Cosign credit card to build credit?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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ta622
 
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Cosign credit card to build credit?

Postby ta622 » Wed Apr 04, 2012 3:37 pm

I am trying to open my first credit card, but I have no credit history in the U.S. I just graduated from college last May, now employed on a $70k base.

Would like to ramp up the credit score as quickly as possible, and have no need to carry a balance in the foreseeable future. Instead of going the secured card way, I'd like to take advantage of my uncle's score by opening a co-signed account.

Does anyone have advice on how to proceed with this? I can't find this option advertised anywhere, and have been getting a lot of misinformation from the retail bankers who try to add me as an authorized user, which in my understanding would not establish my credit with the bureaus.

Thanks!


DavidNY
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Postby DavidNY » Thu Apr 05, 2012 1:44 pm

I would recommend opening a joint account with your uncle. Call the bank you're interested in working with and ask how to proceed.

You could also be an authorized user on your uncle's accounts, the credit history will then be reflected on your credit report as well as on your uncle's.

bmw1990Z
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Postby bmw1990Z » Thu Apr 05, 2012 3:08 pm

are you from outside the US?

I would recommend getting your own card if you can't be added onto an account of your uncles and then in six months applying for better cards.
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CC Deville
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Postby CC Deville » Thu Apr 05, 2012 5:30 pm

I do not believe that many banks will allow a co-signer in the traditional sense such as with buying a car. Instead, you would be a co-applicant on the account and would be jointly responsible for any purchases made with the card.

I do not recommend this route because you never know what can happen to either yours or your uncle's credit. Instead, see if he will add you as an AUTHORIZED USER to one of his established cards. Then, after about 6 months to a year, you should be able to apply for a card on your own. You can still expect a smaller credit line ($1,000-$3,000) but that beats going the secured card or starter card (First Premier) route.

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PlatinumAMEX94
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Postby PlatinumAMEX94 » Sat Apr 07, 2012 2:02 am

ta622 wrote:I am trying to open my first credit card, but I have no credit history in the U.S. I just graduated from college last May, now employed on a $70k base.

Would like to ramp up the credit score as quickly as possible, and have no need to carry a balance in the foreseeable future. Instead of going the secured card way, I'd like to take advantage of my uncle's score by opening a co-signed account.

Does anyone have advice on how to proceed with this? I can't find this option advertised anywhere, and have been getting a lot of misinformation from the retail bankers who try to add me as an authorized user, which in my understanding would not establish my credit with the bureaus.

Thanks!


You would be better off calling Citibank, talking to a banker and proving your income. They will start you out with some card, it just may not have awesome limits at first. I strongly recommend staying away from cosigning anything with anyone other than your wife or husband. Even then it could be questionable, especially if they have bad credit.

I imagine your goal is to establish credit so one day you can buy a house. Start with a small credit card, start saving for that 20% down payment. When you have it all saved up, your credit should be established by then.
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