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- Sep 11, 2006
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Somehow I managed to avoid this with my other two kids, but kid #3, a college junior, is renting an apartment next year with two friends. She works, but we have to help her with housing costs. She has asked us to guarantee the rent. We're fine with that - the friends are trustworthy and we are willing to assume financial responsibility.
They are looking at a number of rentals and the competition is kind of stiff. She just called to get some financial information from us to fill out the applications. She wanted SSN, monthly income, bank account balances, and monthly mortgage. Each property manager is also going to run a credit check. While I understand the need to verify the credit worthiness of a co-applicant, I am not comfortable putting this information on I don't know how many applications, plus having multiple credit inquiries in a short period of time.
Any practical advice on how much information they truly need? I'll admit it, I don't want to give my income information or our account balances to our 20 year old daughter. She thinks that we have to pinch every penny and I want to keep it that way. We are also looking at buying a second rental property so I am also nervous about those credit inquiries and qualifying for a loan on the income property (although our mortgage broker told me not to worry about getting a loan). Our credit score is probably high enough to take a few little hits (high 700's) but I don't know if we'll get dinged on "too many" inquiries. Any thoughts on how to proceed?
They are looking at a number of rentals and the competition is kind of stiff. She just called to get some financial information from us to fill out the applications. She wanted SSN, monthly income, bank account balances, and monthly mortgage. Each property manager is also going to run a credit check. While I understand the need to verify the credit worthiness of a co-applicant, I am not comfortable putting this information on I don't know how many applications, plus having multiple credit inquiries in a short period of time.
Any practical advice on how much information they truly need? I'll admit it, I don't want to give my income information or our account balances to our 20 year old daughter. She thinks that we have to pinch every penny and I want to keep it that way. We are also looking at buying a second rental property so I am also nervous about those credit inquiries and qualifying for a loan on the income property (although our mortgage broker told me not to worry about getting a loan). Our credit score is probably high enough to take a few little hits (high 700's) but I don't know if we'll get dinged on "too many" inquiries. Any thoughts on how to proceed?