Moving out, getting confused

[pbf98]

Well time has come where I'm finally taking the steps to move out of my parents house, being that I have a job in my career. Everything was going smoothly I found a place and checked it out. Now days away from the deadline everything is just chaotic.. I need a cosigner and my dad said he would, but he later decided that he is unwilling.
I am unsure why I need a cosigner in the first place, as I know my credit is in the low-risk category. I have to have everything turned in by Thursday, or the security deposit I turned in will be gone which was $400.
I do have someone else that is willing to be a cosigner but they have worse credit then me, and I really don't see how that works.

Can someone tell me why you think I would even need a cosigner if I have pre-existing credit already and good pre-existing credit at that? And if I were to have someone with lower credit than me would it affect my credit or only help theirs?
The lady tells me that I need a cosigner because I've never rented an apt before, but neither has my dad, so what's the difference??

 

[Frisco]

It's just that's the apartment/company's policy, pbf98. It varies and is most often dependent on the finance outfit that handles the company's money; they issue the rules about deposits and leasing issues, etc.

Your dad's change of heart sounds like a disappointment. But if there is another who is willing (and if you really are a "good risk," pay your bills and so forth ), to ahead and ask them. What the heck, you're an adult.

 

[pbf98]

Thanks for the response, just a little overwhelmed with everything right now didn't expect him to back out. Trying to readjust everything in my head

 

[dan330]

sorry to hear that...

ask the manager .. if there is any other way? maybe a larger deposit?

 

[breadnatty08]

First apartment I ever rented required a cosigner. My parents were okay doing it, but beyond that, no one else has asked to have a cosigner or even references.

 

[pbf98]

Well I set up a meeting time with the manager to talk with my dad since he is now again considering, but has a few things he wants to be sure of..

Now back to the credit question, does anyone know if you can have someone with a worse score cosign in this situation, to me it seems like its not even the score that matters which leads me to believe it doesn't matter but would like others opinions, being I forgot to ask her on the phone about that earlier

 

[dan330]

in cases of loans.. a person with a worse credit score...would not help your interest rate. they would raise it.

in this situation.. it is more about being able to pay the rent for the period of lease.
as long as the other cosigner does not have a bad credit. they can have a worse score than you. So I think it would help.

 

[Gmash]

I think it's crappy that they drop this on you after they take your deposit money. Seems like they shouldn't take your money other than an application fee/credit check until everything is in order.

 

[dan330]

I think it's crappy that they drop this on you after they take your deposit money. Seems like they shouldn't take your money other than an application fee/credit check until everything is in order.

I don't think it was the apartment that caused this.. the OP knew what was needed.

it was his dad that backed out at the last minute that cause the confusion and stress. which also may cause the OP to loose his deposit.