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Credit scoring is a means of assessing the financial reliability of a... ...more
You have worked hard to achieve a good credit score. Now your son or daughter, sister or brother, or some other family member asks you to co-sign for a credit card. Should you be a hero and help them out? The answer is a strong “NO.”
Think About the Request
If you really think about what you’re being asked to do, you will have no problem saying that you will not co-sign for a credit card. Why are they asking you to co-sign? Because their credit isn’t good. Take a step back and ask yourself if you really want to get involved in this.
A Co-signed Credit Card Is Your Responsibility
Some people mistakenly believe that when they co-sign for a credit card, they don’t have the obligation of making payments for the card. Wrong. If the credit card owner doesn’t make the monthly payment, the co-signer is responsible for the payment.
A Co-signed Credit Card Affects Your Credit Score
Activities on a co-signed credit card have just as much bearing on your credit score as a card in your name. You don’t have control over how the card owner manages the credit card, and this could be a disaster for your credit rating.
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Note that this information relates to US credit card scoring regimes, not Australian ones. The Australian system differs very significantly from the US system, principally by only recording a very limited number of events.
Comment by Will — June 23, 2009 @ 5:32 pm