Should I apply for a credit card with a cosigner?

When you have poor or no credit history, applying for a credit card with a cosigner may sound like a good idea. It can help give you access to credit card options you otherwise wouldn’t have.

But having a cosigner is a big responsibility because if you don’t pay your balance on time, your cosigner will be liable. Also, note that not every bank accepts cosigners to begin with.

What is a credit card cosigner?

A credit card cosigner is a person who guarantees they will pay the credit card debt if the primary cardholder fails to do so.

Credit card issuers that allow cosigners

Most large credit card issuers don’t allow cosigners. Luckily, some do.

	Cosigners allowed
American Express
Chase
Citi
Capital One
Barclaycard
U.S. Bank
Wells Fargo
Bank of America
USAA

Should I apply for a credit card with a cosigner?

Applying for a credit card with a cosigner makes sense if you:

• Have little or no credit history. This way, the cosigner guarantees the credit card debt will be paid.
• Have a poor credit score. This lifts the weight from the primary cardholder, but if you’re a cosigner, make sure you know what you’re getting into.
• Low income. Having low income can sometimes be enough for the card provider to decline your credit card application. Alternatively, having your back covered by a cosigner could get you the card you want.

But before you decide to apply with a cosigner, consider the benefits and drawbacks.

Bottom line

If you can’t apply for a credit card because of poor or no credit score, applying for a credit card with a cosigner could be one option.

However, a better alternative to build your credit is to become an authorized user to someone else’s credit card account or to apply for a secured card and build your credit yourself.

Frequently asked questions

• When do I ask the card provider to remove the cosigner?

  This is the first thing you should do as soon as you’ve improved your credit.

• Is the cosigner's credit score affected by the primary cardholder's activity?

  Yes, if the primary cardholder uses the card responsibly, both they and the cosigner will get a positive boost to their credit score. However, the opposite is also true if the primary cardholder defaults on their debt — it will affect the cosigner’s credit score as well.