I am wanting to get a credit card, to use for emergencies and specific large purchases. Only problem is I am 16. I have a steady job and checking account with atm card and my mom is willing to cosign for me. However, my mom’s credit is pretty bad. Who is the best company to go to for this, especially who will let us apply online?
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{ 5 comments… read them below or add one }
OK, 1st of all, you cannot get a card, your mom would get the card and make you an authorized user, so you would not build your own credit history with this card. If you defaulted on the card or maxed it out it would be your mom’s butt not yours. She needs to understand that before she agrees to this. There is a reason they do not let minors have credit cards and that is because most 30 year olds are not responsible enough to have them, let alone 16 year olds!
If your mom has bad credit she would only be able to get a card with a low limit and annual fees like from Orchard Bank, or Premier Credit, or Image Bank…all of these cards charge high annual fees and very high interest…do you really want to pay for your mom’s bad credit just to have a card for emergencies?
You need to re think your plan…wait until you are 18 and get your own student credit card in your own name.
She can put you as a authorised user but it cannot be in your name. Either way if your mom has bad credit don’t have a joint account with her either way because, you will end up with a high interest rate. Not to mention cahnces are that it will end up ruining your credit. Stay away from credit cards until you are 18 and have a secure job.
You can’t have a card at age 16.
Learn from your mothers mistakes. Don’t go down the credit card road. Save and pay cash for the things you want. You’ll avoid financial trouble later.
I was able to get a credit card with Capital One when I was 16, but they have discontinued that program.