18 is the legal age to apply credit cards. The majority of major issuers prohibit minors from applying 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.
A credit card application can only be made by 18-to-20year-olds
Although 18-to-20-year-olds can apply for their own credit cards, most credit card issuers will still require a co-signer and/or proof of income to approve a credit card application. This is because the law requires people to show that they can pay off the account without a co-signer's assistance.
Credit cards are a great way to start building your credit history and learning to 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 ways for 18- to 20-year-olds with good credit histories to start building one.
Credit card applicants may qualify for co-signers
Co-signing for a credit card with a friend is a great idea to increase your credit score. Be aware of the risks. 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. Lenders may refuse to give credit cards to people with poor credit ratings.
You can also ask your friend or family member for authorization to use your credit card. After the card issuer approves your request, they will mail the card to the person who you've designated as an authorized user. The credit card will be attached to your account. This card can then be given to anyone who is able to use it to make purchases and pay bills.
Getting a credit card without a co-signer
It can be challenging to obtain a credit-card without a co-signer. An additional person can complicate your application and could even make it financially risky. Be sure to evaluate the financial ability and trustworthiness your co-signer. You don’t want to end in a situation where you can’t make the payments.
Secured credit cards are another option for those with bad credit. This type of credit card requires a deposit and has a low credit limit. Some banks won't report card activity 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 have a negative impact on the cosigner's credit depending on the bank.
A credit card without an independent income
It's possible to get a credit line if you aren't working and have no income. There are several options. One option is becoming an authorized person on another person’s credit card. An authorized user doesn't need to pay an annual charge and can spend as much or less than the primary cardholder.
Credit card companies may require that you are at least 21 years old and have a source income. This income can come from regular allowances, scholarships, or any other source. For those under 21 years old, however, you may need to ask a cosigner.