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New blog article: Should You Cosign for Your College Student's Credit Card?

Elizabeth_FICO
myFICO Employee

New blog article: Should You Cosign for Your College Student's Credit Card?

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.

 

For more content don't forget to check out our blog.

Message 1 of 4
3 REPLIES 3
GlennvilleGA
Regular Contributor

Re: New blog article: Should You Cosign for Your College Student's Credit Card?

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. 

Message 2 of 4
ambivalent
Established Contributor

Re: New blog article: Should You Cosign for Your College Student's 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. 

Starting Score, multiple cards maxed: July 2021 - EQ: 622 EX: 625 TU: 623
Sept 2021 - EQ: 682 EX: 665 TU: 677 ....new collection filed Aug 2021 (cries)

Oct 2021- EQ: 685 EX: 671 TU: 683

Oct 2021 - Current Util: NFCU cashRewards (70%) / NFCU LOC (81%)

Barclay / Disco IT/ Nordstrom / BBVA / AMEX Rose Gold NPSL / USAA Limitless / DCU / Lowe's / Cap1 QS/ NFCU goRewards

Goal Score: December 2021: TBD....
Message 3 of 4
RSX
Valued Contributor

Re: New blog article: Should You Cosign for Your College Student's Credit Card?

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

 

 

Dec 16/2019. EX. 721. EQ. 723. TU 746
Dec 29/2020 EX. 729 EQ. 723 TU 746
Sept 9/2021 EX. 734 EQ. 737 TU 746
Inq. EX 5 EQ 2 TU 5 - - CC 4x24, 3x12, 0x6
Amex BCP $32k - Apple GS $19k - BMW/Elan $9k - Cap1 QS $16.7k - Chase Amazon $13.6k - Chase Bonvoy Boundless $10k - Chase United Club Infinite $26k - Citi DC $14.5k - CreditUnion1 $9k - DiscoverIT $23k - HSBC Gold - $13k - Penfed Gold - $12.5k - USBank Cash+ -$24k - HSBC LOC - $13.5k - PenFed LOC - $20k
Message 4 of 4
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