Every story is different with different outcomes. I was dating (currently engaged) to a wonderful girl. Her parents had 0 credit history, never wanted to have credit cards or loans as they were afraid of it or just not interested. They live in NY, rent apartment and that’s all they need. I started dating her when I was half way through college and she was just graduating High School. I helped her with everything I could, in order to help her pick the right college, how to pay for it, how to apply for government loans, etc. Once she started her college, half way through it turned out she had more expenses then government loans could cover. She was stuck, she did not work, her parents had 0 credit history, and nobody would give her any type of personal student loan. She did not have anybody else as it was only her and her parents. The only choice was to quit college and go to work and maybe someday resume.
I on the other hand, had the opposite story. When I was in high school I already got credit card to start building my history, my parents got credit cards in order to build their history in case I would ever need a loan. I felt really bad for her, I was on here asking for advice, to see if I should help her and co-sign a personal loan for her. We were dating for couple years at that time, also had no clear future, and we did not know how it was going to turn out.
Even though every single person on here told me not to do it, I decided to co-sign her personal loan, so she can continue her education and graduate. I was terrified and was thinking what would happen if she doesn’t graduate, if she can't pay it off, etc. She ended up using over 30K of that personal student loan. The good news is that she did graduate, she got a very good job, and in 3 years of graduating college she paid off 60K+ of student loans she had, including that personal loan I co-signed. I was along for the journey and was making sure she is responsible, and it turned out she is very good with money. She has her own credit cards now, auto loans, etc. And I can say I would trust her any day and would not hesitate to co-sign any type of loan with her. Soon I will be lucky to call her my wife J
@Anonymous wrote:I'll just say this never expect a loan or debt to be paid back by a friend or loved one if you expect to keep that person in your life.
I agree with this and think it's great advice. There's nothing wrong with loaning giving a friend or loved one money, but doing so with the expectation of getting it back can put a great deal of strain on a relationship.
@SMikulski49 wrote:Every story is different with different outcomes. I was dating (currently engaged) to a wonderful girl. Her parents had 0 credit history, never wanted to have credit cards or loans as they were afraid of it or just not interested. They live in NY, rent apartment and that’s all they need. I started dating her when I was half way through college and she was just graduating High School. I helped her with everything I could, in order to help her pick the right college, how to pay for it, how to apply for government loans, etc. Once she started her college, half way through it turned out she had more expenses then government loans could cover. She was stuck, she did not work, her parents had 0 credit history, and nobody would give her any type of personal student loan. She did not have anybody else as it was only her and her parents. The only choice was to quit college and go to work and maybe someday resume.
I on the other hand, had the opposite story. When I was in high school I already got credit card to start building my history, my parents got credit cards in order to build their history in case I would ever need a loan. I felt really bad for her, I was on here asking for advice, to see if I should help her and co-sign a personal loan for her. We were dating for couple years at that time, also had no clear future, and we did not know how it was going to turn out.
Even though every single person on here told me not to do it, I decided to co-sign her personal loan, so she can continue her education and graduate. I was terrified and was thinking what would happen if she doesn’t graduate, if she can't pay it off, etc. She ended up using over 30K of that personal student loan. The good news is that she did graduate, she got a very good job, and in 3 years of graduating college she paid off 60K+ of student loans she had, including that personal loan I co-signed. I was along for the journey and was making sure she is responsible, and it turned out she is very good with money. She has her own credit cards now, auto loans, etc. And I can say I would trust her any day and would not hesitate to co-sign any type of loan with her. Soon I will be lucky to call her my wife J
Awww what a great story! I'm so glad it worked out for you two. 