18 years of age is the legal minimum age to apply for credit cards. Most major issuers don't allow anyone younger than 18 to apply for credit cards. If you are 18 or under, you will need to prove 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.
18-to-20-year-olds are legal age to apply for a credit card
While 18-to-20 year-olds are allowed to apply for credit cards on their own, most credit card issuers still require proof of income and a cosigner in order to approve credit card applications. Because of the law, applicants must prove that they are able to pay the account off without the assistance of a cosigner.
Credit cards can help you establish credit and manage your finances. However, young adults often lack adequate credit history and may have trouble qualifying for many of the products available. There are many options available for 18-to-20 year-olds to establish a strong credit history.
Credit card applicants may qualify for co-signers
To build your credit, a cosigner on a credit card can be a great option. However, you should consider the risks involved. The first thing you need to check is that the person whom you trust has the financial ability and the integrity to pay off the debt. If the person has poor credit, the lender may not give you a credit card.
Another option is to ask a friend or family member to become an authorized user on your credit card. Once your request is approved, the card issuer will mail the card out to the person you have designated as authorized user. This credit card is attached and can be given as a gift to the person who can use the card to make purchases or pay your bills.
Get a creditcard without a cosigner
It can be difficult to get a credit card with no co-signer. Adding another person to your application can make the process more complicated and can even be financially risky. Be sure to evaluate the financial ability and trustworthiness your co-signer. You don't want to find yourself in a financial bind that makes it impossible to pay the monthly payments.
For those with poor credit, another option is to apply for secured credit cards. This type credit card requires a small deposit and has low credit limits. These cards may not be reported by banks to credit bureaus. However, the cosigner may be held responsible for payments if the cardholder is unable to pay. The cosigner will be provided with a copy the statements. He or she will be responsible for any missed payments or other failure to make timely payments. This can cause credit damage depending on which bank it is.
Without an independent income, getting a credit line
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 won't have to pay an additional annual fee and can spend the same amount as the primary cardholder.
Credit card companies require you to be financially independent and at least 21 years old. The income could come from a regular income, scholarship, or another source. To apply if you're under 21, you might need to have a co-signer.