How Old Do You Have to be Before You Can Open Up Your Own Credit Card Account with a Co-Signer? Answer Explained
by Niranjani
Updated Oct 17, 2023
How Old Do You Have to be Before You Can Open Up Your Own Credit Card Account with a Co-Signer?
Individuals aged 18 to 20 have the option to open a credit card account either by demonstrating their own income or by having a qualified co-signer who is at least 21 years old.
Co-signing for a credit card can help people with poor credit scores. Parents or guardians who want to help their children build credit may also think about co-signing.
However, it's not always the best choice. There are other options, and like any financial decision, there are good and bad sides to sharing a credit card with someone else.
When you co-sign for someone with a low credit score, your good credit can help their application. It makes the lender feel safer about approving them. Having good credit and more income could also mean you get lower interest rates, higher spending limits, and better overall terms.
How Old Do You Have to be Before You Can Open Up Your Own Credit Card Account with a Co-Signer -FAQ
Individuals aged 18 to 20 have the option to open a credit card account either by demonstrating their own income or by having a qualified co-signer who is at least 21 years old.