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Send cosigner credit card number

hi guys and welcome when it comes to getting approved for a credit card you're generally going to have an easier time of it if you opt for a cosigner it can help you build up your credit and get all of the benefits that you're looking for but these individuals will also be responsible for your debt if you don't make the payments you're supposed to on this video we're going to understand what is a credit card cosigner how does it work which credit cards allow co-signers alternatives to cosigner and other great informative details let's start so what is a credit card cosigner those who don't have good enough credit or who haven't been making payments on their own credit long enough might not be able to get a credit card on their own having a cosigner that has those things help you get the card that you're looking for keep in mind that your cosigner is taking responsibility in case you don't actually make the payments in order to do that they need to have good credit and they need to understand they could end up liable for anything that you charge if you don't the reason for a cosigner is that the credit card company wants to make sure their risk is as small as possible they want to make sure that if you don't pay they're still going to get their money and the idea is that a cosigner is unlikely to let the account go after all someone who has good credit isn't likely to just sit back and let it all fall apart if you don't make the payments depending on what happens with the account you could end up with good or bad credit scores that cosigner has actually agreed to be held legally responsible for any debt that comes along with the account on the other side of things they don't have the right to a card or to statement or even to access in the account that means they're relying on you to make the payments and to keep the card going right without having any idea of what's happening so when you get a cosigner or you are a cosigner on a debit or credit card you want to know what it's all about right well this is how it works armie cardholder this person gets all the rights and responsibilities of a regular credit card holder they get to use the card and they have to pay the debt associated with it on the other hand if they don't repay the debt that responsibility goes to the cosigner cosigner this person is responsible for the debt that's incurred on the credit card if the primary cardholder doesn't actually pay it the problem with this for some people is that a cosigner can't be removed from an ax cop once it's been created that means they have to stay on the card the entire time that card is open the only exception is if there's a co-signers release clause this type of clause could allow the cosigner to be removed if the primary account holder proves they are responsible and timely with their payments at that point the cosigner might be able to be removed not every credit card account is going to let you have a cosigner in fact there are a number of them that refused because they consider it to be a bigger risk for them that means you need to think about what you are and aren't able to do and whether a cosigner can help with the card you want getting a cosigner isn't the only option available to you there are a couple others that might be easier to get the first alternative is an authorized user' this is kind of like a cosigner but it's actually in Reverse instead of getting someone else to be on the hook for your account if you don't pay you get added on to someone else's account with this type of agreement you don't even have to spend anything on the card and your primary cardholder may not want you to but you get the benefits of them spending and paying the card the primary cardholder gets their card and you get a card of your own from there you get to spend on the card if the primary allows you to and you can make payments on the card the main point of this card however is that you're going to get the credit benefits of the primary holder actually doing the work for you on the other hand you're not going to get as much help as you might think it does do something and it's going to make a difference in you getting approved in the future but being a primary cardholder is the best way to go secured credit cards are another way to go with these types of cards you have to give the credit card company access to a set amount of money and then you get that amount of money to spend on a credit card if you make the payments on your card there's no problem if you don't they can see is the money that you gave says to in order to get paid that means if you want a $500 credit limit you would have to put that $500 in an account that you can't access but the credit card company can't that means you don't have as much control but you're going to get the benefits of a regular credit card including the increase to your credit score that makes it a whole lot better for you over time there are actually some loans out there that are designed for people who need to build up their credit this type of loan doesn't pay attention to your credit score what it does require is that you have a set income so you can make the payments from there it's kind of like a secured credit card you have to deposit the money you borrow and leave it there until the loan is paid off in the monthly installments what's great is that your payments will be reported to the credit bureau and you'll get an improvement for each on-time payment that you make that's definitely worth it right when it comes to co-signing it's always good to be aware and consider a couple of things your cosigner score can be affected on your usability it's not just your score that's going to be affected if you don't make the payments on your credit card your cosigner is also going to see a drop in their own credit score and that's definitely not something that either of you are going to want it's been known to damage relationships which we'll talk about next your personal relationship could be in jeopardy if you don't make the payments on your credit card or you fall behind or you end up in default it means that the cosigner you have is going to be in trouble for all of those things as well that could mean that your personal relationship ends up on the rocks because they blame you for hurting that credit if you're going to be getting a cosigner it means this person is putting a lot of faith in you it's important that both of you talk about what this is going to mean before you decide to go through with it make sure that your relationship is going to be okay and talk things out before you ever decide to take on that cosigner plan when it ends you don't want to co-sign on your account forever and they don't want to be on your account forever either so talk about when you're going to end the agreement that might mean that you have to cancel the original credit card and apply for a new one but make sure you do it there may be ways to just remove the cosigner but this could be more difficult as well overall there are some good and bad things associated with the cosigner the best thing you can do is talk it over with them and consider all the options before you decide what you're going to do make sure that you talk with the credit card companies you're considering and that you pay attention to where you can get a cosigner you may also want to look at the alternative options that are available for you just make sure no matter what else you're doing your research and putting in the hard work from the start you want to get good credit what you want to make sure you're doing it the right way that's it for now on our website you can find more posts as well as calculators and other financial tools looking for a credit card cosigner we would love to know your thoughts so feel free to share them with us in the comments below I hope you enjoyed it and don't forget to subscribe to our channel on YouTube to get more free financial 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