18 is the legal age to apply credit cards. The majority of major issuers prohibit minors from applying for credit cards. If you are under 18 you must show proof of independent income. Although the law does not specify how much you should earn, you must be able to make at most the minimum monthly payments to your account.
Legal age for applying for a credit card is 18-20 years old
Although anyone 18 to 20 years old can apply for their credit cards, most credit card companies will require a cosigner and proof of income in order to approve an application. Because of the law, applicants must prove that they are able to pay the account off without the assistance of a cosigner.
Credit cards are a great tool to help you build your credit score and learn how to manage finances. Unfortunately, many products are not available to young adults who have poor credit histories. There are many ways for 18- to 20-year-olds with good credit histories to start building one.
Co-signers may help you qualify for a credit card
It is a great way for you to improve your credit score by getting a cosigner for a creditcard. Be aware of the risks. First, make sure you can trust the person you choose to do business with. Second, ensure they are financially stable and capable of repaying the debt. The lender may not grant you a credit line if the borrower has poor credit.
Another option would be to ask a family member or friend to become an authorized card user. Once the request is approved by the card issuer, the card will be mailed to the authorized user. This credit card is attached to your account and can be given to the person who can use it to make purchases or pay bills.
Getting a credit card without a co-signer
Getting a credit card without a credit-card co-signer can be a challenging task. It can be more difficult to apply for a credit card without a co-signer and may even prove financially risky. Be sure to evaluate the financial ability and trustworthiness your co-signer. You don't want your financial situation to become untenable.
For those with poor credit, another option is to apply for secured credit cards. This type of credit card requires a deposit and has a low credit limit. These cards may not be reported by banks to credit bureaus. However, the cosigner may be held responsible for payments if the cardholder is unable to pay. The cosigner will be provided with a copy the statements. He or she will be responsible for any missed payments or other failure to make timely payments. Depending on the bank, this can be harmful to the co-signer's credit.
Without an independent income, getting a credit line
You might be wondering how you can get your credit card if there are no other income sources and you are unemployed. There are many options. One option is to be an authorized user for another person's card. An authorized user won't have to pay an additional annual fee and can spend the same amount as the primary cardholder.
Credit card companies require you to be financially independent and at least 21 years old. It could be a scholarship, regular income, or some other source of income. To apply if you're under 21, you might need to have a co-signer.