Co-Signer
If you can’t qualify for a credit card on your own, you may have heard that applying with a co-signer can assist. However, many credit card companies no longer accept co-signers.
If you find a credit card company that accepts co-signers, bear the following in mind:
- If you do not or cannot repay your loan, the co-signer will be accountable.
- Any late fees or collection charges may be borne by the co-signer.
- Negative information, such as late payments, may become a part of both the co-and signer’s your credit history.
How to Apply for a Credit Card When You Don’t Have a Credit History
Applying for a credit card online may be the quickest and easiest choice depending on the issuer, but you can also apply in person, over the phone, or by mail. Issuers will ask for information such as your full name, Social Security number, birthday, address, and income when you apply for a credit card.
To reiterate, applying for a credit card typically results in a hard inquiry, which might have an impact on your credit ratings. As a result, it is beneficial to only apply for credit that you require.
Maintaining Your Credit
It’s a good practice to check your credit reports frequently as you establish credit. This is because credit card companies generally use them when evaluating credit card applications. You’ll also want to check if your credit reports include any inaccuracies.
CreditWise from Capital One is one tool for monitoring your credit. If you have a significant credit history, CreditWise is a free program that may allow you to check your VantageScore 3.0 credit score. Using CreditWise to monitor your credit will not harm your score if you have one. CreditWise is a free service that is available to everyone, even if they do not have a Capital One account.