Very complicated financial situation..

swimcatsmom
Sun, 09 Oct 2011 16:27:15 +0000

Even if you get a credit card to build your credit rating, it is still highly unlikely you will be able to borrow large amounts of money without a cosigner. First, A good credit rating takes more than a few months to build up. Second, lenders will want to know your income as well as your credit rating. My husband and I have excellent credit ratings (in the 800s) built up over many years (and I do mean many many many years - we’re old!). When we bought a car last year we still had to provide income information - and a car is collateral for the loan. Student loans have no collateral, hence the need for a cosigner they can go after if you do not pay.

You will not be able to borrow large sums of money without a co signer. Which is a very good thing. Your parents are in the right here.