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That means you agree to be completely responsible for paying the balance of the account if the primary card holder defaults on the payments. You may not know if the primary card holder is not paying the monthly bill and your credit record will be affected if the payments are late.
You should be very careful about co-signing for a credit card and make absolutely sure you understand your liability if the charges are not paid.
Wiki User
∙ 11y ago
Wiki User
∙ 13y agoThe co-signer for a credit card is the person who becomes legally and financially responsible for the debt on the credit card should the other card holder find themselves unable to pay it.
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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.
How do you stop relative from running up credit card debt?
You would have to unlawfully detain said relative. Also helpful to not cosign for people.
Will a cosigner's credit be affected if they cosign for someone who has a bad credit score because of a Chapter 7 bankruptcy?
The cosigner's credit will only be affected if the person that they cosign for defaults on the loan. The bankruptcy will not affect the cosigners credit.
What does it mean you are qualified for a credit card?
It means a credit card company wants to put you into debt by giving you a credit card you can use.
How can you apply for a credit card if you cannot get your own but have a family member with excellent credit who will cosign?
Rather than ask your family to jeopardize their credit, why not get a debit card until you've built up your own credit? First, it assures family that you won't default on payments and make THEM pay, and second it lets YOU build up a credit score. It's far more mature as well.
Can any adult cosign for a teen to get a credit card?
Yes, but if you don't pay the bill the cosigner will be held responsible
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.
How do you stop relative from running up credit card debt?
You would have to unlawfully detain said relative. Also helpful to not cosign for people.
Will a cosigner's credit be affected if they cosign for someone who has a bad credit score because of a Chapter 7 bankruptcy?
The cosigner's credit will only be affected if the person that they cosign for defaults on the loan. The bankruptcy will not affect the cosigners credit.
What does KI mean when running a credit card on a machine?
KI on a credit card machine mean?
What does it mean you are qualified for a credit card?
It means a credit card company wants to put you into debt by giving you a credit card you can use.
Can you use a credit card if its frozen?
If you mean a credit freeze, then no, you will not be able to use the card.
Can a spouse with good credit cosign a student loan for their spouse with bad credit?
That is decided by the LENDER.
What does cvc mean on a credit card?
In terms of a credit card it means Card Verification code hence CVC.
How can you apply for a credit card if you cannot get your own but have a family member with excellent credit who will cosign?
Rather than ask your family to jeopardize their credit, why not get a debit card until you've built up your own credit? First, it assures family that you won't default on payments and make THEM pay, and second it lets YOU build up a credit score. It's far more mature as well.
What does credit card negotiation mean?
Credit card negotiation is when you contact the bank and negotiate your credit card debt. This can mean negotiating a payment plan or just trying to get the overall debt reduced.
Can you have a person with new credit cosign your loan?
It's up to the lender.
