Revenue & Credit The main requirements for a guarantor include a substantial level of income and a strong credit history. A guarantor's annual income should generally be at least 80 to 90 times the monthly rent. The credit must have minimal or no problems (a score of more than 700 is generally considered positive). Almost anyone can be a guarantor.
It's often a parent or spouse (as long as you have separate bank accounts), but sometimes it's a friend or relative. However, you should only be a guarantor of someone you trust and are willing and able to cover refunds. Different agreements and different lenders have different requirements for a guarantor. At a minimum, a guarantor will need to have a high credit score without any problems on their credit report.
They must also have an income that is a certain multiple of the monthly or annual payments. To qualify, your guarantor must have two things. First of all, they must have an excellent credit score. This means that your credit score must be 750 or higher.
Sometimes, you may be asked for a guarantor if you simply don't meet qualification standards or even if you meet them, but something in your profile causes doubts. Contact your landlord to learn more about credit and income rating criteria before you put your heart in a place. Qualification standards are simply the minimum requirements that a tenant must meet, usually set by the landlord or property manager, to obtain approval in a given building. But if you don't mind having a roommate to help you save money, you might not need a personal guarantor if you meet the unit's qualification criteria.
You can also ask the leasing agent about the general qualification criteria for tenants before you apply for an apartment to find out if you should start looking for a guarantor. Different companies have different rating standards, but they generally make it easier to qualify for an apartment than a New York City landlord.
