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by Tansin A. Darcos (TDARCOS) 10/05/2011, 5:29am PDT |
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The Free Credit Score people who lie from the beginning because you don't really get scores for free, you pay one way or another. They hit you for a monthly fee every month unless you cancel your subscription, which is always a lot easier to get stuck in than to get out of.
Anyway, the latest commercial has the story of a girl who goes to college and her parents cosign her credit card, supposedly so she'd have it for emergencies. And of course, she immediately goes out and blows the limit on the card on stupid an unimportant things.
Common sense says you do not co-sign a credit line for your teenager, if you want them to learn how to manage a credit card, you either have them set up a prepaid card or a secured card. This limits them to the amount of money in the account and if they get themselves in trouble it's their problem and you do not bail them out.
But, of course, Free Credit Score does not give any information about this because they're owned by one of the credit reporting companies - Experian, I think - and doesn't want people to find ways not to put more records on their credit. So they offer no solution to the problem.
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