How Old Do You Have to Get a Credit Card?

If you’re wondering how old do you have to be to apply for a credit card, there are several factors that go into determining your eligibility. For example, a credit card company may consider your ability to pay, whether you have a co-signer, and the percentage of household income that counts in the ability-to-pay calculation. However, a credit card company may not give you a credit card if you’re under 18, so make sure you read all the information before applying.

Co-signer is required

Getting a credit card with a co-signer is one way to increase your chances of approval. In order to co-sign a credit card application, a person with good credit and steady income is required to agree to pay the balance in the event that the primary account holder cannot. While most credit card issuers do not allow co-signers, some issuers offer student credit cards for this purpose. In order to apply for a credit card with a co-signer, however, you will need to convince the person you trust to pay off the balance in the event of default.

Using a co-signer is a risky move, so be sure to consider the person you choose carefully. While this decision isn’t always easy, it’s worth it to build a good credit history with the person who will be co-signing the card for you. Besides, it can hurt your own credit score if you fail to pay off the debt.

Independent ability to make payments

To obtain a credit card, consumers under 21 must have independent ability to make payments. If you’re under 21, you’ll likely need to have a co-signer to guarantee repayment in case you don’t. Additionally, you’ll need to show that you’re legally emancipated or able to enter into a contract with someone else. The credit card company will consider these factors and other criteria when determining if you’re ready to get a credit card.

Age requirements vary depending on who you’re applying for. Generally, you have to be eighteen years old to apply for a credit card. If you’re younger, you’ll need to apply with a co-signer that’s 21 years or older. When you’re over 21, your ability to make payments will be based on your household income. If you have a full-time job, that’s important, too.

Household income counts toward ability-to-pay calculation

The Credit Card Act of 2009 changed the rules for lending credit cards and requires lenders to assess whether a borrower has the financial ability to repay the loan. This includes household income. It also includes the income of any spouse or partner. Income from a spouse or partner is considered irregular income and should be verified by tax returns or a letter. Getting a credit card without a clear understanding of your income and assets is risky.

Age limit for getting a credit card

Most credit card issuers don’t have a set age limit for authorized users. However, you can always add a minor to your credit card as an authorized user. Be sure to set up rules regarding the amount of spending and how much plastic your child can use. This way, they won’t end up damaging your credit rating. Moreover, you can teach your child to be responsible with plastic. It’s always a good idea to keep track of your child’s credit history.

Some issuers have an age limit of 18 or above, or require a co-signer. For example, Chase requires applicants to be at least 19 years old in Alabama, Nebraska, and Puerto Rico. In such cases, you may be unable to get the card if you don’t meet the age requirement. You should always check the terms and conditions of the offer page to avoid unnecessary headaches and wasted credit pulls.

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