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.
There are many types of credit cards as per your requirements.
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.
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.
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.
When a person doesn't pay a credit card bill does the cosigner have to pay the bill and all the interest? How much interest penalty can the credit card company charge per federal law?
Yes, but if you don't pay the bill the cosigner will be held responsible
At 17 you can have a credit card, although since they are still under 18 they are unable to legally hold the card on their own; they would need to be either cosigner or an authorized user on an adult's (i.e. 18 yrs or older) credit card.
Generally no; you cannot get your own credit card until you are age 18. A card can be issued in your name from another adult cosigner, but a legal minor cannot sign a binding contract to repay the loan.
The company. The liability is one of the many the BK will resolve. Of course, if there was a cosigner or such on the credit line, they are involved too.
No. You must be 18 to have a credit card. The new legislation also states that any card applicant younger than 21 must either have a cosigner who can prove ability to pay, or prove their own ability.
From what I understand any credit activities on a minor's name is illegal. You must be 18 to establish credit.
No you can build credit by taking out a loan and paying it back ON TIME. Or have someone cosign a loan for you in order to get approved for a card or loan but make sure the cosigner fully understands the agreement because they'll take on most of the risk.
Oh yes it does. That person put their credit on the line when they signed the contract making me a cosigner.
As long as you are a cosignor you are responsible to pay if he doesn't. Sorry, but the answer is yes. As a co-signer, you are stuck.