No, you cannot apply for a credit card with a cosigner with any of the top 10 credit card issuers. If you want your own card and don’t have the necessary credit score or income, you do have some options, like becoming an authorized user, being added as a joint accountholder or even getting a secured credit card.
Can You Apply for a Credit Card with a Cosigner?
Major Credit Card Company Cosigner Policies
Credit Card Company | Can Apply With a Cosigner? | Can Add a Cosigner Later? | Allows Authorized Users? |
American Express | No | No | Yes (users 13+ years old) |
Bank of America | No | You can add a co-applicant if your application is approved | Yes |
Barclays | No | No | Yes (users 13+ years old) |
Capital One | No | You can add a co-applicant if your application is approved | Yes |
Chase | No | No | Yes |
Citibank | No | No | Yes |
Discover | No | No | Yes (users 15+ years old) |
USAA | No | No | Yes |
U.S. Bank | No | You can add a co-applicant if your application is approved | Yes (users 13+ years old) |
Wells Fargo | No | No | Yes |
Since getting a credit card with a cosigner is difficult, it’s a good idea to seriously consider alternatives that provide some of the same benefits.
Alternatives to Getting a Cosigner
- Become an authorized user. As an authorized user, you will get your own credit card with your name on it, be able to make purchases with the card, and have the opportunity to build credit. The primary cardholder is responsible for paying off the card balance, and you will not be legally responsible for payment.
- Add a joint accountholder. Only three banks will allow you to add a joint accountholder to an already existing credit card account: Bank of America, Capital One and U.S. Bank. Unlike an authorized user, with joint accounts, both accountholders will be equally responsible for making payments. Late or missed payments will hurt the credit scores of both people on the account.
- Get a secured card. Secured credit cards are another way to get a credit card as they offer better approval odds than most unsecured credit cards. You will need a security deposit to open the account, and the card helps you build credit just like any other credit card.
When It’s a Good Idea to Use a Co-signer
Even though applying with a cosigner is an unlikely option, since none of the major card issuers allow you to apply with a cosigner, you may be one of the lucky few who finds a card issuer that does allow it. If this is the case, it’s important to note that applying for a credit card with a cosigner is only a good idea if both parties trust each other implicitly and the odds of financial or relationship difficulties are minimal.
In addition, the cosigner must have good enough credit to garner an above-average credit card offer and enough income to comfortably handle an additional line of credit. Assuming those prerequisites are met, getting a credit card cosigner can be beneficial if you:
- Are a Student Looking to Establish Credit History: It’s a good idea to begin adding positive information to your major credit reports at a young age (preferably as soon as you turn 18 years old) so you can enter the “real world” ready to take advantage of attractive loan rates, credit card offers, job opportunities, auto leasing deals, and/or housing situations (as long as they’re within your means, of course).Adult students can get approved for a credit card on their own – even if they’re under the age of 21 – as long as they have the income/assets needed to at least make monthly minimum payments. But if you don’t have that income, asking a parent to cosign is a prudent option.
- Made Mistakes in the Past, But Now Have the Maturity & Income to Use Credit Responsibly: If your credit standing is depressed due to a missed payment or other financial mistakes made when you were “young and dumb,” using a cosigner to get a new credit card is one way to expand the options at your disposal, assuming that you are now in a position – both financially and emotionally – to handle the responsibility of being a credit card user. A close friend or family member definitely knows you better than your credit card company and might therefore be willing to effectively grant you credit sooner than a given financial institution.
- Need an Emergency Line of Credit: Few credit card options available to people with damaged or limited credit come with any spending power to speak of. That’s problematic for folks who require a new credit line in order to finance emergency expenses – car repairs so they can get to work, for example. A cosigner could enable those individuals to get a card with a higher limit.
- Want to Take Advantage of a One-Time Deal: Credit card companies are known to offer attractive sign-up perks like rewards bonuses worth a few hundred bucks or long-term 0% financing deals. You typically need above-average credit to get them, though. Finding a cosigner therefore presents an opportunity for someone with below-average credit to earn extra rewards or save on big-ticket purchases.
When It’s a Bad Idea to Use a Co-signer
In general, it’s a bad idea to have someone cosign for a credit card if there’s even the slightest chance that you won’t be able to pay for what you ultimately charge. The same is true if you don’t have a rock-solid relationship with the person who would be cosigning for your account.
After all, a cosigned credit card gone wrong can result in:
- Potential Credit Score Damage for Both Parties: A credit card cosigner is responsible for the account they lend their name to. This account will be listed on both the main account holder’s and the cosigner’s credit reports, and irresponsible usage will come back to haunt both parties. Even though the cosigner didn’t directly mismanage the account, their mistake will have been putting faith in an unreliable friend or family member.
- Debt Liability: If you cosign for someone who ultimately racks up a bunch of charges they’re either unable or unwilling to pay for, you’ll be on the hook for cleaning up the mess. This can obviously put you in a tight spot because it’s unlikely that you’ll keep close enough tabs on your friend/family member’s spending habits to factor his or her debt into your budget. Rather, the unpaid balance will likely come as an unwelcome surprise that you must deal with or risk credit score damage and the threat of a lawsuit.
- Ruined Relationships: If things don’t go according to plan, debt and credit score implications can create an irreparable fracture in your relationship. Good friends are a rare commodity, so it’s very important to consider the negative ramifications of a cosigned credit card gone wrong. With that in mind, the potential cosigner should lay out some ground rules for the cosignee-to-be ahead of time.
Bottom Line
While major credit card issuers do not accept cosigners, you may find some smaller banks or credit unions that still do. However, that doesn’t mean using one is a wise idea. You should carefully consider why you want someone to cosign your credit card application as well as how your relationship and financial dynamics mesh with a cosign situation before ultimately pulling the trigger.
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