Seven Ways On How To Prepare For Secured Credit Card | secured credit card

If you're applying for a acclaim agenda afterwards a abundant acclaim score, again abacus a cosigner to your annual ability assume like a acceptable idea. With a cosigner, you may be able to authorize for a band of acclaim based on the added person's solid acclaim history and acclaim score. And aback your cosigner is additionally a co-applicant, both parties are amenable for the claim of any accuse or acclaim balances that accrue.

Many acclaim agenda issuers don't acquiesce cosigners at all, however, alike on apprentice cards. And award a cosigner can be a difficult accomplishment because the accident complex aback it comes to administration any blazon of account. 

Keep annual to see which acclaim agenda issuers acquiesce you to administer with a cosigner, and analysis out the added options to accede if a cosigner is out of the question.

Among the aloft acclaim agenda issuers, alone a scattering admittance you to administer with a cosigner:

Credit Agenda Issuer

Cosigner Allowed?

Details

American Express

No

Authorized users allegation be at atomic 15 years old.

Bank of America

Yes

Barclays

No

Authorized users allegation be at atomic 13 years old.

Capital One

No

Chase

No

Citi

No

Discover

No

U.S. Bank

Yes

Wells Fargo

No

As you can see, acclaim agenda issuers who acquiesce cosigners on new accounts are few and far between. If you're set on accepting a cosigner, you should alpha by applying for a agenda with one of the issuers listed aloft first.

Beyond accepting a cosigner, however, there are several added options to consider.

While a cosigner ability leave you activity added secure, it may be accessible to authorize for an apart acclaim agenda on your own. Depending on your acclaim history, you may be accustomed appropriate away, accustomed afterwards an antecedent analysis period, or denied for an apart acclaim agenda altogether.

Since best acclaim agenda approvals go to those with acceptable or accomplished credit, it can advice you acquisition out area you angle advanced of time.

If you feel your annual and acclaim history may be acceptable to authorize for a agenda on your own, you may appetite to alpha researching cards to acquisition the best deal. The "right" agenda is altered for everyone, so you should attending for one that aligns with your spending habits and needs.

Also: The best apart acclaim cards accessible today

If accepting a new agenda with a cosigner proves added arduous than you thought, accede acceptable an accustomed user instead. In this case, you would ask addition -- apparently the being who was accommodating to authenticate for you -- to add you to an absolute acclaim agenda account.

This action works analogously to accepting a cosigner in that you'll accept your own acclaim agenda and accept the befalling to body a acclaim history with the three acclaim advertisement agencies.

The downside to acceptable an accustomed user is that your amenable use of acclaim won't addition your annual as abundant as if you were the primary annual holder. It additionally carries a agnate accord accident to cosigning: the primary cardholder is alone amenable for repayment, behindhand of what you, as an accustomed user, allegation on the card. 

Also: Authorized users vs. collective accounts: What's the difference?

While this may not be a botheration if anybody treats acclaim with annual and responsibility, the bearings could get capricious if you allegation added than you can allow and don't pay it back.

If the options aloft don't assignment for you, again you can additionally accede a anchored acclaim card. Unlike apart acclaim cards that extend a band of credit, anchored acclaim cards action acclaim in barter for a banknote drop that acts as accessory if you don't pay your bill.

Because it's beneath chancy for the bank, it's abundant easier to authorize for a anchored acclaim agenda -- already you do, your banknote drop will about be according to your acclaim limit. So, if you put $500 bottomward on your anchored acclaim card, you'll be able to allegation up to $500 on your card. With this setup, your banknote drop serves as collateral.

Also: The best anchored acclaim cards for your business

While that may not complete ideal -- abnormally if you don't accept $500 to put bottomward -- anchored acclaim cards do action bodies with bad acclaim or a bound acclaim history the befalling to body (or rebuild) acceptable acclaim safely. And aback you advance your acclaim annual enough, you can usually advancement your anchored acclaim agenda or administer for a new apart acclaim agenda that apparel your needs better. 

Either way, you'll accept your banknote drop aback in abounding as continued as you don't absence on your account.

[This commodity was aboriginal appear on The Simple Dollar in 2020. It was adapted in March 2022.]

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