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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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