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Frequent Contributor
Lexa
Posts: 306
Registered: ‎12-30-2008
0

Co-signer

Just curious, is there such a thing as a co-signer on a credit card? like there are co-signers on car loans and mortages?
Super Contributor
concorduser
Posts: 6,026
Registered: ‎09-18-2007
0

Re: Co-signer

Yes. It is called joint applicant.
Frequent Contributor
Lexa
Posts: 306
Registered: ‎12-30-2008
0

Re: Co-signer

Does it help with approval? and does the line shows on both reports?
Super Contributor
concorduser
Posts: 6,026
Registered: ‎09-18-2007
0

Re: Co-signer


Lexa wrote:
Does it help with approval? and does the line shows on both reports?

 

Yes.
Super Contributor
DI
Posts: 5,744
Registered: ‎01-28-2008
0

Re: Co-signer


Lexa wrote:
Just curious, is there such a thing as a co-signer on a credit card? like there are co-signers on car loans and mortages?

Yes, and matter of fact the new law require those under 21  to have a cosigner to get a credit card.

Frequent Contributor
Lexa
Posts: 306
Registered: ‎12-30-2008
0

Re: Co-signer

My girlfriend is under 21 and they did not ask her to have a co-signir to get her CCs
Super Contributor
DI
Posts: 5,744
Registered: ‎01-28-2008
0

Re: Co-signer


Lexa wrote:
My girlfriend is under 21 and they did not ask her to have a co-signir to get her CCs

The under 21 kicks in when the second phase of the new credit law start. 

Established Contributor
Posts: 742
Registered: ‎12-19-2008
0

Re: Consigner

If I am not mistaken, under the new law, one can get a CC under age 21 without a consigner provided one can prove sufficient income via an employer.

Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Consigner


plasticman wrote:

If I am not mistaken, under the new law, one can get a CC under age 21 without a consigner provided one can prove sufficient income via an employer.


‘(8) APPLICATIONS FROM UNDERAGE CONSUMERS-

‘(A) PROHIBITION ON ISSUANCE- No credit card may be issued to, or open end consumer credit plan established by or on behalf of, a consumer who has not attained the age of 21, unless the consumer has submitted a written application to the card issuer that meets the requirements of subparagraph (B).

‘(B) APPLICATION REQUIREMENTS- An application to open a credit card account by a consumer who has not attained the age of 21 as of the date of submission of the application shall require--

‘(i) the signature of a cosigner, including the parent, legal guardian, spouse, or any other individual who has attained the age of 21 having a means to repay debts incurred by the consumer in connection with the account, indicating joint liability for debts incurred by the consumer in connection with the account before the consumer has attained the age of 21; or

(ii) submission by the consumer of financial information, including through an application, indicating an independent means of repaying any obligation arising from the proposed extension of credit in connection with the account.

‘(C) SAFE HARBOR- The Board shall promulgate regulations providing standards that, if met, would satisfy the requirements of subparagraph (B)(ii).’.

Established Contributor
Posts: 742
Registered: ‎12-19-2008
0

Re: Consigner


creditwherecreditisdue wrote:

plasticman wrote:

If I am not mistaken, under the new law, one can get a CC under age 21 without a consigner provided one can prove sufficient income via an employer.


‘(8) APPLICATIONS FROM UNDERAGE CONSUMERS-

‘(A) PROHIBITION ON ISSUANCE- No credit card may be issued to, or open end consumer credit plan established by or on behalf of, a consumer who has not attained the age of 21, unless the consumer has submitted a written application to the card issuer that meets the requirements of subparagraph (B).

‘(B) APPLICATION REQUIREMENTS- An application to open a credit card account by a consumer who has not attained the age of 21 as of the date of submission of the application shall require--

‘(i) the signature of a cosigner, including the parent, legal guardian, spouse, or any other individual who has attained the age of 21 having a means to repay debts incurred by the consumer in connection with the account, indicating joint liability for debts incurred by the consumer in connection with the account before the consumer has attained the age of 21; or

(ii) submission by the consumer of financial information, including through an application, indicating an independent means of repaying any obligation arising from the proposed extension of credit in connection with the account.

‘(C) SAFE HARBOR- The Board shall promulgate regulations providing standards that, if met, would satisfy the requirements of subparagraph (B)(ii).’.


+1

 

Thank you CWCID!


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