loan as agreed, and the account becomes late, that delinquency will appear on both credit reports and hurt both credit histories.

Can you get an apartment with bad credit with a cosigner?

It can be difficult to ask a friend or family member to cosign your lease, but it can help you to get into an apartment. If you have someone who is willing to cosign, make sure they have good credit and a history of timely mortgage or rental payments.

How does co signing an apartment lease affect your credit?

As long as the leaseholder continues to make his rent payment each month on time, co-signing the apartment lease does not affect your credit score beyond the initial inquiry. Co-signing an apartment lease affects your credit when the leaseholder stops making payments.

How does co signing affect your credit score?

There are several ways cosigning could affect your credit score. After the lease is turned signed, the landlord will check your credit. Your credit score will be affected if your cosigner is unable to pay his or her bills and has to default on the lease.

What to know before cosigning an apartment lease?

Think carefully before cosigning an apartment lease. Obtain written assurance from the landlord that you’ll be notified if any rental payments are late. Also, ensure the person whose lease you’re cosigning for will notify you should he have difficulty making on-time rental payments.

Can a leaseholder get an apartment based on his credit?

The apartment leaseholder cannot get the apartment based on his own credit history. The landlord is not willing to assume the risk. As co-signer you assume the risk based on your personal relationship with the tenant.