Wednesday, 25 November 2020

FAQ: Should I Cosign for Credit to Help Establish My College Age Students Credit Rating

FAQ: Should I Cosign for Credit to Help Establish My College Age Students Credit Rating
16 Aug
5:34

thank you for your question is one more often asked this really comes down to a personal preference parents this is a not an easy decision of course you want your child to be ready for the future will be graduates from college you want him to be able to establish credit how credit to be able to rent apartments buy a car do the financial things he or she needs to do but here's the issue you don't want to go into debt just to establish credit so you can do one of two things college students are going to be feeling like they didn't want to get a credit card debt they're at an age where they can get a credit card maybe they're responsible enough for an educated enough to where they can use that credit card for only a few things and paid off every month because they have a part-time job or they just know that that credit card is not a license to spend for some that's going to be more difficult they're going to ask to go out to the movies are going to have to go do things with friends and that are going to use their credit cards to be able to do the things that they want to do even though we don't have the cash and that's where the problem can come in establishing credit can be done in more ways than just getting a student credit card if that students going to have a car or you're going to buy them apart go ahead and putting their name or co-sign for them That way you're going to establish credit by that payment being made every single month and you're on top of it If applying for a student credit card is the right thing for you and your college student be open about it, talk about it be on top of it it is something that can get away from that college student very easily make sure you go over there Statements that means make sure that they know when the payments are due you what minimum payments and actually letting them know that they need to make more than the minimum payment going into debt to establish credit is not the right idea if you're trying to establish credit credit cards can be a device to do that it is again right from the very beginning I mentioned at this is a personal choice and one that you very much need to be on top of ultimately what what's best for our children thank you very much for the question and keep them coming if you have any questions or if you need any help about any of this please give us a call an eighty eight six eight six four zero four zero and one of our counselors can answer your questions

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