We told our kids we'd cosign on first car loan if they set up payments on auto pay. Worked like a

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Feb 11, 2020
10:49:08pm

Soupie Grandma Sycamore

charm. They established their own credit & we never had to help again. The key is the auto-pay.

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Soupie

Bio page: Soupie
Joined: Dec 29, 2015
Last login: May 5, 2024
Total posts: 96,381 (31,227 FO)

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Messages

Author

Time

I have a daughter who is trying to build her credit to buy a car

Garn

2/11/20 10:41pm

Doubt it

cambo

2/11/20 10:45pm

It’s a very good way to get someone some credit history fast.

monteburns

2/11/20 10:48pm

We told our kids we'd cosign on first car loan if they set up payments on auto pay. Worked like a

Soupie

2/11/20 10:49pm

It'll help, but I'm not sure if that alone will be enough to "do the trick"

jrob30

2/11/20 10:49pm

If I understand it correctly only the main card holders credit factors in, so

akmewg

2/11/20 11:15pm

This is my understanding as well.

cambo

2/12/20 11:25am

Google credit card piggybacking. A credit score is something that is calculated

GilaHank

2/12/20 11:34am

My daughter was able to buy a house in her 20s with a sky high credit score

LaserCoug

2/12/20 11:54am

Yes it will. Make sure it is your oldest card and you don’t have a balance on it

GilaHank

2/11/20 11:25pm

Why does it have to be my oldest card?

Garn

2/11/20 11:48pm

Credit scores are calculated based on several factors, one of which is

GilaHank

2/12/20 12:10am

Also don’t give her the card

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