Removing Co-signer from Penfed Credit Card?

[InfamousRSX]

So when applied for the Platinum rewards back in 2013, i was instantly denied, for short credit history (like 8 months). They provided a Co-signer form that they needed notarized, and my mother agreed to help me, and i was approved for 20k limit! (i dont know why). Well now im thinking about trying to remove her as my co-signer and taking full responsabily for the credit card, since i dont really feel is fully my credit card (it is but you know). I have called Penfed 2 times, and they dont know how or simply dont understand, and no info on the web.

So do anyone have any experience with this? Should I just leave the account be, since it dont affect me or my mother? 

[Anonymous]

Credit Unions tend to treat CCs like a loan so it is hard to say if you can "remove" her as co-signor. Is she on the account at all (on the billing statement?)

[InfamousRSX]

Yes she does appear on the billing statements, and received a card. On my credit report I appear as "Maker" and she as "co-maker"

[Anonymous]

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@InfamousRSX wrote:

Yes she does appear on the billing statements, and received a card. On my credit report I appear as "Maker" and she as "co-maker"

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you might need to ask specifically to have the comaker removed. When I got my first 'newish' car, my mom cosigned the loan because they would only give me about half what I needed. Halfway through the loan duration I asked a loan officer if I could get my mom removed from the loan, and they basically made me refinance the remaining balance under a new loan to do so.

[InfamousRSX]

Thanks for your answer, i will contact them ask them!

[Officer737]

If they are a co-signer and not an authorized user I don't think they can simply remove them. I think you would have to have the card closed and open a new one. An authroized user is simple to get removed, co-signers actually owns the account as well. 

[InfamousRSX]

But does having a co-signer makes any difference or impact when you apply for credit and is looked over by an UW? or it just mean that if I default, they will go after her?

[Anonymous]

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@InfamousRSX wrote:

But does having a co-signer makes any difference or impact when you apply for credit and is looked over by an UW? or it just mean that if I default, they will go after her?

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This - a cosigner, comaker, whatever they want to call it is a second person willing to be responsible for the debt or in the case of a credit card potential debt.

[Officer737]

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@InfamousRSX wrote:

But does having a co-signer makes any difference or impact when you apply for credit and is looked over by an UW? or it just mean that if I default, they will go after her?

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On the initial application yes. If your file is a little weak or thin and your co-signer has a better file then creditors are more apt to approve lines because they have 2 people responsible for the debt which increases their chances of recovery if something goes bad. what I have seen some creditors do is approve the lines but base the APR off of the lower of the 2 files. 

[takeshi74]

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@InfamousRSX wrote:

But does having a co-signer makes any difference or impact when you apply for credit and is looked over by an UW? or it just mean that if I default, they will go after her?

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Both.  A cosigner provides benefit in the application process because the cosigner's credit is also considered.  The cosigner is also liable and responsible.

In many cases cosigned and joint accounts have to be closed out and a new account has to be opened as stated above but you'd have to confirm with PenFed.

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@InfamousRSX wrote:

Should I just leave the account be, since it dont affect me or my mother? 

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If you're cosigners then it affects both of you.