Mistake No. 24: Co-signing a credit card
Think twice before being a co-signer on a credit card for someone else, even your child. Yes, that’s a good way to get a young person up and running with a credit account, but it puts you at risk. If they don’t pay their obligations, you will be on the hook for them, and ultimately, your credit record and credit score could take a hit.
Similarly, if you add someone as an authorized user on one of your credit card accounts, understand that you’ll then be responsible for any charges they make, if they don’t pay for them. And if debts on the account go unpaid, you will be the one collection agencies go after.