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Hello everyone! If there's a new blog article that I think you guys might like I plan on posting it in the Forums.
This week's article is: Should You Cosign for Your College Student's Credit Card?
Let me know what you think about the article.
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No!!!!!
They'll max it out and it'll hurt my score & they may miss payments and not tell me. I'd pledge a $300 security deposit for a secured card before I co-signed for even my own children to get a college credit card.
I like the article and agree about adding your child as an AU, which is what I did. I keep an eye on it and he pays me back what he spends. I would not have a problem co-signing with a limit of up to $1,000, either. I'd keep an eagle eye on it (like I do with grades), so I wouldn't worry about it getting out of control or not getting paid.
AU should be sufficient
I added my son as an AU on my Citi Double Cash when he turned 19 - he has never had the card - but it helps with age and util % by giving him an extra $14.5k of padding
Some issuers (Navy Federal comes to mind) allow you to set a credit limit for AUs. Without that, I would be hesitant to allow kid as AU with the card. Too much damage could be done quickly.
I like the part about that if the applicant is under 21, they have to prove that they can pay it on their own.
Me and DW are in our mid 30's and I would co sign on my kids card if I could hahaha..
but I'd make sure to have it on autopay to my checking and have access to the login info...
at least until they're 22-24... or out of college.. whichever comes first!