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will renting an apt for my kid cause a problem?


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My son is in college. Unfortunately, he broke his lease when he was a freshman.  I had no idea.  Since breaking his lease, his new roomate has been renting their apartment. Now he needs to rent an apartment on his own since his new roomate has graduated. However, he keeps getting turned down.  I can sign a lease for him but I'm worried his address will somehow added to my CR since he is Junoir with the same name as mine. Will his address cause a problem for my current credit accounts?

Edited by oncredit
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Unless landlord reports to credit for some reason , you do a change of address or start receiving mail there it prob won't show up. Have you tried being a guarantor instead of lease? Maybe a small landlord would be willing to lease to him with extra security deposit. I would rather lend someone some money to use as additional deposit and know my downside then be responsible for unknown/ unlimited liability .

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My advice is usually:  Never Never Never Ever Co-sign.  Anything, Ever.  

 

Which isn't even as bad as doing a straw sale/lease (financing/leasing something for someone else to use).

 

OTOH, a Dad wants to help his kid... If you can afford to make all the rent payments for him for the whole term of the lease and don't mind doing so, then I suppose why not?

 

The address may or may not show up on your credit report and I'm not sure it would unless you apply for credit from that address.  If it does show up, I don't know that it would cause any problems anyway.  

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5 hours ago, oncredit said:

 but I'm worried his address will somehow added to my CR since he is Junoir with the same name as mine. Will his address cause a problem for my current credit accounts?

While everyone is free to offer their opinions on whether you should cosign, in regards to your actual question no that address will not cause a problem for you were it to appear on your credit reports. 

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Only you can decide if this is an actual risk, although most parents would just fold their arms and say, "Not my Mikey!"

 

Here's where I'm going:

 

We added my parents to our Citi AAdvantage Executive card so they can get into Admirals Clubs when they travel.  Citi will only ship AU cards to the primary cardholder's address, so that address is now on their credit reports.  Pre-screened credit offers have since started arriving at our house addressed to my mother and my father.

 

If your adult offspring is willing to break a legally-binding contract with a landlord and then come to you for help, who knows what he might do if he's short on spending money. 

 

He could very well use your personal info to respond to credit offers mailed in your name to his address, and then just not pay the credit card bills.  

Edited by cv91915
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2 hours ago, cv91915 said:

Only you can decide if this is an actual risk, although most parents would just fold their arms and say, "Not my Mikey!"

 

Here's where I'm going:

 

We added my parents to our Citi AAdvantage Executive card so they can get into Admirals Clubs when they travel.  Citi will only ship AU cards to the primary cardholder's address, so that address is now on their credit reports.  Pre-screened credit offers have since started arriving at our house addressed to my mother and my father.

 

If your adult offspring is willing to break a legally-binding contract with a landlord and then come to you for help, who knows what he might do if he's short on spending money. 

 

He could very well use your personal info to respond to credit offers mailed in your name to his address, and then just not pay the credit card bills.  

Ok you just scared me to death!!!  

 

I want to help my son because he has been through a lot of emotional stress due the death of someone he dearly loves.  I will tell him never to establish credit in my name.  I will monitor my CR closely (I am already doing that).  I will only sign a 6-month lease and tell him has only 6 months to find something on his own.  Finally I will secretly be prepared to pay his rent if needed to keep the lease in god shape and not cause a problem for me.  Its amazing that my daughters never ever causes problems like this but only my sons.  Don't ever have sons!!!

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8 hours ago, haydeno said:

Unless landlord reports to credit for some reason , you do a change of address or start receiving mail there it prob won't show up. Have you tried being a guarantor instead of lease? Maybe a small landlord would be willing to lease to him with extra security deposit. I would rather lend someone some money to use as additional deposit and know my downside then be responsible for unknown/ unlimited liability .

Sent from my Redmi 5 Plus using Tapatalk
 

What is a guarantor in this situation? How does that work?  Thanks!!

Edited by oncredit
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4 hours ago, cv91915 said:

Only you can decide if this is an actual risk, although most parents would just fold their arms and say, "Not my Mikey!"

 

Here's where I'm going:

 

We added my parents to our Citi AAdvantage Executive card so they can get into Admirals Clubs when they travel.  Citi will only ship AU cards to the primary cardholder's address, so that address is now on their credit reports.  Pre-screened credit offers have since started arriving at our house addressed to my mother and my father.

 

If your adult offspring is willing to break a legally-binding contract with a landlord and then come to you for help, who knows what he might do if he's short on spending money. 

 

He could very well use your personal info to respond to credit offers mailed in your name to his address, and then just not pay the credit card bills.  

 

2 hours ago, oncredit said:

Ok you just scared me to death!!!  

 

I want to help my son because he has been through a lot of emotional stress due the death of someone he dearly loves.  I will tell him never to establish credit in my name.  I will monitor my CR closely (I am already doing that).  I will only sign a 6-month lease and tell him has only 6 months to find something on his own.  Finally I will secretly be prepared to pay his rent if needed to keep the lease in god shape and not cause a problem for me.  Its amazing that my daughters never ever causes problems like this but only my sons.  Don't ever have sons!!!

I'm glad that you are now aware of a potential serious risk.  

 

It's definitely wise if you guarantee/co-sign or sign the lease to monitor your reports -- for inquiries.  By the time a new account reports it could be too late.

 

Regardless of how the lease is written, if you're on the hook in any way you might also consider paying the lease payment yourself every month and have your son pay you.  That's the general advice we give when we can't talk someone out of co-signing for someone else's car loan or other debt obligation.

 

Note that some mom-n-pop landlords further from campus may overlook the prior indiscretion if he can make a large security deposit (assuming this is legal where he's located).  It might be an inconvenience for a semester or two, but a good lesson will come from it.

 

We all experience tragedy in our lives but the rest of the world goes on.  I lost two of my best friends -- one when I was a sophomore in high school and another when I was a freshman in college.  It hurt like nothing I'd ever experienced, and I still grieve a bit on their birthdays and on the anniversaries of their deaths.  But that's life.  I still graduated summa cum laude.  The deepest grief passes, but it never completely goes away.

 

Edited by cv91915
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15 hours ago, cv91915 said:

 

I'm glad that you are now aware of a potential serious risk.  

 

It's definitely wise if you guarantee/co-sign or sign the lease to monitor your reports -- for inquiries.  By the time a new account reports it could be too late.

 

Regardless of how the lease is written, if you're on the hook in any way you might also consider paying the lease payment yourself every month and have your son pay you.  That's the general advice we give when we can't talk someone out of co-signing for someone else's car loan or other debt obligation.

 

Note that some mom-n-pop landlords further from campus may overlook the prior indiscretion if he can make a large security deposit (assuming this is legal where he's located).  It might be an inconvenience for a semester or two, but a good lesson will come from it.

 

We all experience tragedy in our lives but the rest of the world goes on.  I lost two of my best friends -- one when I was a sophomore in high school and another when I was a freshman in college.  It hurt like nothing I'd ever experienced, and I still grieve a bit on their birthdays and on the anniversaries of their deaths.  But that's life.  I still graduated summa cum laude.  The deepest grief passes, but it never completely goes away.

 

Thanks for the great advice and I see you understand the feelings my son is having. When he hurst I hurt also.  I love my son very much.  I am taking your advice and telling him to send me the rent and I will pay.  Thanks again.

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10 minutes ago, oncredit said:

Thanks for the great advice and I see you understand the feelings my son is having. When he hurst I hurt also.  I love my son very much.  I am taking your advice and telling him to send me the rent and I will pay.  Thanks again.

You're welcome.  Best wishes on a great outcome for all.

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