<p>Hey... I was wondering if someone could help me with my credit card issues for next year. I'll be a freshman in college starting in September but I won't even turn 17 until October, which means I can't sign up for a credit card independently. My parents are willing to cosign with me, but that means they'll be the actual signers of the contract, and they don't qualify for those special credit cards for college students ... right? Anyone know how to figure this out... or where I should look? Thanks.</p>
<p>Your parents don't cosign for a credit card, they simply call up one of their credit card companies and ask them to issue another card for an authorized user. That also means that they wouldn't be eligible for college credit cards.</p>
<p>If your parents are willing, go with the one on their account. You'll still build credit. If you later want one on your own you can get one at 18. On your parents account you'll probably get a higher limit anyways. If you pay it off every month you won't have to worry about the APR anyways.</p>
<p>Or...do what I do. I'm legally old enough for my own account, but i DO NOT want to deal with the bills and interest. So, I signed up for a checking account with a Visa debit card. That way I can write checks and use a Visa card at places that take credit card.</p>
<p>You will have to sign up for a joint checking account since you're not 18, though. Before I turned 18, my bank agreed to remove my mom's name from the checks and Visa card, but still allow her to have signing rights.</p>
<p>If you do this, go with a LOCAL BANK, or a bank with a local branch. You don't want to have to mail your deposits!</p>
<p>dude said credit card, not bank account. You can get a college checking account at 17.</p>
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Or...do what I do. I'm legally old enough for my own account, but i DO NOT want to deal with the bills and interest. So, I signed up for a checking account with a Visa debit card. That way I can write checks and use a Visa card at places that take credit card.
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<p>Bad suggestion since it doesn't build your credit record in any way.</p>
<p>What "special credit cards" are you referring to? The ones with the pretty pictures or the "special" interest rates? :) If you call the credit card companies 800 number they will be able to answer all your questions and give you what you want as they will want your business.</p>
<p>i have a wachovia check card for my own checking account. it can also be used as a credit card at places that don't accept debit cards. it also builds credit.</p>
<p>* it also builds credit.*</p>
<p>sorry bigred, no it doesn't</p>
<p>yeah, i was going to say above. a debit card or being on authorized user on your parents' card will not build your credit. if i were you i would just use a debit card until you're 18, then get a college student card. there is pretty much no way to build credit until you're 18.</p>
<p>or being on authorized user on your parents' card will not build your credit.</p>
<p>well actually.... being an AU on your parents card does link you to their credit (since the card company should report all AU's to the three CRA's (credit reporting agencies), so this would establish credit for you.</p>
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there is pretty much no way to build credit until you're 18.
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<p>You can get your own credit card if you're under 18, you just need a cosigner (not "highly recommended", but required since as a minor you can disaffirm a contract and the bank needs someone to go after if you default). Also, you should go for a smaller local bank and not something of national magnitude.</p>
<p>i was 17 starting college as well, i just waited and got one when i turned 18.. there's not many things you <em>have</em> to have a credit card for</p>
<p>I realize these facts have already been cleared up by other posters but just to summarize for the OP as there seems to be some disagreement...</p>
<ul>
<li><p>Debit cards do NOT build credit. The VISA/MC logo doesn't mean it's used as a credit card at all.</p></li>
<li><p>You CAN build credit (even prior to turning 18) by becoming an authorized user on your parent's credit cards. Likely, you'll have to do this anyways as most card issuers will be hesitant to issue cards to those with absolutely no credit history. However, credit cards aimed specifically at college students are easier to obtain as issuers realize their target market often has little credit history.</p></li>
<li><p>Other things build credit as well. If, for instance, you subscribe to cellular phone service and they bill it to you, this will be reported to credit agencies, as will rent, etc. </p></li>
<li><p>If you're not 17 yet and your parents will be the people signing up for the card, then no, they will not qualify for college cards though I don't really see any detriment to that. They can make you an authorized user and you'll be able to get your very own credit card with your name on it though it will have the same # as your parents' so don't purchase anything you don't want them seeing. Building credit this way is actually good as it gives you a headstart in establishing credit so that when it comes time to go to college and get your own card, the likelihood is increased that you'll be approved, along with (likely, but do to a number of factors) a higher credit limit.</p></li>
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<p>I got my first credit card when i was 16. My parents cosigned for it. It's a Capitol One card. I still have it, and i'm 22 now. Once I turned 18 I got a letter in the mail saying my parents names were no longer associated with my card.</p>
<p>how did capitol one even get your information to send you one of their mail offers. I just turned eighteen and am a sitting duck cuz i can't get approved for a credit card without any credit history.</p>
<p>have you tried student cards, skybaker?</p>
<p>Last time I went to my bank (USBank) to mess with my accounts (open a checking and mess with the savings), they really wanted to give me a credit card to go with my student checking account. I don't really want one right now (check card is plenty for me) but I might take them up on the offer later or else see what student cards are offered. The nice think about the one from USBank is that it provides a line of credit to prevent overdrafts (not something I have a problem with though).</p>
<p>why would a place reject a debit card? it takes the money from your account automatically or it rejects the cardif there aren't enough funds to cover the charge. No risk so why not take it?</p>
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why would a place reject a debit card? it takes the money from your account automatically or it rejects the cardif there aren't enough funds to cover the charge. No risk so why not take it?
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<p>Many banks do like to let you take more money than is availible for the purposes of making some revenue on overdraft charges. As far as why they would reject you.... no idea.</p>