My question is, who is paying all the charge cards and car loan? Your daughter, or mom and dad? Setting your child up with good credit is admirable, but just be sure she is mature enough to realize it is her responsibility to manage it, and NOT to consider it as some sort of income to be spent. Too often when parents are paying the bill the kids don't learn anything, run up the tab, and they flop when they eventually fly out of the nest. Don't be too much of a helicopter parent.
Call me old fashioned, but I question the sanity of setting an 18 year old up with extensive and multiple lines of credit when she is still a student.
Agree with the comment about how an 18 yo student ends up with an 800 FICO. But the industry fell into the trap of primarily only looking at FICO scores when extending credit over the last couple of years. The whole scoring system is taking a well deserved rap for foisting a three digit number as the arbiter of whether a person is a candidate for a loan or not. In the future I think we'll see more questioning on the ability of the individual to actually pay a loan off.
Message Edited by Watchmann on
06-26-2008 10:32 PM
