what happens when I don't want to be a co-signer on credit card for son?

Question

Thanks for the comments. I should have added one more word to my question and that word is anymore. The new question is: "What happens when I don't want to be a co-signer on a credit card my son anymore"? I wonder if you can have your name removed as a co-signer or would he have to apply for another card on his own and then we'd cancel this card that I have co-signed?

Answer 1

Your son gets pissed off at you. Why dont you want to help him get started?

Answer 2

You're son will probably be angry. It will be okay, I started off by getting my own credit cards without any co-signer and it went very well for me...I had high interest rates at first until I proved to the creditors that I was responsible enough to pay up. Now if your son is older and wants you to co-sign for a credit card, maybe it is because you don't think that he will be responsible and your name will be attached to it and in that case you just have to say no. I hope that helps.

Answer 3

considering the fact that he has no credit historical past, he ought to in all hazard open up a mastercard account some months purely before employing for a automobile very own loan. He might desire to purchase a pair of low priced issues for the period of those couple of months and pay the steadiness off top away each and every time. That way the automobile creditor will see a historical past of beneficial credit. With a solid credit historical past, this is lots greater probably that he won't purely acquire a automobile very own loan without co-signer, yet he ought to get a greater powerful activity value besides. solid success.

Answer 4

I once asked my dad to co-sign on this hot convertible mustang for me, and to my surprise, he said "no". I had just turned 18, started working full time in a bank, wasn't living at home but in the process of moving back. My dad did not want to co-sign becuase he has one truck payment and a mortgage, and yea... I was doing great at the job but you never know what could happen. I was very pissed and hurt that he did not want to help me becuase that car was beautiful and besides, I was his daughter!!! But, now I'm thankful he didn't becuase I'm establishing my credit myself with my 3 cards... and I have never missed a payment... which I owe that to his example... I'm also glad he didn't co-sign becuase that car payment would have been about 270 a month plus insurance, so about 500 a months for a car... it isn't worth it.

Good luck with your son and even if he does get upset, he'll get over it and he will be able to get what he wants on his own, which will mean more to him later.

Answer 5

He will say he's never going to forgive you. We did it, and he didn't pay the bill, hid our notices of payment due. We ended up paying off the whole thing, BUT it was a black mark on OUR credit for quite a few years.

Answer 6

then you don't sign as co signer and he has to build credit on his own, tell him to try someplace like HSBC and/or orchard Bank they better for people with little or no credit.

Answer 7

You'll stay out of debt and get a son who takes responsibility for his own credit and money matters.

Answer 8

you have the right not to be. he will get credit on his own. It's not a parent's obligation to co-sign anything for their kid.

Answer 9

what happens? i guess he won't get the card then, or he'll have to get someone else to help. not sure about the question Dan.

Answer 10

LIFE GOES ON.DAD.BE STRONG..GOOD LUCK FREDDY..........