Credit Reports & Co-Signers

If you are renting an apartment for yourself for the first time, one of the most difficult decisions to make is how much you can you afford to pay for rent. I found the rent affordability calculator on the Canada Mortgage and Housing Corporation website that may be a good starting point for you. This will help estimate how much you can afford to pay for rent each month.

Sometimes, landlords are wondering whether you’ll be able to afford the rent, so they’ll ask to run a credit check. If you don’t have a long enough credit history e.g. if you’re new to Canada or if you’ve had problems with your credit in the past, then you may not qualify for some properties or rent amounts. In situations like this, one of your alternatives is to get a guarantor/co-signer with a good enough credit history to help you. Your guarantor/co-signer will be responsible for paying your rent for you if you are unable to pay your rent on time. For more information on credit checks and credit reports in Canada, please go to the ordering your credit report and score page on the Government of Canada website.

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