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I'm contemplating relocation, but with poor credit and no job. Of course I know that's a stupid decision in my case, but...
I'm almost 56, single, no career after college except mostly cab driving (due to personal issues) and need that change I considered at age 40.
I do see the occasional Craigslist ad mentioning a co - signer is okay for an apartment. But, I believe most landlords would still want good credit on my part. And isn't a co-signer intended for those with a job, but perhaps low-paying as well as having acceptable credit -- not for someone like me with bad credit AND no job.
Some my age are retired, but I will be working past 70. No choice.
Would you rent to someone like me, as long as I have good references (though not local)? Can my brother, with an excellent salary and credit, co-sign for me?
I'm contemplating relocation, but with poor credit and no job. Of course I know that's a stupid decision in my case, but...
I'm almost 56, single, no career after college except mostly cab driving (due to personal issues) and need that change I considered at age 40.
I do see the occasional Craigslist ad mentioning a co - signer is okay for an apartment. But, I believe most landlords would still want good credit on my part. And isn't a co-signer intended for those with a job, but perhaps low-paying as well as having acceptable credit -- not for someone like me with bad credit AND no job.
Some my age are retired, but I will be working past 70. No choice.
Would you rent to someone like me, as long as I have good references (though not local)? Can my brother, with an excellent salary and credit, co-sign for me?
Sure your brother can co-sign for you; this may or may not be good enough to get around your bad credit. The bad credit will be a automatic no for many landlords even with a co-signer. However, the far bigger problem you have is no job. How do you plan to pay rent when you have no income and how will you be able to convince a potential landlord that you will be able to pay the rent in full and on time if you have no job?
Most landlords won't accept a co-signer for the situation you described. In addition, a co-signer typically is required to have perfect credit, perfect rental or mortgage history and an income of 5-6x the rent.
Is your brother happy to pay your rent for you every month? Does he have excellent credit and enough income to pay for all of his expenses and your rent, without the rent payment being a stretch on his budget?
I would not accept a cosigner for a 56 year old tenant. I accept cosigners for people like students getting their first rental so they don't have landlord references. I just accept a cosigner for a young couple who were returning from abroad after several years. They both had credit scores over 800 as did the cosigner.
You've got bad credit and no income, so a cosigner would have to be cheerful about paying your rent and well able to afford it, otherwise, a cosigner is worthless in your case. The cosigner isn't testifying that you are a great person, they are promising to pay your bills for you if you don't.
Since you are qualified to drive a cab, have you considered obtaining a cab driving job in the new location of your choice. Stay in a long term motel until you get a couple of pay checks so that you can show income. Some landlords will rent to people with bad credit, but nobody will rent to a tenant who has no income. Landlords want the rent. How can you pay rent if you've got no income?
I also don't understand how you expect to pay rent with no job. I am mid 50s and had a problem with *no credit * (not bad credit, just no credit history or score having not lived in the US since I was a child. However, I had a job, letter of reference from a previous landlord and those, together with my brother Co signing got me the apt. There was no way I could get it just based on the co-signer.
I agree. Cosigners for me are for those with no credit, usually those who are young and just leaving home. Possibly someone who otherwise qualifies, but has bad credit. But not for someone who has bad credit and no job, unless the person could prove they had a large sum of money in the bank (large meaning enough to pay the rent for 10 years, not a lot meaning $5000).
The biggest problem for me for someone with bad credit and no job, besides the obvious "how will you pay the rent" is "if you don't pay the rent, or you trash the place, how would I collect?" If you have no job, no assets, and bad credit, you are basically judgment proof. Since most states have a limit on how much deposit can be charged, you can't get around this by offering more deposit.
I will say I recently sent a $3000 bill to a cosigner on a tenant who paid all her rent, but left the house a total disaster when she moved out. The cosigner negotiated a few items, and then sent us a check for the rest. Because that is what is expected of a cosigner.
So CAN your brother cosign for you? Sure, if he is willing.
Will it do any good? Maybe
Is it a wise financial choice for him? Definitely not.
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