I was thinking about writing goodwill letters to CC companies that has impacted my credit score in a negative way. I was delinquent on these accounts and that's what has hurt my score. I'm ...
My parents filed for bankruptcy and are still able to get a credit card with $5,000 limit. When I apply, the most they will give me is $500! (if they approve me at all!) My credit score is between 665...
I wrote a personal check to and apartment complex. I had a stop payment put on it. Now they consider it a bad check. When I pay the check off and the fees is there anything else I have to do....
When I graduated high school I was in an abusive relationship. Five years my senior, he convinced me to get credit cards he maxed out, and then forced me to drop out of school. I got away with much ...
I ordered ham online from a rather famous store in late April. UPS delivered 2 of 3 packages claiming 1 was leaking so the package was returned to sender.
Hi, I'm a teen looking to improve my credit and have a little more financial flexibility. What credit cards do you think would be good for someone with no credit?
I can't get a straight answer. I mean I'm gonna spend money there anyways but I don't want that lame prepaid debit card since I already have one >.<...
I got this 50 dollar visa gift card for x mas and i tried to buy something online with it at americaneagle.com and i entered the number in and it said ERROR: the number you entered is not valid.
...
So, I have about $4400 in debt, which I have to payoff completely, but I am not sure the best way to help repair and save money now. I have one card that has $1200 and the limit is $1300. I have one ...
I have never placed an order with that company. What shall I do?...
rnhard7
Co-signing a 6 month lease for someone else. How does it effect me if I did.....?
Basically how does that show up on my credit? Have someone that is moving to Chicago and needs a 6 month lease co-signer. What effect does this have on my credit rating? Does it show I have a 6 month agreement even though its for someone else? Am planning on buying a house within this period and was wondering if it will effect my home purchase since I will have my name on a $2000 per month lease in Chicago. Good or Bad idea to co-sign? Thanks and appreciate your advise(s).
Don't do this. If this person misses one payment, your credit is hurt. Then "if" someone is willing to loan you money on a house, it will be at a much higher interest rate.
And if this perons doesn't pay, you will owe up to $12000.00 + interest and late fees.
lost_but_not_hopeless
It could show up as a potential liability.. but if you honestly trust the person that you are cosigning for and they can document their earnings to the company you will be financing your home purchase through.. I don't think it will enough by itself to disqualify you. When you are trying for the mortgage approval, they will take everything into consideration and let you know where you stand.
As far as your credit rating goes.. depends on what happens with the lease. Your rating will drop a few points when the application goes in for the cosigned loan.. (always drops when you apply for credit) and will gain it back by the time the 6 month lease has expired if the payments stayed current.
As long as you stay above 700 -on your highest score- out of the 3 major agencies, that is the primary thing that mortgage agencies are concerned with. It all comes down to:
a.) Credit score.
b.) Income vs. expense ratio (they like for your monthly fixed expenses to be 28-30% -or less- of gross income)
c.) Length of credit history
d.) Occupational stability
Hope this helps you out.
SG Elite
I suggest you stay out of it. You will be liable for any unpaid amounts once your signature appeared on the agreement. And that will affect your Credit score.
REnate
Bad idea. It will show up on your credit as something you owe every month. If the person defaults on the rent; you have to pay it.
Froggy
it should only affect you if the other person stops paying on the lease or trys to get out early. then they will come to you for the money and if you do not pay then yes your credit will be messed up. IF you really trust the person then I would do it. If in doubt do not sign.
glove
Bad...not sure who this is but be sure you can trust them to pay the bill. if they default you are responsible. For instance they trash the place, skip out and leave town, etc. You are the responsible party. It may affect your credit since it shows up as a payment that you owe.
1teacher
Yikes - bad idea. If he defaults, you are responsible. That will affect your credit rating as well as your wallet.
OC1999
It is usually a bad idea to co-sign for anyone. Unless you really trust this person and know that they are going to pay, or you can pay if they don't.
I am assuming you are talking about an apartment lease. Unlike Car leases apartment leases generally will not show up on your report if the terms of the lease are satisfied. But you need to verify with the leasing agent if this is the case for the place they are looking at. If the person does not pay on the lease then they could turn it over to collections and it will then show up on your credit report as a negative item.
jbrian24
If you plan on buying a house I would keep you credit report as clear as possible.
Homepage 
Financial
Forum 
Credit 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
