Los Angeles Property Management

5. Los Angeles Property Management On Co Signing

Los Angeles Property Management has learned to take extra precautions when co signing a lease with someone. This means vouching for the person. This means co liability for any issues with the  apartment, everything from rent payments to evictions. If you default on rent the landlord can also put liens on you.  

Co signing will also do damage your credit score if anything goes wrong.  By co signing, you are agreeing responsibility for the rent being paid in a timely manner. The main reason, to be sure you can trust the person you are cosigning for.  And also be sure you are ready to step in if they get themselves in trouble with this.

6. Joint Accounts

Be sure to consider all possibilities when getting into a joint account with someone who has less than a decent credit history. This could hurt your credit history in the long run.

7. Not Just Having One Credit Score

Los Angeles Property Management knows that everyone’s credit score is not a single number. This depends on where you’re inquiring your credit from, even having as many as three different scores to represent your credit. This happens because not all financial activity is reported to all three credit bureaus.  

Timing could be a factor because of the information that is reported to each bureau could vary. You could be assured all the sources will have similar scores. Some evaluators take an average of your credit scores from a few sources.

8. Three Categories Your Credit Score is Made Up Of

Typically, there are three categories that go into a credit score. The first is account info, inquiries about credit and loans.  Second are public records, this could mean liens.

Finally, credit inquiries made. Putting personal information such as address, age, gender, race, etc. is not going to impact your score.

9. Not Making Regular Rent Payments

Los Angeles Property Management knows that making monthly rent payments on time can build a credit score. This is building a track record for yourself to show enough responsibility to staying consistent when paying rent.

The only condition is that a landlord has to report the rental history data to the credit bureaus.

10. Each Time Your Credit Score Is Ran

This means that each time your credit is ran, depending on the information available at that current time.  

Do consider, not to look at your credit more than once a month.  

Looking at your credit more frequently could show a significant change in your score.

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Posted by: tgnprop on August 7, 2017
Posted in: Uncategorized