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.
Co-Borrower Considerations
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.
References
- 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.
Writer Bio
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.