Want to re-apply for credit with a cosigner... dumb idea?

[crod43]

I am trying to rebuild my credit. I already have a secured credit card.  I recently applied for a student card with Discover and was denied. I would like to re-apply with a co-signer. Is this a bad idea? And would the co-signer be able to opt-out in the future once my credit is better without any penalties? 

[RobertEG]

Is it a family member or close friend?

Co-signed accounts can lead to personal problems should responsibility for paying reside in one party, and that party does not maintain the account in good standing.

A lot depends on both parties assuming responsiblity to ensure timely payments.  In my opinion, it is primarily a responsiblilty issue.

As for the co-sgner being able to be removed, in my opinion,  it is doubtful.

Creditors are not prone to convert an account from joiint to sole, as it leaves one less obligated party to pursue should the account become in arrears.

Nothing in it for them.

You can always close the joint accuunt and establish a new, sole account, and request the credtior to give you benefit of the earlier date opened, but that would be entirely up to them.