{"id":301487,"date":"2025-07-29T15:09:33","date_gmt":"2025-07-29T15:09:33","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/301487\/"},"modified":"2025-07-29T15:09:33","modified_gmt":"2025-07-29T15:09:33","slug":"should-i-be-a-co-signer-on-my-friends-lease-they-are-in-a-bad-situation-and-ive-been-there-too-but-im-worried-about-my-credit","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/301487\/","title":{"rendered":"Should I be a co-signer on my friends’ lease? They are in a bad situation, and I’ve been there, too. But I’m worried about my credit."},"content":{"rendered":"

Pay Dirt is Slate\u2019s money advice column. Have a question? <\/strong>Send it to Kristin and Ilyce here<\/strong><\/a>. (It\u2019s anonymous!)<\/strong><\/p>\n

Dear Pay Dirt,<\/strong><\/p>\n

When I was 18, I got a credit card and proceeded to wreck my credit. It took me years and years to recover from that and some other setbacks along the way. Now I have a credit rating in the 700s, a mortgage, a car note, and two credit cards I use fairly sparingly and pay more than the minimum on. I also have a good job in health care that isn\u2019t likely to disappear.<\/p>\n

I have friends I\u2019ve known for over 20 years who are in a bad situation. The wife is a writer and while she has sold a number of books she isn\u2019t a best seller or famous. She makes just over $10,000 in advances and less than $1,000 in residuals. Her husband is semi-disabled and drives Uber. They are currently in a town where supply of Uber is way more than demand. For a variety of reasons they have decided to move, including to a place where it is possible to make at least a decent living doing Uber. The problem is that their very low income has left their credit wrecked. They have two evictions to their name, and at least one default on a mortgage.<\/p>\n

This has made finding housing they can afford difficult as many places run credit checks. One place has asked for a co-signer. They have reached out to me asking if I\u2019d be willing.<\/p>\n

I don\u2019t want them homeless but I\u2019ve spent a long time making sure I was stable for housing and everything I need. What would happen if they get evicted or something doesn\u2019t work out and they bail on the apartment? What would my responsibilities be and what might it do to my credit?<\/p>\n

\u2014In a Position to Help, But Should I?<\/p>\n

Dear Should I, <\/strong><\/p>\n

This breaks my heart. Your friends have made poor financial decisions, which likely stem from a lack of awareness or understanding about how the digital financial system works.<\/p>\n

    \n
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    Your credit score is your financial lifeline. It\u2019s the key to unlocking lower interest rates on credit cards, auto loans, mortgages, and personal loans, but it\u2019s also helpful in getting lower insurance rates. And, as your friends have discovered, landlords use it to decide whether you\u2019re likely to be a good tenant. When your credit score or income doesn\u2019t quite meet the minimum threshold, landlords worry the applicant is bad credit risk. So, they\u2019ll either ask for a larger amount in cash or require a co-signer. That\u2019s where you come in.<\/p>\n

    As you\u2019ve surmised, co-signing brings its own risks and challenges. There is a real risk this couple won\u2019t be able to pay their rent. If they don\u2019t, you\u2019ll be on the hook for the entire rent payment each month. Can your budget support that? If not, then your credit history and credit score are at risk, too.<\/p>\n

    Since you\u2019ve worked this hard to right your own financial ship, it would be risky to attach yourself financially to this couple, although they clearly need a helping hand. So, maybe you can offer to show them how you\u2019ve rebuilt your financial life, while regretfully declining their request.<\/p>\n

    \n Please keep questions short (<\/p>\n

    Dear Pay Dirt,<\/strong><\/p>\n

    I am an 84-year-old grandmother of eight. I had four daughters, and one of them is deceased. In setting up my will I have divided any inheritance four ways: my three remaining daughters and the child of my deceased daughter.<\/p>\n

    I am now wondering if I made the right decision. Is this fair to my other grandchildren? Should I take other factors into account? The kids of my living children will most likely inherit from their parents and the other grandchild probably won\u2019t. But also, she received a settlement from the auto company that caused her mother\u2019s death and will get another payout at age 35.<\/p>\n

    I\u2019m also only talking about $500,000 total for my estate, so it\u2019s more about doing the equitable thing. I am so confused! I have talked to my kids and they say to do whatever I feel is right. Help please.<\/p>\n

    \u2014Fair-Minded Grandma<\/p>\n

    <\/p>\n

    \"\"<\/p>\n

    \n Delia Cai
    \n Help! My Jealous Stepsister Just Crossed an Unforgiveable Line With My New Baby.
    \n Read More<\/b>\n <\/p>\n

    <\/a><\/p>\n

    Dear Fair-Minded Grandma,<\/strong><\/p>\n

    As I\u2019m sitting here, reading your letter, I wanted to reach out and hug you and your granddaughter. I lost my father suddenly when I was 18 years old. It changed my life, as I\u2019m sure it has for you and your granddaughter.<\/p>\n

    It\u2019s always smart to think through your options, and possible unintended consequences stemming from those options, before making a financial move. But I think you\u2019re thinking about it in the right way. Dividing your assets equally amongst your three living daughters and the child of your deceased child feels very fair to me. Regardless of the amount she is left, it will mean the world to her knowing you loved her mother equally, in life and death.<\/p>\n

    \u2014Ilyce<\/p>\n

    More Advice From Slate<\/p>\n

    I\u2019m in the process of divorcing my husband, after less than a month of marriage. We dated happily for five years previously, but our situation is truly what \u201cirreconcilable differences\u201d are made for. He\u2019s against the divorce, but I just want out. I\u2019ve moved in with a friend. I\u2019m trying to get a place for myself, but I wasn\u2019t financially prepared for this and it\u2019s tough. I know that my parents and family would love to give me a place to stay, help with attorney fees, and take care of me, but it comes with strings. My mom is the most gossipy person you can imagine.<\/a><\/p>\n

    The latest sex, parenting, and money advice from our columnists delivered to your inbox three times a week.\n <\/p>\n","protected":false},"excerpt":{"rendered":"Pay Dirt is Slate\u2019s money advice column. Have a question? Send it to Kristin and Ilyce here. (It\u2019s…\n","protected":false},"author":2,"featured_media":301488,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3093],"tags":[4376,51,474,2499,3715,16,15],"class_list":{"0":"post-301487","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-advice","9":"tag-business","10":"tag-finance","11":"tag-personal-finance","12":"tag-real-estate","13":"tag-uk","14":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114937159079554280","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/301487","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=301487"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/301487\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/301488"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=301487"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=301487"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=301487"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}