Why Co-sign?
At anytime you can make anyone an authorized user of your credit card. The key is not to physically let them have the card in their possession. Without the card or info they cannot use the funds to purchase. Within 60 to 90 days the history will hit their bureau, along with all the on time payment history. When your kids are age 16 you can do this and as soon as they turn 18 they will have a good score. Picking a card you have had for a long time with perfect payment history is the only way it will be beneficial. Why co-sign when you can do this and not be at risk, just one of the many tricks. I have never used credit and at age thirty I was a true zero. My fiancĆ© made me an authorized user of a card she has had for 10 years. It took 3 months to show up on my bureau and when it did, I became a 690 score just like that.Ā
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Comments
Lots of useful info here x
I sell loans for a career and see so many relatives get in way deep co signing for their kids or other loved ones. Itās a lot easier to do this then put your whole lifeās hard work on the line. My son is 16 so we have made him authorized user on 2 cards that we have and as long as he has 1 year job history he will be able to finance a car or get a lease on a place with no problems . I hate seeing young adults getting into 24ā/. Interest loans and paying triple what a car is worth :( , it sets them up for failure. When a simple trick like above could make the difference.Ā
I never knew this! But then I've never had a credit card myself anyway š
Yeah thatās the category I was in, I always paid cash for everything . However my fiancĆ© taught me to put everything on a credit card ( all our bills) then we pay it off every month and it gets us 5ā/. Cash back so this year we made 1645.00 in free money by playing the game and didnāt pay one red cent in interest. We have another card we do same thing with for gas and itāll cover one vacation a year for the flights and lodging. The key is to only use it for the things you need and are going to spend the money on anyways.Ā
Hmmm...I have thought about applying for one. You may just have persuaded me x
Well donāt let me be the reason lol. Only if it makes sense for you ;) .Ā
No, have been thinking about it for a while tbh š¤Ā
Itās silly not to
as long as you can trust your discipline . We have 5 cards between the two of us with 28000 available in credit ā¦ that could get scary fast if we werenāt responsible . We only use them for bills that we have auto pay setup for and groceries etc , fixed expenses , never for anything thatās a luxury. Now there have been times where we have had an unexpected expense like a vet bill or car repair and it was nice to have the funds available and not effect our normal day to day. Iām sure the credit card companies hate us though because we literally have never paid interest once.Ā
You've got it sussed!
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Also, just want to say congratulations to you and your fiance on your engagement! That's fabulous news x
Ā fabulous news x
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Thanks :) , Iām pretty lucky. She puts up with ALL of me lol .Ā
Awww, that's good. I wish you both all the best x