New regulations require students under the age of 21 to apply for new credit card accounts with a parent, guardian, or other adult as a co-signer. Researchers for The Takeaway uncovered campus-based services that paired students with potential co-signers for a fee. The services ensure that students can open new accounts without parents' knowledge, though they don't always advise their clients about the dangers of sharing a credit history with a stranger. Partnering with parents to start a credit card account may not be advisable, either, with many Americans patching up their own credit reports. Experts interviewed for The Takeaway recommended that students wait until they turn 21 to get credit cards, as the law intended.
About the Author
Joe Taylor Jr. is an internal business consultant for a Fortune 500 company, who writes about finance, culture, and design. He holds a Bachelor of Science in Communications from Ithaca College.