S's CC has been approved with no co-signer and it is a regular unsecured CC.
Arutha – is your 18 year old son working at all? It sounds like the law doesn't prohibit dependent students from getting credit on their own so long as they can show income sufficient to pay (maybe it wouldn’t have to be very much for a $500 credit limit).
I don't want to co-sign (was always advised against mixing parent and children’s credit histories), but would love to see my daughters get credit cards while they’re students to help them build history. But even though the cards would be for school expenses and we’d give them money to pay the bills, it seems that our girls not having jobs is a problem - D1 (21 yrs) and D2 (18 yrs) didn’t really work during the school year (D2 tutored a few hours per week); they’re now looking for summer jobs, so wondering if they should wait until they have pay stubs to show, even though it seems kind of silly for credit card issuers to consider seasonable employment.
D1 was told by our credit union last week that the new law prevents them from giving credit cards to dependent students without a co-signer - one person indicated they would give her one if she had a summer job, but someone else said that wouldn’t matter; either way, it seems clear they’re confusing the law with their policy as the law doesn’t even cover 21 year olds. It’s very frustrating - both daughters have had accounts at this credit union for most of their lives and I would’ve thought they’d have options there.
D1 is now looking elsewhere for a “student card” with a small max where they might not require employment in case she doesn’t find work; does such a card exist? She has a reasonable credit score which surprised me for someone without a credit card - I guess due to having had a checking account for several years, a utility that reported her having paid on time and some Stafford loans.
At 18 years old, D2 is covered by the new law, so I guess if she’s unsuccessful at getting a job this summer, she’ll wait until later to apply for a card.