Question
If my parents cosign, will I be able to build credit?
I am not able to get an unsecured credit card myself because I have no credit history (I'm only 18), but need one for college. I have savings and plan to work, so I will definitely pay it in full every month. I should be able to get a credit card if my parents cosign, right (they have very good credit)? But if they cosign, will paying it off each month build my credit? Or not because someone else is still linked to it?
6 months ago - 2 answers
Best Answer
Chosen by Asker
When you get a loan in your name with a cosigner, it counts toward your credit the same way it would if you did not have a cosigner. With a credit card though, you have to be a primary user on the account in order for it benefit your credit. It can't be in your parents' name with you as an authorized user; that used to work to boost your credit score but it doesn't anymore!
by aplbtm83
6 months ago
Asker's Rating: 
Other Answers
It will effect both your credit as well as your parents if it's in your name. If you pay it off every month, it will improve your score as well as theirs. If you're late with a payment, it will negatively effect all of you.
by Raven- 6 months ago