What Age Must I Be to get a credit card? This is unique question teenagers need to ask before rushing to apply for a credit card. The teenage age comes with lots of Fun, privileges, and opportunities like getting a driver’s license, open a bank without your parents, gaining the right to vote, and getting your first card. However, getting a credit card by yourself, you must be up to at least 18 years of age. Then comes the question What Age Must I Be to get a credit card? How to get Credit Card from 18 to 21 Years.
Also, you must be financially independent, earn your own income, the process get easier when you are up to 21 Years old. But there still other important factors you need to know before applying and get qualify for card processing.
Getting a credit card before 18 Year
Of course, it is a known fact, that any young teenage below 18 cannot open a credit card in his or her name. Until they turn 18 years old. Inversely, getting access to obtain a card will require that, if you’re 18 you can become an authorized user in someone else account.
Meaning of An Authorized User
An authorized user is a person who adds to a card primary user of a card account with authorization to use the card. Basically, the user that is authorized will get their own card but all payment and card activities are posted to the primary cardholder’s account.
Also, the authorized user can make payments as they would with any other card, but it’s the primary cardholder that is held responsible for payments. It is then very important that the primary cardholder and the authorized users set goals together about how much to be spent and how to go about the payment.
Building Your Account As Authorized Users
However, as an authorized user, you stand to benefits from the primary cardholder’s good credit score. Typically, the primary cardholder’s account history and activity are reported on your credit reports, which can help build up your own credit score. Although, it’s not all creditors that do this. So it’s important you inquire if your card issuer report activity on authorized user accounts.
How to get Credit Card from 18 to 21 Years
Although getting a credit card at age 18, approval may be difficult as you need a credit history and score. If you have built credit as an Unauthorized user, getting a card from ages 18 to 21 involves tough requirements.
If you apply for a credit card at age 21, you will need to convince the bank with the payment. This usually means showing that you are financially independent, having your personal income showing your payslip or bank statement. At age 21, when applying for a card, you may be a student without established or steady income. In such a case, you need a co-signer to get approved when applying for a credit card.
How To Get A Co-signer
Typically, if you’re unable to get approval for a card based on your own credit history and profile. Some card issuers may require that you apply with a co-signer. Whether you get approved with a co-signer depends on that person’s credit history. The co-signer will have to bear the responsibility for payments if you fail to make up on time. The card issuers want to make sure that a person has good credit and the ability to repay debts.
For applicants under 21, a co-signer is typically a parent or guardian. Before the process begins, it’s best to discuss expectations regarding who will make payments. The potential consequences for each person’s credit and various other responsibilities.
Card Options For Young Adults With A Co-Signer
Getting a credit card without full credit history or without a co-signer can be a tough one.
You can look into Student credit cards, which are design for students specifically. Additionally, there are other credit cards, which require you to secure a cash deposit in the account. But the good thing is that it can help you build a credit history.