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When they ask for a co-applicant, to guarantee payment, how do they determine the worth of the Co-App? Credit reports do not state wages. Tax forms are private. Banks cannot disclose account information. How do they determine whether the person could absorb the lease if the Applicant defaulted?
I think they just run the credit report, if they want wage information, they simply request pay stubs. you can not have a co signer with bad credit.
That is probaly good in a lot of cases. Paystubs and the credit report are the biggest factors in getting a lease.
I was a co-signer on my daughter and son-in-laws apartment lease. I have a bankruptcy on my credit and they still approved them. They did want to know my place of employment but not wages. I guess to just make sure that I was definitely working.
probably, sometimes I think it is just a technicality (sp). They just need to have someone else responsible if the tenants don't pay.
co signing is risky for the co borrower too, you risk losing your money or assetts because somebody did not pay there rent and then you pay the price. I would have to be really sure about someone before I did that.
I was lucky---my daughter and son-in-law did not rent that apartment. They went to another and didn't have to have a co-signer. Before that the lived with ME.
Once, before I began my credit repair I wanted to get this really nice apartment in North HAven. I told them that I had bad credit and asked if I should even try to get an apartment there. The woman told me sure, just bring a co-signer. I bring my dad and once we are there they tell us that he would have to make 10x our rent to qualify so they know that he can afford his bills and our rent if we default! Needless to say we didnt move there.
What I feel is that, co-applicants usually conforms that he personally knows the borrower and that the borrower is responsible enough to pay back the debt, else he will pay it. The co-applicant also has to provide his details and the creditor may check his credit report before offering the loan.
Wow cmbv that is quite a bit 10 times. I myself would not trust co-signing these days. It seems times are rough for everyone and it would be aking an awful big chance. Not only that it seems alot of family members screw the other persons crdit these days. I could not spend years or for some a lifetime establishing a good credit rating only to have someone lese ruin it.
TEN TIMES!!! OMG---I guess that right there is a deterrent to only get tenants who are financially secure. Geez! I have heard of three times the rent, but not TEN. Maybe (probably!) the apartment complex had been "ripped off" before.
Yeah, must have been! I almost choked when I read the figures
Well, they must have thought they seen a fool coming? Good for you that you walked a way from it.
I would have walked away myself. This is really unreasonable.
I know we have to pay for our mistakes, but I think at some point it is very discriminating, this is a perfect example of labeling, profiling and discrimination.
Sounds like you just visited everyday America. Seems like you start dealing with this crap (labeling,profiling and discrimination) in grade school and it escalates from there.
This attitude is still very prevelant in the united states, I don't think it will ever really go away, we are human and we judge.
This is true. Do you ever stop and think just how much this place (the world) has changed in say the last 100 years. Some changes are for the better but some I am not so sure about. In the past the simplier life didn't add on as much stress.
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I agree with you Fireyone. Being a co-signer would mean that I need to repay if the original debtor fails to pay back the debt. Now if the original borrower somehow fails to pay back the debt and I am at the same time unable to repay it, my credit score may get hampered. So before signing you should think first whether you are willing to repay the debt.
Whenever you co-sign an loan agreement with the original debtor, it automatically implies that you are liable for the debt in case the original debtor fails to pay it off. Co-signing a loan agreement would mean that you are willing to take the risk that the original creditor not taking. In fact the lender can even bring judgment against you to garnish your wages.
But sometimes it may the case that you need to co-sign for your family members. For that you should first make sure that you can pay off the loan if your family member for whom you are co-signing somehow fails to pay it off. This is because as Anthony said, if you are required to pay and you cannot pay it off, your credit score may get damaged because it is assumed that a co-signed debt is your obligation.
I think that most lenders put this out there in black and white when they have you do the co signing paperwork since the person that you are backing is a credit risk, whether it be from bad credit or no credit, the lender will make sure that you know your responsibility as a co signee to the loan.
Oh how I know this one GN. When my hubby and I first started out we had to get an "uncle" to co-sign. We never heard the end of it. Everytime we seen him he was preaching. I understand where he was coming from but he made it that you really couldn't be around him.. Needless to say that loan was paid in record time.
Medvedev
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I don't believe in bringing religion into a public forum like this, but the subject made me think of something. I believe that in the Bible it says that you should not co-sign on loans. Please don't think I am pushing my beliefs here, I just wanted to bring attention to the fact that co-signing is not a new idea.
Are you serious. Forgive me i am not the most familiar person with the bible but Did they really have loans back then or were you joking?
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No, I am not joking---I will look it up, but I believe that it might have something to do with Moses when he was given all of the laws for the Israelites. I am going to look right now.
It took me awhile but I found what I wanted---in the books of Leviticus and Deuteronomy it talks about not charging interest on loans if the person was poor (this was during the time of Moses--Old Testament). But, the verse I was thinking of was in Proverbs (still in OT). It doesn't really say that co-signing is wrong, but it is like a warning to a young person who might be gullible or impressive and how important it is to minimize bad debt (you know who might co-sign for someone, just to be a nice guy). So in other words, if you are going to co-sign a loan, you better know the person well. The verse is Proverbs 6:1-5.
And fireyone, you asked if they even had loans back then--yeah, they did because there was all those verses about interest. Kind of bizarre isn't it?
Wow that really is crazy lorri. I went and read the verses you were talking about and it all does sound like it pertains to interest. I guess the world of debt isn't so new is it?
GN, we are having a litttle bible school here. Welcome to class.
It definitely isn't---I remember when I first came across those verses--I was really surprised just like you.
Can wages be garnished if I am a cosigner
When you are cosigning a loan agreement it means you are equally responsible as the original borrower to pay back the debt. It means that you have are acting as a guarantor. As a co-signer you need to pay the late fees and other charges also and your credit report may reflect the unpaid debt. The creditor can also sue you to the court and bring judgment against you to garnish your wages.
Before co-singing any loan agreements you should always think first whether you are able to pay back the debt in case the original creditor fails to do so. There are many instances where the co-signer had to pay back the debt because the original borrower neglected it. Not only wages can be garnished but also your house may be foreclosed if you are not able to pay it back.
This is very true. You should also consider the persons credit worthiness. Have they always kept their debts paid, have a job, is it a good job. It is hard to say no if your have to but better than losing your home or being held responsible.
okay, lorri and fireyone I am just running across your posts about the bible and loans, I had not a clue that this stuff was in there. Lorri, you gonna get us all reading the bible, LOL.
I went back and re-read the original post about the 10x the rent. When CMBV22 said he/she had bad credit, the manager probably didn't want to rent to them, so he figured I'll make it so high and unreasonable that they'll not even consider it. Instead of being upfront about it and saying "no, you probably won't qualify", but I'm sure that could cause issues with discrimination or something.
I am sure that is why he did it. If someone couldn't be upfront with me I think I would rather not deal with them to begin with.
See GN thought you were done with Sunday School didn't ya?
See goodnatured-----ya learn something new everyday. All from the Good Book.
Yep, it is a good day when we learn something new.
Nothing wrong with that,nothing at all.
That is what I like about these forums. So many people from all over and all walks of life offer opinons and ideas that others may never have heard of otherwise.
Sometimes hearing someone elses oppinion gives you a better way or a different way of looking at things.
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