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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 7
6 REPLIES 6
TattnallTrio
Frequent 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 7
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. 

Aiming for 700 across FICO 8 and $150K TCL
Message 3 of 7
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
Dec 29/2021 EX. 734 EQ. 739 TU 746
Dec 29/2022 EX. 708 EQ. 665 TU 706
Inq. EX 2 EQ 6 TU 7 - - CC 6x24, 3x12
Amex BCP $32k - Apple GS $19k - BMW/Elan $19k - Cap1 QS $16.7k - Chase Amazon $13.6k - Chase Bonvoy Boundless $10k - Chase United Club Infinite $26k - Citi CustomCash $3k - Citi DC $14.5k - CreditUnion1 $9k - DiscoverIT $25.5k - HSBC Gold - $13k - PayBoo - $9.6k - Penfed Gold - $12.5k - USB AltitudeGO -$19k- USBank Cash+ -$25k - PenFed LOC - $20k - USB LOC - $8k
Message 4 of 7
madmann26
Valued Contributor

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

Hell no.

I would do an AU but never give them the card.



Message 5 of 7
MarkintheHV
Regular Contributor

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

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.

Personal: AmEx Platinum - NPSL | AmEx BCP - 45k | NFCU Flagship Visa - $49k | NFCU Go Rewards MC - 25k
Business Cards: AmEx Delta Biz Plat - 50k
Message 6 of 7
Creditplz
Valued Contributor

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

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! 

Message 7 of 7
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