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Can a 17-year-old college student get a credit card with a cosigner?
I’m a 17-year-old college student. I want to buy a laptop with a credit card for school. Am I allowed to get a credit card if I’m cosigning with someone?
...asked on May 28th, 2011 @ 4:07 pm in Credit Card - Student
You won’t likely need a co-signer, credit companies want to get you while you are young, and get you started paying them. You are much better off without a card. You will be better off to get a job, and save to buy one. Ask your parent if they will pay for a part of it, or as your christmas gift.
...answered by Bridget S on May 28, 2011 @ 4:11 pm
They can; you can’t.
Not any longer.
uh…under the new credit laws just passed, you have to be 18 and be able to show ability to repay the loan; and probably not then.
...answered by wizjp on May 28, 2011 @ 4:38 pm
No. You are not old enough to enter into a contract legally, so can not sign a cardholder agreement. Consider this a blessing in disguise.
Using a credit card for a computer, if you don’t have the money, will cost you a lot in interest. Be sure you understand how credit cards work and just what having an interest rate of 24.99% can mean over time.
New credit card laws just passed require anyone under 21 years old to have a cosigner on their credit cards (with rare exception). This is because so many people between 18-21 were getting sucked into debt by eager credit card companies, and it was contributing to a massive problem with debt default among the very young adults.
...answered by RetiredDebtFree on May 28, 2011 @ 4:45 pm