Yes, you can have a co-signer on most credit card accounts. But, assuming you are new to the credit world, you should take this opportunity to enter into this adventure alone. Two reasons: 1) If you have a co-signer, you are making them (in the eyes of the bank) responsible for your credit, payments and charges. This can adversely effect both of your credit scores. 2) If you are indeed new to credit cards, doing this on your own and being responsible with credit will set you up for success later in life - such as your first/next car purchase, large ticket consumer goods, an apartment or even a home! You may consider making someone else a linked cardholder instead, which can avoid these challenges and still give them a credit card attached to your account.
No. Credit card companies will not give to people who have no income.
Yes, having a cosigner on a loan or line of credit/ credit card can help your credit. It can help because, assuming they have good credit, you are more likely to get approved, which gives you a chance to build your credit. The danger is if the cosigner where to default on payments or abuse the account (such as using a credit card you both are signers on to rack up a lot of debt). So if you pick your cosigner carefully it can help you- but remember what you do on the account effects their credit, so make sure you are also responsible with the account.
Yes. It's possible that the financial transaction that the cosigner was involved with (liable for) might also be affected.
You've got that stated backward. The person with bad credit who needs a credit card would be the borrower. He has to find someone with good credit to be the cosigner. And the cosigner has to really trust the borrower because he is going to be responsible for repaying the card if (when) the borrower doesn't.
If the cosigner has a good credit rating any credit card company would be more than happy to let them cosign. All credit card companies are interested in is getting their money back. The cosigner should always be as sure as possible that the person they are cosigning for is reliable and will pay back any outstanding balance because if they don't the cosigner is 100% responsible in paying that debt back!
No. Credit card companies will not give to people who have no income.
Yes.
Yes, having a cosigner on a loan or line of credit/ credit card can help your credit. It can help because, assuming they have good credit, you are more likely to get approved, which gives you a chance to build your credit. The danger is if the cosigner where to default on payments or abuse the account (such as using a credit card you both are signers on to rack up a lot of debt). So if you pick your cosigner carefully it can help you- but remember what you do on the account effects their credit, so make sure you are also responsible with the account.
Yes. It's possible that the financial transaction that the cosigner was involved with (liable for) might also be affected.
You've got that stated backward. The person with bad credit who needs a credit card would be the borrower. He has to find someone with good credit to be the cosigner. And the cosigner has to really trust the borrower because he is going to be responsible for repaying the card if (when) the borrower doesn't.
If the cosigner has a good credit rating any credit card company would be more than happy to let them cosign. All credit card companies are interested in is getting their money back. The cosigner should always be as sure as possible that the person they are cosigning for is reliable and will pay back any outstanding balance because if they don't the cosigner is 100% responsible in paying that debt back!
If the cosigner has a good credit rating any credit card company would be more than happy to let them cosign. All credit card companies are interested in is getting their money back. The cosigner should always be as sure as possible that the person they are cosigning for is reliable and will pay back any outstanding balance because if they don't the cosigner is 100% responsible in paying that debt back!
yes and so will $400 as 'security" deposit.
start building your credit, get a department store credit card, like a target card, buy stuff then pay it off the next day.
The creditor would likely claim the cosigner is still responsible, but unless it is in the original agreement that such increases are part of the contract the cosigner could make a case for being relieved of the responsibility or only being responsible for the origninally quoted amount.
Yes, a person with bad credit can get a cosigner for a mortgage. The cosigner will have to have excellent credit and must go into the office to sign papers to become a cosigner.
Yes. Any transactions good or bad are reported on the cosigner's CR.