I will be turning 18 soon. I will like to have or establish credit. will it be good idea that my dad be my co signer? Will that mean that I will have a credit card with my own credit history?
2007-12-08 05:22:19 · 3 answers · asked by dk 6 in Business & Finance ➔ Credit
It's a good idea to establish credit history however it is not something that will happen overnight. I was 23 before I had established enough credit to get a car loan on my own. Things like student loans, small personal loans, or a reasonable credit card are excellent ways to establish credit and it's okay to have a cosigner when you first start out. The biggest thing to remember is that it takes time. Good luck!
2007-12-08 05:37:09 · answer #1 · answered by jjungema 2 · 0⤊ 0⤋
I wouldnt play the credit card game if I was you. Credit card companies make all the rules and can change the rules in the middle of the game. If you play the credit card game sooner or later you will get behind. Once you get behind and start losing at the game it's hard to get out of the game. High interest rates that they can raise for any reason. Outrageous late fees and over the limit fees. Not to mention identity theft.
You have to borrow money and make payments on time to get a high I love debt score. You have to keep borrowing money and keep making payments on time to keep a high score. All you get for your trouble is debt.
Pay as you go and live on less than you make and you will have money. If you have money you dont have to borrow money. If you dont have to borrow money you dont have to worship at the alter of the almighty fico score.
Of course the bankers and their loyal followers are gonna tell you different. When you dont borrow they lose. You win.
Debt free is the way to be!
2007-12-08 14:45:58 · answer #2 · answered by heybulldog 5 · 0⤊ 2⤋
Having your father co-sign will help establish your credit, provided you pay on time. If you fail to pay on time, it will hurt your father's credit.
2007-12-08 13:40:13 · answer #3 · answered by bdancer222 7 · 0⤊ 0⤋