topic Re: Best cards to co-sign for a student? in Credit Cards

Best cards to co-sign for a student?

Anonymous — Wed, 14 Dec 2011 22:38:20 GMT

Hi everyone-

I helped my nephew get his credit in order after a little 'shake up' with my sister. Now, I am looking to co-sign a credit card for him. He applied for a Discover Student credit card, and got denied. I want him to be able to buy the things that he needs, so he can help to support himself, but he can't do it with his own credit. He has a part time night-job as a driver, and he is a full time student during the day. I want to co sign a credit card for him, so he can get approved. I am aware that the rates will be higher, and the limit will be less, but I just want to help him out. So, what are some good student cards, with decent limits, to co-sign for a student? Thanks!

Re: Best cards to co-sign for a student?

Anonymous — Wed, 14 Dec 2011 22:42:21 GMT

Co sign or join account?

Re: Best cards to co-sign for a student?

Anonymous — Wed, 14 Dec 2011 22:49:49 GMT

Well, I wouldn't be using the card, so just co-sign. Unless a joint account would be better.

Re: Best cards to co-sign for a student?

IowaGuy — Wed, 14 Dec 2011 23:39:48 GMT

Could make him an AU on your zync, and set him a limit. Then he can start a relationship with Amex and backdate when he gets his own. I do this for ours With my gold and the account management rocks. He can only see his card and pay his but you can see both. Keeps em honest. Plus he gets the golds perks and I get all the points, they really rack up when the student aid comes in and he gets stuff he needs.

Re: Best cards to co-sign for a student?

Anonymous — Wed, 14 Dec 2011 23:39:00 GMT

I've never heard of co signing on a credit card. You could either do a joint account where you're both responsible or a card in your name where he is an authorized user! With an authorized user it shows up on his credit report too, but only you are responsible for the account should he fall behind!

Re: Best cards to co-sign for a student?

Creditaddict — Thu, 15 Dec 2011 00:42:01 GMT

I second adding him to Amex. not sure if it's different for business but I had Gold Business Charge and added someone and was able to just give them Green so annual fee was much smaller.... you might be able to add him to the Platinum and just get him Green instead of paying the Plat. annual fee for his card.

The managerment stuff with Amex is amazing, you can set his account to have a $1k a month limit or whatever you want it to be, then you can add him to be able to set up his own online account to monitor spending and making payments and he would be able to call in and talk to amex like it is his own account but not be able to increase spending, close account, etc. and Amex will report the account and history for him and in probably less then 6 months he could get his own.

If you rather actually Apply and add him as a "Joint Account Holder" you have a couple options with banks:

USBank I think you can do it right on the application online when applying, you would put yourself first and him 2nd, it will most likely approve and give CL based on your credit.

Chase, you could call and ask them to send a form to add him as joint to the account you already have (later if you want to take the account back over and remove him you can request the form and they will pull your credit and if you qualify for the card on your own, they will remove him) Also adding him to Chase is not a credit pull

Credit Unions are good options also.

Re: Best cards to co-sign for a student?

Anonymous — Thu, 15 Dec 2011 00:44:32 GMT

i would do the AU and control the CL

Re: Best cards to co-sign for a student?

quest208 — Thu, 15 Dec 2011 01:22:47 GMT

@Anonymous wrote:
i would do the AU and control the CL

i, for one, do not like the idea of giving a student a charge card unless the CL can be controlled AND i would make sure i pay its paid in full IMMEDIATELY after the statement is cut. back in the late 90's my family screwed me by not paying the bills on time and that tanked my credit. im just now recuperating on my own but it was a long journey. granted at the time i was in college and my credit scores were high, i had a gold amex, etc. i was young and didnt know better.

im no expert, given my mistakes in the past, but i like the idea of having control over how the AU spends and directing them to make immediate payments and if payments are not made by a certain date then me being able to make the payments in full from my own account.

the only person i would make an AU is my wife, and her scores are better than mine and she's never been late in over 6 years (late on payments)

Re: Best cards to co-sign for a student?

quest208 — Thu, 15 Dec 2011 01:24:37 GMT

by the way, whats his credit file looking like anyway?

Re: Best cards to co-sign for a student?

LS2982 — Thu, 15 Dec 2011 01:27:19 GMT

+1 on the AU for AMEX.

Re: Best cards to co-sign for a student?

SevenNEW — Thu, 15 Dec 2011 02:14:51 GMT

@LS2982 wrote:
+1 on the AU for AMEX.

That's also what I would do.

Re: Best cards to co-sign for a student?

Anonymous — Sat, 17 Dec 2011 02:25:17 GMT

Well, It's for my nephew, whom I trust 150%. I am practically like a father to him. And I took everyones advise and I added him to my Zync card, and set him up with a $5,000 limit. Thanks for all the help. I never even knew that I could add someone to my credit card. Thanks

Re: Best cards to co-sign for a student?

aussiesareforever — Tue, 03 Jan 2012 03:29:24 GMT

@Anonymous wrote:
Hi everyone-
I helped my nephew get his credit in order after a little 'shake up' with my sister. Now, I am looking to co-sign a credit card for him. He applied for a Discover Student credit card, and got denied. I want him to be able to buy the things that he needs, so he can help to support himself, but he can't do it with his own credit. He has a part time night-job as a driver, and he is a full time student during the day. I want to co sign a credit card for him, so he can get approved. I am aware that the rates will be higher, and the limit will be less, but I just want to help him out. So, what are some good student cards, with decent limits, to co-sign for a student? Thanks!

While I realize you have the best of intentions, I don't think you should start off a college student with a $5000 credit limit. Especially when he already has issues with his credit. Why not start him off little and increase his limit as he becomes more credit savvy. That approach will make him a lot more creditworthy and he'll be more thankful to you in the future. Just my 2 cents!

Re: Best cards to co-sign for a student?

Anonymous — Tue, 03 Jan 2012 03:47:16 GMT

@daisydvm wrote:
@Anonymous wrote:
Hi everyone-
I helped my nephew get his credit in order after a little 'shake up' with my sister. Now, I am looking to co-sign a credit card for him. He applied for a Discover Student credit card, and got denied. I want him to be able to buy the things that he needs, so he can help to support himself, but he can't do it with his own credit. He has a part time night-job as a driver, and he is a full time student during the day. I want to co sign a credit card for him, so he can get approved. I am aware that the rates will be higher, and the limit will be less, but I just want to help him out. So, what are some good student cards, with decent limits, to co-sign for a student? Thanks!
While I realize you have the best of intentions, I don't think you should start off a college student with a $5000 credit limit. Especially when he already has issues with his credit. Why not start him off little and increase his limit as he becomes more credit savvy. That approach will make him a lot more creditworthy and he'll be more thankful to you in the future. Just my 2 cents!

agreed, unless 5k wont make u hate him my own son has worked me over so many times now i wont give him a dime

Re: Best cards to co-sign for a student?

aussiesareforever — Tue, 03 Jan 2012 04:47:52 GMT

agreed, unless 5k wont make u hate him my own son has worked me over so many times now i wont give him a dime

And even if the OP could afford a loss of $5000, he might also potentially have lost a very valuable opportunity to teach his nephew about money management and credit worthiness. I made most of my financial mistakes in college and in retrospect, I wish I had someone that had provided me some guidance back then.

Re: Best cards to co-sign for a student?

Anonymous — Tue, 03 Jan 2012 05:00:24 GMT

I have to agree with others, a $5k limit to start off with is pretty high. I'd say something like $500-$1k would be better - he can still buy stuff but at least he'll have to think twice before buying random junk. There's plenty of adults who can't handle their money/credit matters at all, and giving a college student (no matter how much you trust them) free reign to run up to a $5k bill seems like bad news.

Having my first credit card have a $500 credit line gave me more respect for money, since I had to think about if I REALLY wanted to buy something or not, and it made me have to pay my bill off several times a month sometimes, which made me a lot more aware of the money that I was burning though.

I don't mean it in offense towards your nephew at all, I'm just saying that starting off small will help him become more savvy about money and credit matters.

Re: Best cards to co-sign for a student?

Anonymous — Tue, 03 Jan 2012 15:50:53 GMT

Doesnt the zync require PIF every month? Could he PIF 5k ?

Re: Best cards to co-sign for a student?

Anonymous — Wed, 30 May 2012 21:23:25 GMT

I added him to my zync card, and he drove up his balance way high, so I paid it off, and closed him off of the account. I co-signed him with a Capital One card, and set him up with a $1,000 CL, which he maxed out, so I (again) bailed him out, and then I canceled his account, and told him that I will not help him out, (financially) until he proves that he is truly responsible. I guess you can't trust anyone nowadays.

Re: Best cards to co-sign for a student?

Anonymous — Wed, 30 May 2012 21:29:17 GMT

@Anonymous wrote:
Well, It's for my nephew, whom I trust 150%.

This is how it starts, and it usually ends in bail outs.

Sorry it happened to you, but just don't let it happen again. Lesson learned.

Re: Best cards to co-sign for a student?

Anonymous — Wed, 30 May 2012 21:31:54 GMT

Yeah, You're not kidding! This is exactly why I don't want children! All they do is steal my money!

Ha-ha!