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Cosign with...

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Cosign with...

I am trying to get another card but won't qualify for any of the "excellent" rewards card.  Should I apply for the lower ones first or have my mom cosign with me?  (she is 775+ range.  My fico is 680ish range with baddies)  My thought on cosigning, can I later switch to just myself or no?

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Re: Cosign with...


@CuriousFolk wrote:

I am trying to get another card but won't qualify for any of the "excellent" rewards card.  Should I apply for the lower ones first or have my mom cosign with me?  (she is 775+ range.  My fico is 680ish range with baddies)  My thought on cosigning, can I later switch to just myself or no?


Joint accounts are ticking timebombs, IMO. If something goes wrong with the card, it impacts both your reports, which is awfully unfair to the one who didn't have problems.

 

It is very rare that a lender will allow one co-signer to come off of a joint account. Those that do require the person who wants to keep the card to qualify all over again solely on their own reports.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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