As with most types of loans, you can sign up for a credit card with a co-borrower. This approach is commonly used by spouses to acquire joint credit accounts. Additionally, federal law requires credit card applicants under the age of 21 to have a co-signer, such as a parent, if they don't have proof of income.
Lenders need to feel comfortable in your ability to repay debt before issuing you a credit card. So, if you ask someone to be your co-borrower because of poor or no credit history, it's necessary that that person have a good to excellent credit rating. Another advantage of having a responsible co-borrower is that you both benefit from enhanced credit ratings if the card is managed responsibly, including keeping low debt balances and making on-time payments.
- Bankrate.com: Loan Co-Signer Must Have Good Credit
- AnnualCreditReport.com. "All about credit reports." Accessed Aug. 27, 2020.
- Discover. "FREE Credit Scorecard with your FICO Score." Accessed Aug. 27, 2020.
- myFICO. "Free Credit Scores Estimator: Get Your Estimated FICO Scores Range." Accessed Aug. 27, 2020.
- U.S. Congress. "H.R.627 - Credit CARD Act of 2009." Accessed Aug. 27, 2020.
Neil Kokemuller has been an active business, finance and education writer and content media website developer since 2007. He has been a college marketing professor since 2004. Kokemuller has additional professional experience in marketing, retail and small business. He holds a Master of Business Administration from Iowa State University.