So the parents and I were talking about ways to build up my credit, and none of us were sure about the rules on co-signing. Has anyone here done this?? What are the age restrictions on different kinds of loans??

 

you cannot legally sign any agreement until the age of 18....

there would be no co-signing involved.


The best way to start building credit before your able to procure your own, considering mom and dad are credit worthy and responsible, is to just have them add you to their existing credit cards.
you will pick up their trade lines. when your parents get the new cards with your name on them, just cut them up, and throw them away.

by the time your 18 and able to start building your own score, your credit worthiness will be great.

 

Thanks for the great info, man. Glad you cleared that up for me.

 

If your family is looking to buy a different car/motorcycle/or anything else not that expensive. Let them put your name as the MAIN and let them cosign that paper... You Credit History should go up.

 

Keep in mind that I'm only 16 - could I still be the main signer on an auto loan??

 

IDK but in my age of 18 y parents had to cosign for my house lease. if that helps I'm not in the most sober of mindsets right now so I'll edit/update, when I'm not as gone.

 

no one under the age of 18 can get into a legally binding contract.... ie car, house, credit card, not even a block buster video card

 

I think I'll live.

That sucks, though. [:@]

 

Yeah if you're under 18 you don't appear anywhere in the books. And even if you get a car at the age of 18, your score will go up but it'll only be bumped a bit, its not as big as you think. If I were you when you turn 18 just apply to as many credit cards as you can and use them appropiately. Anything that you would buy either way charge it but make sure you got the funds at the end of the month so you don't get raped on interest and fall in the pit-hole most adults do. Like if you have a certain gas you buy (ie BP) Get a BP mastercard and just pay w/e gas you'd need either way. That's what I did in Dec and I'm up to 7 credit cards ( 3 gas, 3 stores, 1 Chase) but until then you'd have to wait.

 

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