What Is A Co-Applicant?
A co-applicant is a person who is applying for the same credit with another person. They both share the same credit score and will be jointly held accountable for all financial decisions. A co-applicant may be a spouse, parent, sibling, co-worker, or friend and in some cases, they do not have to reside in the same geographical location as the applicant.
Co-Applicants must meet certain qualifications to qualify as one:
- Be 18 years of age or older
- Have an established Canadian residence or Canadian mailing address
- Have enough personal income to repay debt obligations on their own without relying on another individual’s income