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Answer: Applying to be your guarantor should not impact your fathers credit score, but the landlords request will likely show up on his credit report. And its important to keep in mind that if you fail to pay your rent, and your father doesnt bail you out, then both your credit scores would be negatively affected.
In a personal guarantee, the guarantor (usually the business owner) agrees to be responsible for the lease payments owed by the business under the terms of a commercial lease if the business fails to pay rent or fails to pay rent after vacating the leased space before the end of the lease term.
Answer: Applying to be your guarantor should not impact your fathers credit score, but the landlords request will likely show up on his credit report. And its important to keep in mind that if you fail to pay your rent, and your father doesnt bail you out, then both your credit scores would be negatively affected.
Show proof of consistent revenues and profits (PL statements, balance sheets, etc) Ask for an amendment to the lease after 12-24 months. Ask for the guarantee to expire after 12-24 months as long as you have paid rent payments on time. Try to renegotiate the guarantee terms.
A guarantor (usually a parent or guardian) will agree to take joint responsibility for the rent for the property if the tenant fails to. Guarantors are required to pay any rent arrears (if the tenant does not pay) and for any damages costing more than the deposit.
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People also ask

Theres no general rule about how long a guarantor agreement lasts. It depends on whats agreed between the landlord and the guarantor. Your guarantor should speak to the landlord if they dont want their liability to continue beyond the end of a fixed term tenancy.
When wondering if being a guarantor affects your credit, the answer is no; being a guarantor doesnt hurt your credit score as long as the primary borrower makes the payments on time. But if the borrower defaults, the guarantor is responsible for continuing to make the payments, which can affect your credit score.
Theres no general rule about how long a guarantor agreement lasts. It depends on whats agreed between the landlord and the guarantor. Your guarantor should speak to the landlord if they dont want their liability to continue beyond the end of a fixed term tenancy.
What is a personal guarantee? A personal guarantee is a contract between a tenant and a landlord in which the tenant agrees to be personally responsible for the payment of rent if the business fails. This means that if the business is unable to pay rent, the landlord can come after the tenant for the money.
You might need a guarantor so you can rent a place to live. A guarantor is someone who agrees to pay your rent if you dont pay it, for example a parent or close relative. If you dont pay your landlord what you owe them, they can ask your guarantor to pay instead.

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