How Old Do You Have To Be To Get A Credit Card?

how old do you need to be to get a credit card

You might be wondering what age someone needs to be if they want to apply for their first credit card or if they are a parent looking to get one for their child. There are age requirements for accepting the responsibility, so obviously not just anyone can get a credit card.

You must be at least 18 years old to open a credit card account in your sole name. However, there are more stringent financial requirements between the ages of 18 and 21, including the need to demonstrate independent income.

After you turn 21, the process becomes a little simpler, but there are still crucial things to understand to prepare for the application and qualification processes. How Old Do You Have To Be To Get A Credit Card?

Getting a credit card before 18

Normally, you have to wait until you’re 18 years old to open a credit card in your own name.

However, there are still ways to access a credit card account. If you are under 18, you can add yourself as an authorised user on someone else’s account.

What is an authorized user?

A person who is added to a credit card account with permission to use the card (by the primary cardholder) is known as an authorised user. A credit card with their name on it will typically be issued to the authorised user. The account of the primary cardholder is then updated with their payment and card activity.

However, only the primary cardholder is accountable for payments, whereas the authorised user can use any other credit card to make purchases. Because of this, it’s crucial that the primary cardholder and authorised user establish clear expectations for how much can be spent and who will pay.

You might be able to gain from the good credit of the primary cardholder as an authorised user. Your credit reports typically include information about the primary cardholder’s account history and activity, which can be used to help you create your own credit profile. Ask your credit card company if they report activity on authorised user accounts; however, not all credit card companies do this.

Getting a credit card from 18 to 21

At age 18, you are able to apply for a credit card, but getting one may be difficult since you typically need to have a credit history and credit scores. It’s unlikely that you have any credit scores if you don’t have any credit history.

Even if you have established credit as an authorised user, you must fulfil stringent requirements between the ages of 18 and 21 in order to obtain a credit card.

If you’re under 21, you must provide a pay stub or bank statement to demonstrate that you can manage payments on your own. This usually entails demonstrating that you have a job or other independent source of income.

If you’re under 21, you might be a student without a proven source of independent income. If so, you’ll probably require a co-signer when you apply for credit cards.

Getting a co-signer

Some credit card issuers may require you to apply with a co-signer if your application for a credit card is denied based solely on your credit history and profile. The co-credit signer’s history will determine whether you are approved with a co-signer.

The co-signer assumes responsibility for payments in the event that you are unable to make them, so the credit card company will usually check that person’s credit history and ability to pay back debts.

Co-signers are frequently parents or guardians for applicants under the age of 21. Discussing expectations for who will make payments, the possible effects on each person’s credit, and other responsibilities before moving forward with the process is a good idea.

Credit card alternatives for young adults who do not have a co-signer

There are alternatives even though getting your own credit card without a co-signer or a complete credit history can be challenging.

You may want to investigate student credit cards, which are marketed to and specifically made for students. On Credit Karma, you can contrast student credit card offers to learn more.

There are also credit cards that need you to “secure” the account with a cash deposit, such as secured cards. One drawback is that deposit amounts are frequently correlated with secured credit card limits. The good news is that the card might aid in establishing your credit history.

Getting a credit card after 21

Your eligibility for a credit card if you’ve reached the age of 21 is determined by your credit history and profile. But if you’re under 21 and don’t have a reliable source of income, your credit history is probably not very extensive.

But when credit card companies review your application, your credit history is just one of the things they take into account. Your payment history and the total amount you owe lenders at the moment are two of the most crucial aspects of your credit scores.

Your credit might not be strong enough to qualify for the card you want if there are missed payments and unpaid balances on your reports.

Whatever your credit history, you might be able to find a credit card that meets your needs. Finding the best credit card for you requires doing the necessary research as many are designed specifically for borrowers with weak credit histories.

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