What if a Co-signer is Required?

Getting into your first apartment or home without much credit history can be tough and may require you to find a co-signer. A co-signer is someone who knows you well, is credit-worthy, and will be willing to accept the responsibility of paying your debts outlined in the lease or rental agreement. If you cannot make a payment, you and your co-signer will be held financially responsible.

You can ask someone with good credit to co-sign for you. The cosigner becomes legally responsible for all the rent and any other charges if you don’t pay. Don’t take chances and ruin someone else’s credit by renting a place you can’t really afford.

Some property managers or landlords may actually require a co-signer for all applicant wishing to rent their property. Many apartment owners look for applicants with established credit histories that indicate a solid record of paying bills on time. If you have never bought anything on credit, a non-existent credit history may pose a challenge as you try to get accepted into that apartment. Getting a co-signer may be the best way to secure your new home.