Will You Need a Cosigner For Your Apartment? How it Works and What to Expect

Abstract

What's the difference between a cosigner and a guarantor? The terms "Cosigner" and "Guarantor" are often used interchangeably, but they have important differences that affect the financial responsibilities of you and the person helping you. What credit score does a cosigner need? According to the credit reporting agency Experian, a cosigner needs a credit score of 670 or higher. Does a cosigner have rights to the property? While a cosigner might not be considered a primary tenant, they can have equal rights to access the property. Your cosigner may be asked to sign the same lease agreement or a separate cosigner agreement depending on your landlord's preference and local laws. What are the requirements of a cosigner? The exact requirements for a cosigner will depend on the laws in your area and the preferences of the landlord. Does a cosigner need to be present for signing the apartment lease agreement? A cosigner can be present for the lease signing or may provide a signature from somewhere else electronically. Does cosigning for an apartment affect your credit? If you're cosigning on an apartment, there's a good chance your credit won't be affected.