Young people are usually at a disadvantage with credit scores because one important factor is the length of credit history. Yet, a good credit score is often necessary to rent an apartment or buy a car. Those with little or no credit history might seek a cosigner, according to USA Today. Cosigning a loan or lease is risky business. Never make the decision based on emotion. Always assume a young person will default on a loan, their best intentions notwithstanding. Ask yourself if you can afford to pay the loan yourself because you'll have to if the young person defaults.
It's less risky to buy a young person an inexpensive used car outright or loan money for deposits on an apartment.
Rick Good spent ten years in the newspaper business, including with The News & Observer (Raleigh, NC) and The Greenville News (Greenville, SC). He co-wrote, with Melinda Coleman, Rutledge to Riley: Governors of South Carolina, 1776–Present (Published by The Greenville News), and is the author of Mind Games Trivia #1 (Amazon). He has recently spent 15 years creating original trivia content through Sounds Good Mobile Entertainment and continues that with his new company, SGME Software. He edits The Smart Reader’s money, real estate, and business coverage.
