Often, an individual without established credit history -- or with poor credit history -- needs to take out a loan or rent an apartment. In such cases, lenders or tenants may not be comfortable lending to the individual without taking precautions. One precaution involves asking someone with established credit to cosign, or agree to pay off the loan amount if the person taking out the loan defaults.
The only age limit that legally determines whether someone can be a cosigner is the threshold of adulthood. A cosigner must be at least 18 years old. Certain lenders or renters may make other stipulations, such as that a cosigner live within the state or be a U.S. citizen.
In practice, many would-be adult cosigners who are in their late teens or twenties may not be able to cosign for a loan. Although old enough, they may not yet have enough stable income or the established credit history that lenders require of cosigners.
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