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My Credit score is 534 I live in chicago. I am able to get my parents to co-sign. Any chance I will approved?*

This is for an apartment in chicago Lincoln Park area

Answers:

1) If your parents have good credit then you should be able to....Remember that any defaults on your lease will spill over onto your parent's credit files and damage their credit as well as yours. Keep them informed of any problem immediately...like your being unable to the rent for a particular month...so that they won't find out the hard way...

2) Yes, if it is for an apartment, there are no worries. Chicago has very friendly eviction laws and it is not like you can steal the building....if your parents will cosign that would be even better..... However, why not have your mom or dad just sign for the apartment and you pay it each month that way there is NO chance of denial. In the meantime, pay your old bills of to increase your score. 534 is extremely low and will become an issue again when you want to move, buy a car, apply for a higher level job etc.

3) more than likely you will qualify with your parents on the mortgage if they have excellent credit. As far as your FICO score, you should start to restore it to a better score, go to www.eaglecreditrestoration.com and click on credit restoration to see about working on your credit, you will have a better interest rates with better scores.

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