Question about apartment and leasing.

[desiplaya4life]

my friend is having problems financially and wants to move to cheaper apts for the fall. He went to these apts close to college where him and 2 other people got interested in this 3bd apt. but it is too expensive for him.

they took and information as well as FAXED him a "grand tour" form to his house to be read over and signed. my friend says it requested a credit check (on his dad's) so his DAD signed it and faxed it back. does that mean that he is not stuck on a lease or thats a seperate form? he didnt sign or recieve anything else.

one of the roomates is saying who also WORKS for leasing office:-/ states that if he chooses to get out he can, but it will go on his dad's credit and ruin it. IS THIS TRUE? please help this is for a friend. i will get more info from him later as he will call me again soon.

THANKS in advance AT peeps

 

[Nutdotnet]

I have no idea what you're asking

But good luck!

 

[imported_Mike]

Sounds like his dad signed a lease as a guarantor

 

[vi edit]

It's a check on credit. It will show up on his Dad's credit history as an inquiry. They show up and enough of them in a short enough period of time *can* negatively impact credit history. But you typically have to have a bunch of inquiries in a short amount of time for different loans/credit extensions. A single one for a rental isn't going to do much.

If that is all he signed, it doesn't count as a lease. A lease is a completely seperate form *typically*.

Without knowing the exact documents that were signed, it's impossible to say for sure though.

EDIT: If he only conscents to a credit check and doesn't commit to a lease...and the lease company tries to "wreck" his credit as you say, they can't do it. At least legally.

He agreed to nothing. He owes them nothing.

 

[imported_Mike]

Originally posted by: vi_edit
It's a check on credit. It will show up on his Dad's credit history as an inquiry. They show up and enough of them in a short enough period of time *can* negatively impact credit history. But you typically have to have a bunch of inquiries in a short amount of time for different loans/credit extensions. A single one for a rental isn't going to do much.

If that is all he signed, it doesn't count as a lease. A lease is a completely seperate form *typically*.

Without knowing the exact documents that were signed, it's impossible to say for sure though.

I don't think they would do a credit check on his dad for sh!ts and giggles unless the dad promised to back his son up or something.

 

[vi edit]

I don't think they would do a credit check on his dad for sh!ts and giggles unless the dad promised to back his son up or something.

When I rented a "luxury" apartment in Phoenix, I had to submit to a credit check BEFORE even being allowed to apply for a lease. They had to approve me before they put lease papers in front of me to sign.

 

[imported_Mike]

Originally posted by: vi_edit

I don't think they would do a credit check on his dad for sh!ts and giggles unless the dad promised to back his son up or something.

When I rented a "luxury" apartment in Phoenix, I had to submit to a credit check BEFORE even being allowed to apply for a lease. They had to approve me before they put lease papers in front of me to sign.

I could understand that for higher end apartments. Unless the dad is tied in some way by being a co-signer or a gaurantor I just don't see a reason for the check.

 

[desiplaya4life]

man yea i hope he didnt but he did say something like what u said- guarantour (sp) it was 2 pgs

yea im just anxious i guess we will go drive up there and check out the papers.

and if he backs out of the lease or whatever if HE signed for it. will it really hurt his dad's credit? how much? his roomates already covered his first month payment (since he's not even moved in yet)
and i hope his roomates didnt pay his first payment to get him stuck in a lease or stuff

 

[imported_Mike]

Paying the first month's rent would not get him "stuck" in a lease. IMO it sounds like your friend signed a lease and you friend's dad signed as a guarantor which means if your friend splits out on the rend, his dad is responsible for it.

 

[desiplaya4life]

how badly would it affect his dad's credit if gettting out of a new lease? ALOT? noticeable for future finincial planning such as loan/car/house purchase/credit card? ?

 

[DaiShan]

Originally posted by: vi_edit
It's a check on credit. It will show up on his Dad's credit history as an inquiry. They show up and enough of them in a short enough period of time *can* negatively impact credit history. But you typically have to have a bunch of inquiries in a short amount of time for different loans/credit extensions. A single one for a rental isn't going to do much.

If that is all he signed, it doesn't count as a lease. A lease is a completely seperate form *typically*.

Without knowing the exact documents that were signed, it's impossible to say for sure though.

EDIT: If he only conscents to a credit check and doesn't commit to a lease...and the lease company tries to "wreck" his credit as you say, they can't do it. At least legally.

He agreed to nothing. He owes them nothing.

^^ I'm currently in college and leasing an apartment, and VI is right on point.

 

[DaiShan]

Originally posted by: CheapArse

Originally posted by: vi_edit

I don't think they would do a credit check on his dad for sh!ts and giggles unless the dad promised to back his son up or something.

When I rented a "luxury" apartment in Phoenix, I had to submit to a credit check BEFORE even being allowed to apply for a lease. They had to approve me before they put lease papers in front of me to sign.

I could understand that for higher end apartments. Unless the dad is tied in some way by being a co-signer or a gaurantor I just don't see a reason for the check.

The reason being that his dad is going to have to be the gaurantor. They want to make sure he has sufficient credit to do so.

 

[DaiShan]

Originally posted by: desiplaya4life
man yea i hope he didnt but he did say something like what u said- guarantour (sp) it was 2 pgs

yea im just anxious i guess we will go drive up there and check out the papers.

and if he backs out of the lease or whatever if HE signed for it. will it really hurt his dad's credit? how much? his roomates already covered his first month payment (since he's not even moved in yet)
and i hope his roomates didnt pay his first payment to get him stuck in a lease or stuff

Then they are dumb. If he did not put his name to a lease, they can pay for his portion all they like, but it won't bind him to the apartment. It sounds like they have a joint lease and want your friend to sign on. On principle I avoid joint leases as I don't want to be stuck with the whole bill if one of my room mates skips out on rent.

 

[imported_Mike]

Originally posted by: DaiShan

Originally posted by: CheapArse

Originally posted by: vi_edit

I don't think they would do a credit check on his dad for sh!ts and giggles unless the dad promised to back his son up or something.

When I rented a "luxury" apartment in Phoenix, I had to submit to a credit check BEFORE even being allowed to apply for a lease. They had to approve me before they put lease papers in front of me to sign.

I could understand that for higher end apartments. Unless the dad is tied in some way by being a co-signer or a gaurantor I just don't see a reason for the check.

The reason being that his dad is going to have to be the gaurantor. They want to make sure he has sufficient credit to do so.

Exactly what I said. So if his friend skips out on the rent, they will go after his dad.

 

[imported_Mike]

Originally posted by: DaiShan

Originally posted by: desiplaya4life
man yea i hope he didnt but he did say something like what u said- guarantour (sp) it was 2 pgs

yea im just anxious i guess we will go drive up there and check out the papers.

and if he backs out of the lease or whatever if HE signed for it. will it really hurt his dad's credit? how much? his roomates already covered his first month payment (since he's not even moved in yet)
and i hope his roomates didnt pay his first payment to get him stuck in a lease or stuff

Then they are dumb. If he did not put his name to a lease, they can pay for his portion all they like, but it won't bind him to the apartment. It sounds like they have a joint lease and want your friend to sign on. On principle I avoid joint leases as I don't want to be stuck with the whole bill if one of my room mates skips out on rent.

Eh, sounds like the friend already signed the lease.