I have been a DCU member for over 13 years and have gotten many cards.
THE DCU SERVICE PERSON WAS VERY FRIENDLY AND EFFICIENT, AND PRODUCED A NEW DEBIT CARD FOR ME.
SHE THEN SAID I DIDN'T HAVE A DCU CREDIT CARD, AND SHE WOULD BR GLAD TO SIGN ME UP FOR A DCU VISA CARD, WHICH WAS PRODUCED IN A FEW MINUTES. Yes, I applied and received this card with zero credit. I am 100% sure that I never saw this much caring and awesome banking services in my life.
Now the credit crisis is turning that tradition on its head.
Financial advisers, credit counselors and lenders across the country say they've seen a surge in middle-aged parents who have damaged their credit asking their adult children -- usually in their late 20s or early 30s -- to co-sign loans and leases for them.
"I'm seeing this a lot more now than I did two or three years ago," says Laurie Giles, an elder life planning attorney in Shelton, Conn., and author of the "What Now? "A lot of times, it's parents who had stable jobs for 20 or 30 years who got used to living on credit, then they're suddenly downsized and they don't have strong savings built up, or their savings went down with the market.
And their house isn't worth what they thought." No one tracks statistics on how common the practice is nationwide, and most lenders consider such information proprietary.A grown child who supports a parent may start to question and resent the parent's decisions ("How can she afford a cruise if she can't even make her car payment?") in a way that can break down the child-parent relationship."What children have to be very aware of is that this can backfire on them," says Bruce Mc Clary, a certified credit counselor and spokesman for Clear Point Credit Counseling Solutions, a nonprofit in Richmond, Va."Just because you love them and trust them, you can't predict their financial future and how they'll react if they run into a tough spot and can't pay.Online access is easy when you're away from home through Online Banking and it is safer than cash.