Co-Sign on Apartment?

[Blue_Ray]

Will be selling our home soon. Got a job position out in the mid-west.

I know my scores are shot, but will need to rent. I do-not want to be in the getto and I want to be somewhere I can put my kids in good schools/ neighborhood. Now- if my parents have excellent credit, can they co-sign on a lease for a home for us?

I have not rented since 1995 so I have no idea about renting... lol

[CATCHMEIFYOUCAN]

There is no law against people wanting or needing a consigner or consigning for someone. You haven't yet filed I assume based on one of your post your considering filing in Jan 08?
Basically if you are unable to pay the bank goes after the consigner for payment. Hopefully another will chime in here to shed some light?

Best of Luck, Catchmeifyoucan

[jwsmartin]

I can tell you my situation and maybe it will help.

We started the bankruptcy process over 1 year ago. We stopped paying all cc and loans except the house and cars. My job relocated me, so I had to get an apartment. Even with a $1500 mortgage payment and $660 car payment, and credit scores around 500, I was approved instantly for a $800 a month apartment, brand new, gated community.

Now, my wife is planning to move, and we are looking into renting a home, so when I find out if we are approved on that, I will post again to let you know.

As far as a co sign goes, if they ask for one, they really look at income along with credit, so as long as they make enough money to afford the rent along with their bills, you should be fine.

I hope this helps, but like I said, all situations differ, and this is just mine.

[emoney]

Tennant Selection

Most large apartment projects run credit report, but smaller may not. Most single family homes for rent do not run credit reports.
I would suggest you disclose your credit troulbe upfront, and show what you have changed to prevent that from happing again.
You probably will not have any trouble at most projects if you are truthful.
regards,
emoney

[FreshLikeADaisy]

Emoney is right: if you have any problems, look for non-corporate landlords, like people who own a single rental, or a family who has a business doing rentals. You'd be surprised. A friend of mine who has the *worst* credit imaginable (long story, but whatever the lowest possible FICO score is, drop that by 10 and that'd be his) and never did file for bankruptcy was easily able to rent not only an apartment, but a year later a house, with no difficulty. Seriously, this guy... it'd be like renting to someone with the credit history of Enron. Bankruptcy can actually raise your scores, and he didn't even have that little boost. Also, as emoney suggested, he was honest about it: apparently they didn't even blink. Good luck to you! I'm sure you won't have a problem.

[whywhywhy]

I had the same problem, but, I found a place that had quite of few empty apartments. "Bad Credit" quickly turns into "Everything is good!" if the place has sat with no one in it for 6 months. Nice place too, in a very good part of the city.

[FreshLikeADaisy]

"Bad Credit" quickly turns into "Everything is good!" if the place has sat with no one in it for 6 months.

Isn't that the truth. You hit that nail right on the head.