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Being a Guarantor For Renting?

Renting an apartment with a Guarantor?

  • My credit used to be about 605, but I have recently opened a credit card and its almost maxed out (im never late on monthly payments though). My credit score according to freecreditreport is now 508. Thats unacceptable especially for renting an apartment. I can get a guarantor with great credit to sign for me, but is there any way that I would be declined the apartment? I have no criminal record of any kind, etc. etc., only bad thing going for me is my low credit score. Thanks!

  • Answer:

    With a good guarantor your probably fine (assuming your income is enough and everything else checks out). Just make sure you abide by all the terms of your lease or the landlord will probably come after you and the guarantor for money owed (and then no guarantor for future stuff).

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If 2 or 3 renters apply for one of my apartments I simply chose the one that looks best on paper and impresses me in person. My credit reporting agency simply gives a thumbs-up on the total package. If you have a good job, present well, have a qualified local co-signor and don't have too many other people looking at the apartment you'll do fine.

estielmo

As long as the landlord.management will accept a guarantor, you should not have a problem. Landlords & management are not legally obligated to accept a guarantor. They can refuse you based on your credit and not offer any option for a larger deposit, guarantor or co-signer.

Trouble

You might do best to deal with private landlords who will listen to your story. If you have a guarantor and you don't pay the rent, the guarantor will owe the money. Don't forget to pay. /

Ed Atun

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