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Personal Finances / Credit Cards and Consumer Debt


Subject:  Re: Credit for College Date:  1/11/2019  12:15 PM
Author:  2gifts Number:  312330 of 312650

But co-signing accounts, especially for someone who doesn't have any credit history puts your own credit record at significant risk, so it's probably better to wait to co-sign until there is some history of responsible use of credit.

Again, we disagree. I felt it was part of my job as a parent to teach my kids about finances, and that included how to handle a credit card. I co-signed on a credit card that had a $1000 limit, which is pretty small and something that hasn't changed in 10 years. It is small enough that I can watch it to ensure they know what they are doing, and if necessary, pay it off and even close it if they were not being responsible.

But this was in there among all the financial lessons including how to make a budget, how to invest, who IRAs and taxes work, etc.

Co-signing on a small limit card was the best choice for me, and I still think is a better choice for the OP than to make her daughter an authorized user.

We will have to agree to disagree on this one.
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