<p>I have always been against debit card, especially for teens and young adult; the fear of the card being stolen and your bank account being wiped out. My kids both got checking accounts at 15 and a credit card on our account at 16. At 18 they opened their own credit card account, and then a second card after college. Both have excellent credit as we have taught them to pay their bills in full EVERY month. They each have school loans in their name and my son has a mortgage; the home was bought jointly with my husband, by my son will benefit on his credit score as long as he continue to make on time payment.</p>
<p>I did not even allow my kids to have a debit card for their ATM card; all of our ATM cards are just that, they can only be used in the ATM machines. We listen to a local radio consumer guru and he also hate what he refers to as “fake visa cards.” Now as adults the kids can make their own decisions, but since they have never had a debt card, they don’t know the difference and have so far lived without one.</p>
<p>My D’s experience might parallel what you anticipate for your D.</p>
<p>When my D got her first apartment (in grad school) she did need a guarantor, I guess because her income (a grad assistantship) was low. She had worked for several years previous and was very responsible about credit. But she was living in a college town and perhaps it was a generalized rule for students,</p>
<p>When she finished grad school she had a very good job offer in Boston. She headed up there to look at apartments and was told by a broker to bring a copy of her employment contract. When she found an apartment she liked she had to apply for it and wait a day or two while they checked her credit. They also needed her employment contract and references, including a reference from her grad school apartment rental office. But there was no mention of a guarantor. As you expect for your D, my D was 27 and had built up her own strong record by that point. </p>
<p>I bet your D will be fine in the future. Relax and enjoy!</p>
<p>D1 found an apartment in NYC with her friend. It took H and D1 2 days to find an apartment. D1 and her friend are signing the lease by themselves, without us co-signing. As I have mentioned before, D1 never cared to have any credit card while in college. With their proof of employment and each with minimum $6000 in their acct, they are able to do it without any guarantor. The apartment is over $3k a month (it is over a bit by D1’s budget because her dad was with her).</p>
<p>I think many landlords would have rented to your daughter given what you described here. Most likely the “mom and pop” landlords would have done so. Sometimes large management companies or uptight landlords have stricter rules. I have a bit of small-time landlord experience. I absolutely would have rented to your daughter. And my own daughter was able to rent (with others) a place right out of college because she could demonstrate she had a job – as was my son. It probably has to do with the market where she is renting. In our area, it is definitely a renter’s market and a landlord would be thrilled to get someone like your daughter – especially if she doesn’t have a dog.</p>
<p>That’s interesting, Snowball. I think my adult daughter uses her debit card almost exclusively because she prefers to know exactly what is in her account and it helps her to avoid the temptation of overspending. I think debit cards keep people more accountable to living within their budgets.</p>
<p>NYC is not renter’s market right now, each apartment is gone in hours. She had to bring a check and put in an application right on the spot. It was with a large rental company. Proof of employment was key, and to show their salary could cover the rent.</p>
<p>We have some apartments, and the only time we require a co-signer is if you have mediocre or no credit, short work history, and your rent/income ratio is close to our acceptable maximum. In this case with proof of employment we most likely would have rented without a co-signer. Deposits in my state are strictly controlled by law, we could not legally accept a bigger deposit even if offered.</p>
<p>If you have recent bad credit, it doesn’t matter how much you make, we wouldn’t rent to you.</p>
<p>As an experienced landlord, I can say requiring a guarantor is neither a state or federal law. It is a matter of policy of a landlord who sees a prospective tenant that has shaky history or little/no job or renting history. It can be negotiable.
If this student rents a couple years, student will look better to the next landlord after that time. Plus over the next couple years, student should be adding to credit history. Has been my experience, a guarantor doesn’t have to be a millionaire.</p>
<p>Like notrich, I don’t rent to troublesd credit, or those with criminal history</p>