- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Want to get a good used car for kid as they graduate college but want to help them build
Posted on 12/1/18 at 1:38 pm
Posted on 12/1/18 at 1:38 pm
Credit, instead of me just paying cash, will it actually help them build some credit if I have them do a loan and I co-sign?
Kid couldn’t get a decent interest rate on their own but if I’m co-signing will they get a rate reflecting my great credit? Will they gain credit even though I’m co-signing?
Kid couldn’t get a decent interest rate on their own but if I’m co-signing will they get a rate reflecting my great credit? Will they gain credit even though I’m co-signing?
4
Posted on 12/1/18 at 1:58 pm to Old Sarge
Yes, kid will gain credit even if you are co signing. Try your local credit union, or one local to kid’s employment or new residence. They often have good car loan rates and are happy to extend credit to the young, esp if you are co signing. You may both need to become CU members.
Posted on 12/1/18 at 1:59 pm to hungryone
Thanks 
Posted on 12/1/18 at 2:05 pm to Old Sarge
Does adding the kid’s name to a credit card have a similar effect?
Posted on 12/1/18 at 3:41 pm to Ric Flair
I know that answer, users of a credit card account get no credit benefit
Posted on 12/1/18 at 4:19 pm to Old Sarge
Sarge are you sure?
Posted on 12/1/18 at 4:21 pm to Mr.Perfect
I’m pretty sure, my sons been a user on one account for years and has blank credit
Posted on 12/1/18 at 5:23 pm to Old Sarge
I feel like he still gets something under "length" as far back to when you opened the card.
Posted on 12/1/18 at 7:57 pm to Old Sarge
My dad cosigned a CC with me several years ago, never abused it, and they paid it off while I was in school .
Definitely put me ahead of the curve with a solid credit score in my mid 20's.
Definitely recommend it
Definitely put me ahead of the curve with a solid credit score in my mid 20's.
Definitely recommend it
Posted on 12/2/18 at 8:14 am to Old Sarge
Also, get the kid to apply for a secured credit card. He/she should charge small amounts monthly and pay it off. A good payment history is a solid way to a good credit score.
Posted on 12/2/18 at 3:52 pm to Old Sarge
quote:
I know that answer, users of a credit card account get no credit benefit
Not true.
I am on one of my parents cards that they have had since the early 90s and it shows up on the trans union credit report and not the equifax. So my credit score is about 30 points higher on one than the other since my next oldest account is like 8 years old
Page 1 of 1
Back to top
Follow TigerDroppings for LSU Football News