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New Contributor
Posts: 68
Registered: ‎03-20-2010
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Cosigners on Credit Cards

Me and Hubby are working on rebuilding his credit and I am reading a book about rebuilding credit and it suggests if you can't get approved for a credit card use a cosigner, what are you suggestions on this and if this is possible after say a few months is there anyway to have the cosigner removed so its solely in my hubby's name? Thanks

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Posts: 3,197
Registered: ‎01-24-2010
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Re: Cosigners on Credit Cards

My guess is that it may be difficult to get a cosigner removed that quickly. After all the cosigner is the one who the creditor is trusting to pay the debt.

 

 

If you are 21 or over, I think Individual accounts and secured credit cards are a much better option.

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Posts: 832
Registered: ‎01-16-2008
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Re: Cosigners on Credit Cards

Try adding him as an authorized user.  After his score is high enough he can get his own credit products.  And the authorized user is easily removed if circumstances warrant it.


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Posts: 68
Registered: ‎03-20-2010
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Re: Cosigners on Credit Cards


Itsmeagain wrote:

Try adding him as an authorized user.  After his score is high enough he can get his own credit products.  And the authorized user is easily removed if circumstances warrant it.


 

And with being an AU does he need to use the card to build his credit, or can the card be put up and the history, present and future of the card without him using build his credit up? Thanks

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Registered: ‎07-14-2009
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Re: Cosigners on Credit Cards

 


TonyaLynn wrote:

Itsmeagain wrote:

Try adding him as an authorized user.  After his score is high enough he can get his own credit products.  And the authorized user is easily removed if circumstances warrant it.


 

And with being an AU does he need to use the card to build his credit, or can the card be put up and the history, present and future of the card without him using build his credit up? Thanks


 

Being added as an AU can help IF the account is older than any of his, IF the payment history is long and clean, IF the utilization is very low, and IF it will report to the CRA's. Not all cards will do this. You need to ask the company first. He will inherit the entire history of this account and never has to use it himself for the benefit. One caveat however; if this account starts to go south his credit will be affected as well. Keep that in mind.

 

 

 

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Posts: 2,708
Registered: ‎10-16-2008
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Re: Cosigners on Credit Cards

+1 to all the replies above...

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