18 is the legal age to apply credit cards. Most major issuers don't allow anyone younger than 18 to apply for credit cards. If you're under 18, you will need proof that you have an independent income. While there is no minimum income requirement, the law requires that you earn at least the minimum to be eligible for any payments.
A credit card application can only be made by 18-to-20year-olds
18- to-20-year olds can apply for credit cards by themselves, but most credit card providers will still require a cosigner or proof of income before they approve a credit card application. This is because people must show they can pay the account off on their own without the assistance of anyone else.
Credit cards can be a great way for you to build your credit history and learn how to manage your money. Unfortunately, many products are not available to young adults who have poor credit histories. For 18-to-20 years olds, there are many options to help them build credit.
Co-signers may help you qualify for a credit card
A co-signer is a great way of building your credit score. Be aware of the risks. You must first ensure that the person you are going to trust is trustworthy, and can pay back the debt. Lenders might refuse to approve you for credit if you have poor credit.
Another option is to ask a friend or family member to become an authorized user on your credit card. After your request has been approved by the card company, they will mail the card directly to the authorized user. This credit card can be attached to your account. It can be used to pay bills or make purchases.
You can get a credit card with no co-signer
A credit card application without a cosigner is difficult. You may have to add another person as a cosigner. This can complicate the application and make it more risky financially. It is important to assess the trustworthiness and financial abilities of the co-signer. You do not want to end up in a financial situation where you're unable to make the payments.
A secured credit card is another option for people with poor credit. This credit card requires a deposit, and has a very low credit limit. These cards may not be reported by banks to credit bureaus. The co-signer is responsible for any payments that are not made by the cardholder. The co-signer receives a copy of the statements. In the event that the cardholder doesn't make their payments on time, or misses them altogether, the statement will be available to him. Depending on the bank, this can be harmful to the co-signer's credit.
You can get a credit card with no income independent of your job
It's possible to get a credit line if you aren't working and have no income. There are many options. One option is to become an authorized user on another person's credit card. An authorized user does not need to pay an annual fee and can spend as much as the primary cardholder allows.
Credit card companies may require that you are at least 21 years old and have a source income. This income can be from a regular allowance, scholarship, or other source of income. To apply if you're under 21, you might need to have a co-signer.