Hey Guys,
I'm trying to get my sister a card with BoA, she doesn't have the best credit (her scores range from 630-660), and she applied for the card, just the reg BoA card, no rewards, bc it has a low interest rate and it was the card she was pre-app for on the site.
Well she got the dreaded, wait x amount of days response. I'm thinking of being a cosigner for her, & my last app with BoA was June 20th (approved for their BBR card), do you think they will use that info or will I have to suffer through another HP? I really don't want to leave the garden, but I want to help her get a good card.
I don't have an answer to the question, but why don't you help your sister with the BofA recon first? You could help your sister build credit by adding her as authorized user to your cards as well.
@flyingpenguin wrote:Do not co-sign! Do not co-sign! It makes you completely liable for her purchases. Just don't do it.
@HiLine wrote:I don't have an answer to the question, but why don't you help your sister with the BofA recon first? You could help your sister build credit by adding her as authorized user to your cards as well.
+1. Try to recon. Add her as AU but don't give her the card. That way, you're helping her but not putting yourself at risk in any way.
Why are her scores low? Does she have baddies, or is she just new? If she can't get the unsecured BofA, she could try for a secured card.
She is an AU on 3 of my cards. But I've heard that companies don't really take AU accounts into consideration. I understand that it makes me liable, but I do trust my sister to take care of this account. Plus, I'll have complete access to everything, so I intend to treat the card as if it is 100% mine, but only making payments if necessary (and making her pay me back). We live together, and she knows I'm worst than any bill collector, lol. I definitely understand the severity of being a cosigner, but I do trust my sister. And she has given me access to all of her accounts and I go through them periodically (just to make sure she's staying on track), but she has been managing everything really well. And she does have one of the AU cards (my Amex BLE, I've set the limit to $200, and she manages it well). Now would I do this for my mom, absolutely NOT!
I do plan to try to get her recon first, but I do want her to be able to have a card that doesn't have a AF (like the one from Cap1 -- plus I hate Cap1 and I don't want her with them for an extended period of time). And she does have some baddies, and we've been working on getting things paid off and removed. She's completely serious about getting her credit together, but I am the more financially sound sister (even though I am the younger sister).
I appreciate all of the responses. I'm willing to leave the garden for this only, but I prefer not to.