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Co-signer

Frequent Contributor

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?
Message 1 of 18
17 REPLIES
Super Contributor

Re: Co-signer

Yes. It is called joint applicant.
Message 2 of 18
Frequent Contributor

Re: Co-signer

Does it help with approval? and does the line shows on both reports?
Message 3 of 18
Super Contributor

Re: Co-signer


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

 

Yes.
Message 4 of 18
Super Contributor

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.

Message 5 of 18
Frequent Contributor

Re: Co-signer

My girlfriend is under 21 and they did not ask her to have a co-signir to get her CCs
Message 6 of 18
Super Contributor

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. 

Message 7 of 18
Established Contributor

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.

Message 8 of 18
Senior Contributor

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).’.

Message 9 of 18
Established Contributor

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!

Message 10 of 18