As a renter, you do your best to avoid an eviction, but sometimes things come up. You could lose your job, or your roommate could bring a pet in without the landlord's knowledge, and you could end up with an eviction on your record, which makes renting difficult but not impossible. Some landlords may accept you if you can get a cosigner to sign the lease.
After an Eviction
Your landlord may report your eviction to different credit agencies. Some credit agencies, such as the First Advantage Saferent in California, keep track of a renter's past rental history. If a judge awarded a monetary settlement to your landlord, that settlement may appear on your credit report as well. Future landlords will see this information. Some landlords may decide to deny you all together or require an additional security deposit or rent in advance.
Using a Cosigner
A landlord may approve you as a tenant if you get a cosigner to agree to back your lease agreement. A cosigner will not live with you or sign the lease as an occupant or roommate. Instead, a cosigner agrees to cover your rent or pay for damages if you default on your lease agreement, which gives the landlord an alternate way to cover his losses, making you less of a risk.
Downsides to Cosigners
You should not take using a cosigner lightly. The person who agrees to cosign for you takes on a large financial risk. If you do not pay your rent, vacate the property early, or cause major damages to the rental, the landlord may turn to your cosigner to cover any money you owe. The landlord may also sue both you or your cosigner in small claims court, which will damage you and your cosigner's credit rating.
Some landlords will approve you without a cosigner if you can pay a larger security deposit, or pay your last month's rent upfront. Ask the landlord if he can work with you if you do not have a cosigner. If you must have a cosigner, you can use anyone you want, but that person must have a job or another source of income and a good credit rating. If the cosigner is not in good standing, the landlord cannot approve you as a tenant.
- MovingToday: How Important Is Rental History?
- MovingToday: Do You Need an Apartment Co-signer?
- Consumer Financial Protection Bureau. "What Is a Co-Signer?" Accessed Dec. 18, 2019.
- Santander Bank. "Personal Loans From Santander Bank." Accessed Dec. 18, 2019.
- Wells Fargo. "Personal Loans." Accessed Dec. 18, 2019.
- Consumer Financial Protection Bureau. "What Are Common Credit Report Errors That I Should Look for on My Credit Report?" Accessed Dec. 18, 2019.
- Consumer Financial Protection Bureau. "How Do I Get and Keep a Good Credit Score?" Accessed Dec. 18, 2019.
- New York State Higher Education Services Corporation. "NYHELPs Cosigner Liability and Release." Accessed Dec. 18, 2019.
Amelia Jenkins has more than eight years of professional writing experience, covering financial, environmental and travel topics. Her work has appeared on MSN and various other websites and her articles have topped the best-of list for sites like Bankrate and Kipplinger. Jenkins studied English at Tarrant County College.