My mother has bad credit, I have no credit. Can She still co-sign a credit card for me?

Question

I'm about to turn 21 years old and I have no credit.I don't want to get an insured credit card, so that's out of the question.

My question is, can my mother cosign a credit card for me? Let me let you know, that she has very bad credit, she declared bankruptcy after she failed to pay for her student loans.

So can she still cosign a credit card for me? Will her bad credit affect mine in any way, shape or form? That's my main concern. Thanks in advance for your answers.

I forgot to add, she still has the student loans.

Also, she has 2 credit cards with credit limits of $3,000.

Will her cosigning a credit card for me affect MY credit/score? That's what I wish to know.

Answer 1

Why are you so averse to getting a secured credit card? This would likely be the fastest way to start building your credit. Other than that, you could apply for a gas card or a store card (they accept almost anyone) and pay on-time (and in full, if possible). After about 6 months, you should be able to qualify for a standard ("bank") credit card. Your mother with poor credit may be better than someone with no credit, but odds are that your credit limit would be low and your interest rates (APR) would be VERY high. If you get a gas or store card in your own name and later get a regular credit card, you should be fine... again, the secured (deposit) credit cards would be faster.

Answer 2

Since Student Loans can't be removed with a bankruptcy, how did she do that? Student Loans, taxes and back child support are three of the things I know you can't get rid of.

But, to answer your question, yes, she can co-sign. However, your question should be, will anyone give you credit. You may not be able to get anyone to give you a card with her co-signing.

You are probably better off to apply on your own without the co-signer. Just because you have no credit does not mean no one will give you credit.

You will likely get a card with a very low limit though. Since you haven't proven yourself yet, they'll only let you charge up a small amount until you prove that you'll pay your bills on time, etc. As your credit score increases, you'll be able to get higher credit limits. However, if you max out the cards, that hurts your credit score so pay the balance off when the bill comes. You never want your balance to exceed 30% of your credit limit if you want your score to go up.

Answer 3

Bad Credit Credit Cards: Bad credit credit cards have been developed for people with poor credit and want to improve their credit rating. There are two types of credit cards: secured and unsecured credit cards. You have to choose between these two, based on various factors with the stable income being the crucial one.

Answer 4

Bad credit is one of the worst problems to have... however there exists a solution.

I will hereby talk from my personal experience.

I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,

a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :

http://umgarticles.atspace.com/debt-consolidation.htm

if it helps kindly remember me in your voting!.. cheers!

Answer 5

No, she probaly cannot sign for you one. Try a prepaid credit card from american express and start to work on building your credit set up a savings and checking account and maintain it.

Answer 6

Get your first credit card at http://www.creditdorm.com/no_credit_history.htm these cards do not require a co-signor so you can build your credit on your own.

Answer 7

Probably not. The best way to establish your credit is to go to a jewlery store, get a piece of jewlery that you like, and make monthly payments on it. Pay it on time every month.

Answer 8

How bad her credit is ? It's the key

But you and your mother can improve your credit score : http://index-go.com/improve-credit-score-get-out-of-debts-fast.asp


Good luck !

Answer 9

normally they won't accept her as a cosigner.
the cosigner has to have good credit usually.

Answer 10

i wouldn't get a credit card. you don't want to end up like your mom
your interest rate will be sky high if she is on a CC
don't do it