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Hi everyone-
I helped my nephew get his credit in order after a little 'shake up' with my sister. Now, I am looking to co-sign a credit card for him. He applied for a Discover Student credit card, and got denied. I want him to be able to buy the things that he needs, so he can help to support himself, but he can't do it with his own credit. He has a part time night-job as a driver, and he is a full time student during the day. I want to co sign a credit card for him, so he can get approved. I am aware that the rates will be higher, and the limit will be less, but I just want to help him out. So, what are some good student cards, with decent limits, to co-sign for a student? Thanks!
Co sign or join account?
Well, I wouldn't be using the card, so just co-sign. Unless a joint account would be better.
I second adding him to Amex. not sure if it's different for business but I had Gold Business Charge and added someone and was able to just give them Green so annual fee was much smaller.... you might be able to add him to the Platinum and just get him Green instead of paying the Plat. annual fee for his card.
The managerment stuff with Amex is amazing, you can set his account to have a $1k a month limit or whatever you want it to be, then you can add him to be able to set up his own online account to monitor spending and making payments and he would be able to call in and talk to amex like it is his own account but not be able to increase spending, close account, etc. and Amex will report the account and history for him and in probably less then 6 months he could get his own.
If you rather actually Apply and add him as a "Joint Account Holder" you have a couple options with banks:
USBank I think you can do it right on the application online when applying, you would put yourself first and him 2nd, it will most likely approve and give CL based on your credit.
Chase, you could call and ask them to send a form to add him as joint to the account you already have (later if you want to take the account back over and remove him you can request the form and they will pull your credit and if you qualify for the card on your own, they will remove him) Also adding him to Chase is not a credit pull
Credit Unions are good options also.
i would do the AU and control the CL
@dalebb wrote:i would do the AU and control the CL
+1
i, for one, do not like the idea of giving a student a charge card unless the CL can be controlled AND i would make sure i pay its paid in full IMMEDIATELY after the statement is cut. back in the late 90's my family screwed me by not paying the bills on time and that tanked my credit. im just now recuperating on my own but it was a long journey. granted at the time i was in college and my credit scores were high, i had a gold amex, etc. i was young and didnt know better.
im no expert, given my mistakes in the past, but i like the idea of having control over how the AU spends and directing them to make immediate payments and if payments are not made by a certain date then me being able to make the payments in full from my own account.
the only person i would make an AU is my wife, and her scores are better than mine and she's never been late in over 6 years (late on payments)
by the way, whats his credit file looking like anyway?
+1 on the AU for AMEX.