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This is a great age to start using credit for your benefit, instead of abusing it. As the president of a credit repair business I want to give you some tips that will help you for the rest of your life:
When applying for credit cards - make sure you only apply for a "Bank" card or a major credit card company. For example: Your local bank has offers for either Visa, MasterCard, Discover, American Express, etc.. (please keep in mind that everytime you apply for a credit card from a different carrier you credit report will be pulled. Only choose one of these creditors as your top choice, and only have them pull your credit report one time). DO NOT apply for store credit cards, the APR's or Interests on these cards can range anywhere from 14% up to 30%. If you apply for a major credit card (Discover, Visa etc), and compare APR's you should get better offers in regards of interests, and at the end of the day you will save alot of money. The best interest rate that you can negotiate is an APR (Annual Percentage Rate) of 0% for the first 6 months or even a year! With a 6% or less APR when this time frame expires. This is something you can actually negotiate with a creditor before signing a contract with them. (Usually if you have never applied for credit before, the major credit card company will suggest that you have an "Authorized User"). I would suggest you ask either a parent or a responsible family member. Another suggestion, you only need ONE credit card, ONE car loan, and one day a home mortgage. This is considered a "good mixture" of credit with all three bureaus. Remember, only use credit for your benefit to get the best interest rates possible, do not go into debt!!!!!!! Stay below 50% of the high credit limit of that card. Example: If Discover gives you a $1,000.00 High Credit Limit, only spend $500.00 on that card at all times. Do not go over this amount, as soon as you do your credit score will start to drop anywhere from 10 up to 20 points each month! Your goal is to have excellent credit. It is "crucial" that you make your payments on-time. If you miss a payment or are late with a payment this will decrease your score anywhere from 10 up to 20 points, and it will remain on your credit report for up to 7 years. It's not worth it, so my suggestion to you is to only use the credit card for emergency purposes, stay below 50% of the high credit limit, and if worse comes to worse and you cannot pay the amount in full each month then enroll in an automatic withdraw with this creditor for the minimum payment. You will never have to worry about being late. If you follow these instructions, not only will you have a credit score of over "700"; which is considered "Excellent" you will have the best interest rates in any loan (Mortgage, Auto, Credit Card Offers, and one day Business loan). Good Luck!!
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∙ 15y ago
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Do you need a cosigner to have your own credit card?
No. Credit card companies will not give to people who have no income.
Do you need your cosigner to sign when you refinance?
If you need a cosigner they must sign because a co-signer is a person who accepts responsibility for repayment of a loan, credit card or other debt along with the original borrower. However, if the institution giving you the new loan doesn't require a cosigner, you don't need to have the cosigner on your original loan sign anything.
Do you need a credit card to have 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.
What is a sentence using cosigner?
If you need a cosigner for the loan because of bad credit, it means you can't afford the car.
You are underage with bad credit do you need a cosigner?
absolutely, even if you are of age of majority with bad credit, you will still need a co-signer.
Do you need a cosigner to have your own credit card?
No. Credit card companies will not give to people who have no income.
How do you stay at an hotel or motel under the age of eighteen?
you need a credit card... so you probably cant.
Do you need your cosigner to sign when you refinance?
If you need a cosigner they must sign because a co-signer is a person who accepts responsibility for repayment of a loan, credit card or other debt along with the original borrower. However, if the institution giving you the new loan doesn't require a cosigner, you don't need to have the cosigner on your original loan sign anything.
Do you need a credit card to have 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.
What credit score does a cosigner need to have?
usually over 680
What is a sentence using cosigner?
If you need a cosigner for the loan because of bad credit, it means you can't afford the car.
Does a cosigner on car loan have to be licensed?
No, they just need good credit.
Do You need a cosigner if your married?
Having a cosigner has nothing to do with your marital status. It's all about your credit. If you do need a cosigner for lets say a car loan, then it's better to have your spouse sign than ask a relative/friend to sign. Unless your spouses' credit is bad, then you have to look into a person who has good credit. Hope this helps!
You are underage with bad credit do you need a cosigner?
absolutely, even if you are of age of majority with bad credit, you will still need a co-signer.
If you want to take out a loan and are in the process of getting your license will you be able to take out a loan with a cosigner?
You don't need a license to get a loan. Your credit rating will determine whether you need a cosigner or not.
Do you need a credit card to get an Amazon account?
To acess your Amazon account you do not need a credit card. To purchase anything on Amazon you then need a credit card.
How can you obtain a student loan without a cosigner?
You can get a federal loan also known as Stanford loan, as it isn't based on your credit history it doesn't need a cosigner. Private loans also don't need credit history and other stuff.
